BlackRock Greater Europe | Research

UK shares power ahead as Standard Chartered jumps more than 10% but Sainsbury’s warns on cost-of-living crisis. Global trust Manchester & London rallies 7% following recent US tech stock results.

Fidelity European Trust has posted bumper results as manager Sam Morse’s ‘growth at a reasonable price’ approach made investment returns of 23.5%, beating the FTSE World Europe by 6.1%.

In the short term JPMorgan Russian has passed its continuation vote, but for the rest of the investment trust sector the impact of an inflationary shock from the war in Ukraine is much more mixed.

Equity investment trusts are again prominent fallers as the UK stock market takes fright at the prospect of an energy shock from ever-tightening sanctions against Russia, but commodities funds advance and renewable companies hold up.