Very thin trading in Europe on Tuesday revealed little as to the state of things with mixed results, either small losses or equally small gains, although Moscow put on nearly four percent and Brussels did quite well, up by nearly one and a half percent.
Oil went down, then up, but closed under 39 dollars a barrel after weak US data confirmed its economy is floundering. Demand for oil looks likely to fall for the first time in a quarter-century, indicating the downturn is truly global. Safe haven industries continued to find some favour, with utilities in Europe doing well. Defence shares in BAE systems and Finmeccanica also gained as analysts predicted two years of good growth.