Bunzl raises 2022 operating margin outlook
UK 2year gilt yields briefly leap to highest since 2008
FTSE 100 and FTSE 250 up 0.6 each

Aug 30 Reuters UK39;s FTSE 100 reversed early losses on Tuesday, as banks and energy stocks bounced back after a rough selloff in the bluechip index last week on fears more aggressive interest rate hikes from central banks may lead to a global economic slowdown.

The FTSE 100 index was up 0.6, as of 0801 GMT, and on track for its best performance in a month.

It39;s a bit of a buying after some selling conditions triggered by Jackson Hole and Powell39;s comments at the end of last week, said Patrick Armstrong, CIO at Plurimi Wealth.

The UK market was closed on Monday for the August bank holiday and is playing catchup to European and U.S. markets, which got off to a negative start to the week after Federal Reserve Chair Jerome Powell on Friday cautioned against expecting a swift undoing of its rate tightening.

Lifting the resourceheavy FTSE 100, oil majors BP and Shell gained 2 each. Energy stocks are the top performers so far this year in the FTSE 100 and on track for their fourth straight weekly gain as oil prices surged.

Ratesensitive banks advanced 2.4.

They39;re trading below tangible book value, which has historically been a good time to buy the banks, said Armstrong.

Meanwhile, British twoyear government bond yields briefly leapt by as much as 25 basis points to their highest since October 2008 at 3.072.

The domestically…