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Euro shares rise, Ukraine tension eases

Tuesday, July 22 16:42:22

European shares rose today on some strong earnings reports and signs of improved cooperation from Ukraine's pro-Russian rebels over the Malaysian Airlines plane shot down four days ago.

The FTSEurofirst 300 index of top European shares was 1.3 percent higher at 1,373.32 points after falling 0.5 percent in the previous session.

The planned handover of flight MH17's black boxes and reports by international investigators of improved access to its wreckage came as European Union foreign ministers threatened Russia with harsher sanctions for its support for the rebellion.

Tougher talk may not be matched by much action, however, after France's president signaled the disputed delivery of a warship to Moscow would go ahead.

"Europe is still in a wait and see attitude and we don't see an immediate escalation in tension and further sanctions against Russia from the European Union," said Gerhard Schwarz, head of equity strategy at Baader Bank in Munich.

"But given the tragic loss of life, there will be some further sanctions down the road and this certainly is not helpful for the global recovery."

The prospect of harsher sanctions on Russia, combined with Israel's escalating ground offensive in Gaza, have weighed on equities and other risk assets in the past week and traders expected the market to remain jittery.

The market on Tuesday was also supported by some positive earnings reports.

ARM Holdings, which sells blueprints for chip designs, topped the gainers' list on the FTSEurofirst 300. Its shares surged 4.6 percent after the Cambridge-based firm posted a 9 percent rise in second-quarter profit. (Reuters)

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