The rally on European markets started to fade as the morning wore on, but markets were still buoyed by defensive stocks such as healthcare and basic resources. TSB jumped nearly 15% as the British retail bank spun out by Lloyds Banking Group makes its debut on the market with a market capitalization of $2.2 billion. Lloyds sells a bigger than expected stake to meet investor demand. Irish pharma company Shire rejects improved $46 billion cash and shares approach from Chicago suitor AbbVie Inc. French engineering group Alstom – at the center of a struggle between rival suitors General Electric Co. and a German-Japanese consortium of Siemens and Mitsubishi Heavy Industries, says its board will consider improved offers from both sides between now and Monday’s deadline, set by GE. The French government will have a say in the outcome.