European Stocks Hover Near Their Peak and HSBC is Falling

There was little change in European stocks at the open Thursday, May 27, as losses in energy sector stocks were offset by gains in the mining sector, while Britain’s HSBC bank’s decision to exit US retail banking services was greeted with a tepid reception.

The European Stoxx600 index settled at 445.34 points in early trading, hovering near its all-time high of 447.15 struck on Tuesday.

Energy stocks fell by 0.3%, tracking losses in oil prices, which were affected by concerns about demand from India and increased Iranian supplies.

But losses in this sector were offset by an increase in mining shares, which rose 0.8% in light of the rise in mineral prices.

HSBC shares fell 0.2% after the bank said it would withdraw from retail banking in the United States by selling some sectors of its activities that are losing losses and stopping others, in order to focus on Asia, its largest market.