“What you probably can say is it’s indeed a buy on dip but it is done without any sense of certainty … and especially European equities are quite cheap.”ĭefensive names AstraZeneca, Unilever, British American Tobacco and Diageo gained between 0.8% and 1%, providing the biggest boost to the FTSE 100 index. “The market is trying to find its footing and trying to price what’s happening in China,” said Sebastien Galy, a senior macro strategist at Nordea Asset Management. However, gains were capped overall on global growth fears stoked by China’s strict COVID-19 curbs and an expected streak of aggressive policy tightening by central banks. Oil majors Shell and BP rose 2.4% and 2.9% respectively, while Glencore led advances among miners with its 3.4% rise after Barclays raised the stock’s price target.
The blue-chip index closed 0.1% higher, a day after hitting its lowest closing level since March 18. London’s FTSE 100 inched higher on Tuesday after a three-day sell off, as resource and defensive stocks rose, while HSBC Holdings and Associated British Foods slid following earnings updates.
