European stock markets followed a record surge in prices on Monday with a generally flat day’s trading. There were gains for banking and energy shares, but these were largely offset by falls in the motor industry, pharmaceuticals and a spectacular fall for mining company Rio Tinto when rival BHP turned its back on a takeover bid. HSBC gained 6 per cent, Credit Suisse jumped 11 per cent. Volkswagen lost 23 per cent in value continuing some wild moves against the market trends. Frankfurt and London closed marginally up, Paris did slightly better. The price of a barrel of crude slipped after hinting at a rally earlier in the day, ending down below 52 dollars.
European markets trade generally flat