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UPDATE 2-Defensives buoy British isles stocks in advance of Fed end result, U.S. stimulus choice By Reuters

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(For a stay blog on European stocks, type Are living/ in an Eikon news window)
* Greggs shares slip in spite of leap in sales
* Reckitt Benckiser , Card Manufacturing unit rise soon after benefits
* BHP, Rio most important drag on FTSE 100
* FTSE 100 up .4%, FTSE 250 adds .7% (Updates to close)
By Sagarika Jaisinghani and Susan Mathew
July 28 (Reuters) – London’s FTSE 100 ended a volatile session higher on Tuesday as traders hedged with defensive shares ahead of some keenly awaited events these kinds of as a U.S. Federal Reserve meeting and a conclusion on a U.S. stimulus system.
Consumer , serious estate , healthcare and utility stocks led gains, offsetting declines in material stocks .
The blue-chip FTSE 100 shut up .4%, while the mid-cap FTSE 250 added .7%.
Broader Europe traded blended, although Wall Avenue fell as a $1 trillion support offer announced by the U.S. Senate Republicans on Monday confronted immediate opposition from each Democrats and some Republicans. .EU .N
“The market is lacking 1 central narrative at the second,” stated Connor Campbell, markets analyst at SpreadEx. “It truly is caught between final week’s information and anticipation for the significant events this 7 days.
“We’ll have to hold out until at minimum tomorrow night which is when the truly juicy things arrives about,” he stated referring to the final result of the Fed conference. “A much more exact reflection of how the markets are experience could be witnessed by the finish of the 7 days.”
The Fed is expected to reiterate its accommodative stance, with analysts also expecting it to lay the groundwork for far more action later on this calendar year.
Substantial worldwide stimulus and hopes of an eventual COVID-19 vaccine have observed the FTSE 100 rally for the previous 3 months, but it has struggled in July as surging coronavirus instances threaten a nascent financial recovery.
Amid particular person shares, greeting card retailer Card Factory posted its finest working day in a lot more than a month as sales at its suppliers given that they reopened experienced exceeded anticipations, even though buyer solutions maker Reckitt Benckiser rose 1% on reporting improved-than-expected quarterly final results. posting a bounce in sales, food items-to-go retailer Greggs slumped 6.2%, as traders fretted about the impression of social distancing on sales volumes at re-opened shops. majors BHP and Rio Tinto slipped as iron ore selling prices declined. IRONORE/
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