LONDON -- European stock markets have pushed decisively into positive territory Thursday, having started the day on a more mixed note, bolstered after European Central Bank president Mario Draghi said that the central bank would do whatever it takes to preserve the euro.
Mr Draghi's aggressive stance has been seen by many as a warning against short-selling the single currency, although it is unclear exactly what mechanisms are left for the ECB to implement in order to support the euro.
Meanwhile, a raft of corporate earnings results on both sides of the Atlantic have been pushing shares in every direction today, with investors now watching for further numbers from large U.S. names after the close.
The Spanish IBEX
As always, the following price moves are based on this morning's European trading.
Earnings results have been the name of the game for individual firms this morning, with numbers at both ends bringing about some of the largest share price movements on the continent. This includes Finnish mining equipment supplier Metso (NASDAQOTH: MXCYY.PK), which spiked more than 12% and held in the 10% region after it reported a 54% jump in quarterly profits.
The company said that high utilization in mines helped its large installed-equipment base, with South American demand the strongest, followed by North America and Australia. Metso said net income climbed from 68 million euros last year to 105 million euros -- well above analyst estimates in the 90 million euro region.
Elsewhere, Banco Santander
On the downside, French telephone equipment maker Alcatel-Lucent
Meanwhile, German carmaker Volkswagen (NASDAQOTH: VLKPY.PK) is down 4.8% in Frankfurt after it reported a slowdown in earnings growth during the latest quarter. VW said Q2 operating profit rose 3.4% to 3.28 billion euros, versus 10% growth in the first quarter, while Q2 revenue climbed 19% to 48.1 billion euros. Despite this, the company has stuck to its full-year profit target of matching last year's 11.3 billion euros.
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Karl Loomes does not own any share mentioned in this article. The Motley Fool has a disclosure policy.We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.