European shares closed lower on Wednesday, weighed down by declines in energy stocks, while Britain's FTSE 100 outpaced peers after a Christmas holiday as investors assessed Beijing's steps towards reopening its COVID-battered economy.
advanced 0.3% as miners and China-exposed stocks jumped. The UK market, which was closed for holidays since its half-day trading on Friday, is playing catch-up, analysts said.
The FTSE 100 index has benefited this year from its exposure to commodities as prices of oil and base metals have rallied amid the Russia-Ukraine war. "The UK index could end the year in positive territory despite the broad pressures on global equity markets, weighed down by rising interest rates, inflation, and the threat of recession," said Victoria Scholar, head of investment at Interactive Investor.added 0.6% as copper prices rallied on hopes of a demand recovery in the world's second-largest economy after China further eased its stringent COVID curbs on Monday.
"There's a bit more optimism about China as Beijing emerges from its 'zero-COVID' policy, though rising cases also suggest risk for China's economy," said Shawn Cruz, head trading strategist at TD Ameritrade.fell 0.8%, tracking lower oil prices.
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