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.
As always, this morning's European news saw some winners and losers -- and perhaps some European buying opportunities. Indeed, legendary investor Warren Buffett has recently spent more than $1 billion buying the stock of a prominent European large cap. If you want to know why Buffett has bought into Europe, this special Motley Fool report -- "The One European Share Warren Buffett Loves" -- reveals everything, including the price he paid. You can download the report today for free, but hurry -- the report is available for a limited time only.
The Motley Fool is helping Europe invest. Better. And with the eurozone economy so uncertain, we're urging everyone to read "10 Steps To Making A Million In The Market" -- this report may transform your wealth. Click here now to request your free, no-obligation copy.
Further Motley Fool investment opportunities: