US Stocks, as measured by the major indices, are headed for their biggest monthly gains since February – and Europe could be a reason, cites research from FactSet.

Europe US Stocks

Never mind that Russia is thumbing its nose at the US and invading Ukraine while NATO nations deploy troops into member countries near the border with Russia. Ignore the fact that a radical fundamentalist group has, with apparent ease, seized key oil producing regions in the Middle East and democracy appears to be falling apart in the region.  The United Kingdom raising their terrorist alert level? Not a problem.

Stock market unaffected by global tensions

The stock market continues on its upward assent despite the world issues; nothing to see here, just move along people.

With all these concerns, FactSet considers how companies with exposure to Europe performed over the quarter and how revenue numbers compared quarter to quarter.

A quote from Nike on June 26 that sums up the European sentiment. “I think from our side, we’re certainly seeing just broad-based growth across all of the Western European marketplace…And even in the Iberia, so the southern parts where it was struggling, we’re certainly seeing strength in those zones coming back.”

Europe reports YOY increases

Indeed, strength does appear to be found in the Eurozone. FactSet notes that over 70 percent of firms reporting revenues from Europe reported year-over-year increases, growth which is consistent with past quarters. Nike, for its part, reported 25 percent revenue growth from Europe, the highest among 11 of the 30 companies in the Dow Jones Industrial Average (INDEXDJX:.DJI) reported such European exposure.  Nike has been on a tear, as this reporting period marked the fourth consecutive quarter of European year-over-year revenue growth.

The revenue growth looks generally good, as 5 of the 11 companies reported higher second quarter revenue growth in Europe than they witnessed in the first quarter.

On the downside, 3 of the 11 firms with EU exposure reported revenue declines, including Caterpillar Inc. (NYSE:CAT), reporting a -3 percent decline, the largest of all the companies reporting such sales losses.

Will the trend continue? Nike, Inc. (NYSE:NKE), which has been the leader to the upside, could be a bellwether when it reports earnings on September 25.