Markets in Europe are set to open higher on Thursday morning as investors digest new earnings reports and wait to hear from European Central Bank (ECB) President Mario Draghi.

The FTSE 100 is seen up by 20 points at 7,468; the DAX is seen higher by 35 points at 12,981 and the CAC 40 is set to start 16 points higher at 5,383.

Earnings reports will continue to drive the market with Orange, Debenhams, Deutsche Bank, Bayer, ABB and Santander among those reporting.

In terms of data there will be Spanish unemployment numbers out at 8 a.m. London time and Italian business confidence due at 9 a.m. London time. However, all eyes will be on Frankfurt, where the ECB is set to announce its latest rate decision at 12:45 p.m. London time.

Draghi will address the media at 13:30 p.m. London time. The euro was trading higher in the early hours of Thursday with investors expecting the central bank to finally announce it is stepping away from ultra-loose monetary policy.

In Asia, shares were mixed on earnings and also dragged by Wall Street, where soft earnings pulled stocks back from record highs.