European stocks climbed and the euro approached an 11-week low versus the dollar as the region's central bank prepared to meet. German bonds fell while natural gas led commodities higher for a third day.
The Stoxx Europe 600 Index advanced 1 per cent by 10:15am in London. Standard & Poor's 500 Index futures rose 0.7 per cent. Twitter slumped 17 per cent in early trading after the microblogging service said user growth slowed. The euro fell against most of its major trading partners and the yield on 10- year German bunds rose two basis points. Emerging-market stocks rebounded and Turkey's lira led currencies higher. The S&P GSCI gauge of 24 commodities climbed 0.5 per cent with US natural gas gaining 3.4 per cent.
About $3 trillion has been erased from the value of equities worldwide this year amid a selloff in emerging-market currencies as the Federal Reserve cuts stimulus.
"Markets are stabilizing, partly in anticipation of the ECB," Philippe Gijsels, chief strategy officer at BNP Paribas Fortis, said by telephone from Brussels. "The market may not be counting on immediate action, but it expects the ECB to at least say that they're worried about emerging markets and that they're ready to act."
The Stoxx 600 is rebounding, after it lost 5.4 per cent from its six-year high on January 22 through Wednesday.
Daimler gained 2.8 per cent after the third-largest maker of luxury vehicles posted a 45 per cent surge in quarterly profit. Volvo, the second-biggest truckmaker, climbed 4.9 per cent after saying it will cut 4,400 jobs. A gauge of car companies in the Stoxx 600 climbed the most among 19 industry groups, rising 1.7 per cent.
Alcatel-Lucent SA jumped 8.3 per cent after the French network-equipment vendor posted its first quarterly profit in two years.
Credit Suisse Group fell 1.8 per cent after reporting fourth-quarter profit that missed estimates as it took legal provisions related to US tax and mortgage matters. AstraZeneca lost 2.9 per cent after the UK's second-largest drugmaker said fourth-quarter profit amid increasing generic competition.
S&P 500 futures expiring in March climbed after the index fell 0.2 per cent on Wednesday. The gauge has lost 5.2 per cent from its record high on January 15.
Almost 77 per cent of the S&P 500 companies that have posted results this earnings season beat analysts' estimates, data compiled by Bloomberg show.
Twitter had a net loss that was wider than analysts had estimated for its first earnings report as a public company.
Walt Disney Co rose 3.6 per cent after the world's largest entertainment company posted first-quarter profit that beat projections. Coca-Cola Co advanced 1.7 per cent after the largest beverage company agreed to buy a 10 per cent stake in Green Mountain Coffee Roasters for about $1.25 billion.
The MSCI Emerging Markets Index climbed 0.6 per cent, snapping a three-day slide that dragged valuations to the lowest level since August. The Hang Seng China Enterprises Index of mainland Chinese companies listed in Hong Kong advanced 0.7 per cent, rebounding from a six-month low. The lira strengthened 0.7 per cent versus the dollar. US natural gas rebounded after falling 6.4 per cent on Wednesday.
Cotton jumped 0.8 per cent, the third consecutive gain. Production in Australia, the world's third-biggest exporter of the fiber, may decline to at least a three-year low on drought, according to Cotton Australia, a Sydney-based growers group. West Texas Intermediate oil rose 0.2 per cent to $97.59 a barrel.