European Markets Gain as Greece Faces Sunday Debt-Deal Ultimatum

European markets rose Wednesday after European leaders gave Greece a Sunday ultimatum for a final rescue deal or face eviction from the single currency, while in Asia, the Chinese stock rout dampened the mood in other major markets. Novartis rose in Zurich after the Swiss drug maker gained early U.S. approval for its new heart-failure medicine, called Entresto. Switzerland’s Holcim rose in Zurich after declaring its public exchange offer for France’s Lafarge successful in a deal creating an entity with $35 billion in sales and operations in 90 countries. And in London, Barclays rose after announcing the surprise departure of CEO Antony Jenkins in a move investors believe will speed up cost-cutting and restructuring. Jenkins will leave as of July 17, and John McFarlane will serve as executive chairman until a new CEO is appointed.