Ukraine Breakthrough Boosts European Indices as ECB Prepares to Meet

European stock indices rally, galvanized by news of a potential cease-fire in Ukraine and a strong performance from Asia. Euro-zone purchasing managers’ indices from Markit Economics confirm a picture of economic fragility – and boost hopes of central bank action before Thursday’s meeting. In Paris the long-running handbags war ends as luxury goods groups LVMH and Hermes strike a deal that will entail LVMH distributing the 23% Hermes stake it has acquired to its own shareholders. LMVH investors like the idea but Hermes falls sharply as bid expectations for the maker of the Kelly and the Birkin bag recede.