FTSE 100 up 2.2, FTSE 250 adds 2.0
Rising oil prices boost energy sector
Cineworld slumps after saying it is not selling its assets
UK manufacturing slides in Dec PMI

Jan 3 Reuters UK39;s exporterheavy FTSE 100 jumped to a sevenmonth high on Tuesday as oil stocks rallied, with majors Shell and BP putting the broader energy sector on track for its biggest single day jump in six weeks.

The blue chip FTSE 100 rose 2.2, the more domesticallyfocussed FTSE 250 midcaps gained 2.0 to a more than three week high, while the energy sub index rose 4.

The panEuropean STOXX 600 continued Monday39;s gains, up 1.8.

I could see it carrying on for today, said Giles Coghlan, chief market analyst at HYCM, but warned that the stock rally was not likely to last longer term because a majority of fund managers were really concerned about stagflation.

2023 would be a tough year as the main engines of global growth the United States, Europe and China all experience weakening activity, the head of the International Monetary Fund said on Sunday.

Data on Tuesday showed China39;s factory activity shrank at a sharper pace in December, while in the UK, manufacturers reported one of their sharpest falls in activity since the 200809 recession.

The resources heavy FTSE 100 outperformed its local peers last year, gaining 0.9 against a 12.9 drop in the STOXX 600, thanks to an early rally in metals and oil ending its second straight year in the green in 2022.

Cineworld slipped 8.1 after the…