ECB Pledges to Preserve the Euro

U.S. stock index futures reversed earlier losses this morning after news reports quoted European Central Bank President Mario Draghi as saying the central bank would do “whatever it takes to preserve the euro.”

The ECB president spoke at an investment conference in London where he was scheduled to take part in a panel discussion. “Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough,” Draghi said, according to Reuters.

European equities rallied in the wake of his remarks, and euro rose 0.6% versus the dollar. Oil futures rebounded from the week’s losses.