European markets surged in late afternoon trading to end the day up. Benchmark indices jumped on a series of better-than- expected earnings announcements as investors await tomorrow's European Central Bank Meeting.

In Frankfurt, the Dax gained 1.51% to end the day at 10,131.96 and the Cac 40 was 1.15% up at 4,379.76 in Paris.

SAP (SAP) - Get Report and Volkswagen (VLKAY) were the biggest movers in Frankfurt. SAP gained 5.71% after beating quarterly expectations for both operating profit and revenue.

The Walldorf, Germany-based company reported adjusted earnings of €0.82 per share on revenues of €5.24 billion ($5.76 billion), an increase of 9% on a constant currency basis from last year.

Volkswagen shares surged to end the day 5.7% up after, in an unscheduled announcement, the German carmaker said that half-year results would be "significantly higher than market expectations."

Volkswagen said that group operating profit before special items would be €7.5 billion ($8.5 billion), compared with €6.99 billion a year earlier, "despite the ongoing economic impact from the diesel issue." Taking into account the special items of €2.2 billion relating to legal risks from North America, which were included in the first half results, operating profit will be €5.3 billion.

Deutsche Boerse today lost 0.3% after it said today that it was still short of the 60% shareholder approval for its merger with the London Stock Exchange.

In a regulatory filing, the company said that it 53.65% of shares had been tendered ahead of the July 26 deadline. Deutsche Boerse had previously lowered the threshold to 60% from 70%.

In London, the FTSE 100 was up 0.47% to end the day at 6,728.99.

Miners were a drag on London's benchmark index after a series of disappointed production announcements. Anglo American was down 4.4% as it trimmed expectations for full-year iron ore and copper output.

BHP Billiton (BHP) - Get Report fell 2.6% in London after fourth-quarter output figures showed an iron ore shortfall and as it warned of up to $175 million of charges against profit in its second half.

And Fresnillo (FNLPF) lost 2.9% after it announced output was down 53% in the last quarter due to maintenance and that it had taken a $40 million hit on fluctuations in the Mexican peso. However, gold production was up more than 30% from the same time period last year.

Hedge fund Man Group (MNGPF)   fell close to 4% this morning in London after announcing that CEO Manny Roman would move to Pimco and become CEO there. The shares later erased losses and ended the day 0.7% up.