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World stock markets rise as Ukraine plane tensions ease but euro falters

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LONDON — Global stocks rallied Tuesday amid more solid U.S. earnings reports and as the bodies of those killed in the Malaysia Airlines crash reached Ukrainian government-controlled territory.

The crash of the jetliner, which cost the lives of all 298 on board, has been a major driver in financial markets over the past few days as traders fretted over a downward spiral in relations between the West and Russia.

"Talk of a new Cold War was always rather excessive, but fears of a renewed freezing over in east-west relations have diminished today, on signs of co-operation in the investigative efforts in Ukraine," said Chris Beauchamp, market analyst at IG.

In Europe, Britain's FTSE 100 closed up 1 percent to 6,795.34 while Germany's DAX added 1.3 percent to 9,734.33. France's CAC-40 gained 1.5 percent to 4,369.52.

PHOTO: A man speaks on a mobile phone in front of an electronic stock indicator in Tokyo, Tuesday, July 22, 2014. Asian shares rose Tuesday as tensions over the downing of a passenger jet in Ukraine eased after pro-Moscow separatists released a train packed with bodies and handed over the aircraft's black boxes. Japan's Nikkei 225 stock index added 0.8 percent to 15,343.28 as trading resumed after Monday's public holiday. (AP Photo/Shizuo Kambayashi)
A man speaks on a mobile phone in front of an electronic stock indicator in Tokyo, Tuesday, July 22, 2014. Asian shares rose Tuesday as tensions over the downing of a passenger jet in Ukraine eased after pro-Moscow separatists released a train packed with bodies and handed over the aircraft's black boxes. Japan's Nikkei 225 stock index added 0.8 percent to 15,343.28 as trading resumed after Monday's public holiday. (AP Photo/Shizuo Kambayashi)

In the U.S., the Dow Jones industrial average was up 0.4 percent at 17,116 while the broader S&P 500 index rose 0.6 percent to 1,985. Upbeat earnings from Comcast and Lockheed Martin helped the mood on Wall Street.

Earlier, stock markets in Southeast Asia were mostly higher, though Indonesian shares tumbled 1.7 percent to 5,039.59 as authorities prepared to release official results of the country's hotly disputed presidential election.

Elsewhere in the region, Hong Kong's Hang Seng added 1.6 percent to 23,748.72 by mid-afternoon as investors snapped up China property shares on expectations regional governments in China will move to shore up the troubled real estate sector. China's Shanghai Composite Index rose 1 percent to 2,075.48.

Japan's Nikkei 225 stock index added 0.8 percent to 15,343.28 as trading resumed after Monday's public holiday. South Korea's Kospi gained 0.5 percent to 2,028.93.

In the currency markets, euro fell Tuesday to its lowest level against the dollar this year amid concerns that the downing of Malaysia Airlines Flight 17 will prompt a bigger freeze in relations between the European Union and Russia. The single currency fell a further 0.4 percent Tuesday to $1.3464, its lowest level since last November.

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PHOTO: A man watches an electronic stock indicator in Tokyo, Tuesday, July 22, 2014. Asian shares rose Tuesday as tensions over the downing of a passenger jet in Ukraine eased after pro-Moscow separatists released a train packed with bodies and handed over the aircraft's black boxes. Japan's Nikkei 225 stock index added 0.8 percent to 15,343.28 as trading resumed after Monday's public holiday. (AP Photo/Shizuo Kambayashi)
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