News Column

European Stocks Rise As Ukraine Rebels Hand Over Black Box

July 22, 2014

BRUSSELS (Alliance News) - European stocks surged higher Tuesday, as Russian-backed rebels began to cooperate with the Malaysia Airline crash investigation.

The plane's black box was handed over and is reportedly in decent condition.

US authorities say it is likely that the place was brought down by a surface to air fired by Russian separatists in Ukraine.

Meanwhile, a tame US inflation report dashed speculation the Federal Reserve might begin a tightening cycle at the end of the year.

The Euro Stoxx 50 index of eurozone bluechip stocks jumped 1.72%, taking back a week's worth of losses.

Germany's DAX rose 1.24%, France's CAC 40 added 1.59%, and the UK'sFTSE gained 1%.

Rheinmetall was flat percent in Frankfurt after the company announced it would set up a fourth joint venture with China's Hasco to strengthen its aluminum casting operations.

Wind turbines maker Nordex gained 5.3% after winning three contracts in Turkey.

Tesco PLC dropped 3.9% after Deutsche Bank AG cut the grocer's price estimate.

Shares of Actelion were up 2.5% after the Swiss biopharmaceutical company more than doubled its first-half profit and upgraded its guidance for the full year 2014.

Credit Suisse Group AG shares were down 1% as the Swiss bank posted a bigger-than-expected loss for the second quarter.

Publicis Groupe SA shares fell 4.7% in Paris after the French advertising and communications firm reported a decline in its first-half profit, amid higher expenses and flat revenues.

Norsk Hydro ASA slipped 2.8% in Oslo. The Norwegian aluminum producer reported second-quarter net income of 269 million Norwegian kroner, compared to a loss of 665 million kroner last year.

Shares of ARM Holdings PLC. added 5.7% in London as the computer-chip designer reported a rise in second-quarter profit, benefiting from higher chip shipments and licensing revenue.

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Source: Alliance News

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