European Stocks Rebound as EU Governments Discuss Russia Sanctions

TheStreetJuly 22, 2014

European stocks rebounded Tuesday, as EU foreign ministers gathered in Brussels to discuss whether to ratchet up sanctions against Russia over the tense Ukraine situation and as investors took heart from bullish corporate earnings. In London, ARM Holdings plc were up nearly 7% after the chip designer gave a bullish outlook for the second half amid expected strong demand for its technology in smart mobile devices and consumer electrics. ARM predicts continued strong license revenue in the second half, and foresees group dollar revenues for the full year to be in line with market expectations. In Zurich, Actelion Ltd. got a boost after the Swiss drug maker raised its full-year guidance for 2014. Among decliners, Publicis Groupe fell in Paris after the French advertising agency reported a 1.5% slump in first-quarter sales, while Swatch Group AG fell in Zurich after posting an 8.8% drop in first-half operating profit.