Oil majors BP and Shell slip as oil prices fall
UK PM to make his first speech of 2023
FTSE 100 up 0.2, FTSE 250 adds 0.9

Jan 4 Reuters UK39;s main stock indexes rose on Wednesday as hopes of a rebound in China39;s economy brightened the global mood, while investors awaited minutes from the U.S. Federal Reserve39;s policy meeting to gauge the path forward for interest rates.

The exporterheavy FTSE 100 rose 0.2, while the more domestically focused FTSE 250 gained 0.9.

Shares of Chinaexposed stocks such as luxury goods maker Burberry, bank HSBC and insurer Prudential rose between 1.1 and 3.1 as investors bet the dismantling of China39;s zeroCOVID policy will boost economic growth.

Focus now will be on minutes from the Fed39;s meeting in December, when the central bank shifted to a smaller 50basis point rate hike, but cautioned rates may need to remain higher for longer.

It is going to be key in the meeting minutes today to see how the decision of the 50 basis points came, said Daniela Hathorn, senior market analyst at Capital.com.

Is it because they think the economy is starting to show signs of cooling or is it because they think 39;let39;s just take a step back to see how these rate hikes have impacted the economy39;.

While global equities tanked last year, largely on worries about tighter monetary conditions, the FTSE 100 outperformed its major peers, helped by a weaker sterling, surging commodity prices and investors favouring defensive stocks.

However, the…