21.10.201605:50:00UTC+00European Stocks Higher after ECB Comments

European stocks were trading higher after the European Central Bank (ECB) dashed expectations of a future monetary policy, which sent the euro to its lowest point since March and dampened risk appetite. The pan-European STOXX 600 increased 0.17 percent.

Earnings were still in focus for investors as Daimler shares slipped, following a strong third-quarter showing by its Mercedes brand which failed to counterbalance the weak demand in its truck unit. InterContinental Hotels Group shares also declined by 1.4 percent as third-quarter results indicated a slowdown while demand for hotels in oil producing areas of the U.S. was affected by the continuing volatility of oil prices. SAP traded higher with investors calm after it raised full-year guidance. British American Tobacco increased due to the announcement that it is offering $47 billion to buy out a stake it does not own in Reynolds American. Valeo SA and Yara International ASA gained almost four percent.

ECB President Mario Draghi refused to give indications to speculations that policymakers would start tapering the bank's 1.7 trillion-euro asset buying program in the near-term.