European stocks stocky

Europe's main stock markets ended higher on Tuesday, with Frankfurt’s DAX 30 pushing further into record territory as it closes in on the 10,000 point level. The DAX gained 0.49 per cent to a record close of 9,940.82 points, its first above 9,900 points. During the session it rose as high as 9,951.90 points. Coming back from a long holiday, London’s FTSE 100 index of top companies climbed 0.49 per cent from Friday’s closing level to stand at 6,844.94 points. The CAC 40 in Paris added 0.06 per cent to 4,529.75. ‘The German DAX continues to push ever closer to the psychological barrier that is the 10,000 level as it continues to post record highs, while the rest of Europe consolidates its gains,’ said analyst Michael Hewson at CMC Markets UK. He noted that the FTSE 100 was also close to 14-year highs.
- AstraZeneca shares down -
On the corporate front, shares in AstraZeneca fell 1.8 per cent to close at £42.52 pence, one day after US drug-maker Pfizer scrapped its controversial takeover offer for the British pharmaceuticals giant. Pfizer’s announcement on Monday put an end to a long-running bidding saga that drew widespread attention over fears that British jobs would be lost and accusations that the tie-up was a cynical ploy by Pfizer to pay less tax. The improved and "final" bid, pitched at £55 per share, was rejected last week by AstraZeneca's management, who wanted at least £58.85. InterContinental Hotels Group (IHG) jumped 3.4 per cent to £23.02 on reports that the world’s largest hotel operator by number of rooms was facing a takeover bid from an unnamed US company. ‘Intercontinental Hotels has reportedly said ‘no’ to a £6.0 billion ($10.1 billion, 7.4 billion euros) bid, and yet again suspicions are rife that a US firm is looking to engage in some fancy tax footwork by domiciling in Britain,’ said market analyst David Madden at trading firm IG. London-listed IHG, which owns the InterContinental, Crowne Plaza and Holiday Inn chains, would not comment on the speculation, according to AFP.