This is a developing story, please check back for more
(Read More: Berlusconi Rules Out Alliance With Monti)
(Read More: European Shares Sharply Lower on Italy Poll Results)
Shares in troubled Portuguese lender Banco Espirito Santo slumped 50 percent on Thursday, after trading in the stock resumed following poor results.
Euro zone inflation fell more than expected in July, according to new figures released on Thursday, sparking renewed fears of deflation.
Diageo posted weaker-than-expected earnings on Thursday, hurt by a slowdown in China and volatility in other emerging markets.
Royal Dutch Shell posted a healthy jump in quarterly earnings, as its new CEO works to cut costs and streamline projects.
Get the best of CNBC in your inbox
European shares closed lower on Thursday with investors reacting to quarterly earnings and some disappointing data from the euro zone.
Katie Koch, head of global portfolio solutions international at Goldman Sachs, says that while the sanctions are likely to weigh on the Russian economy, the risk of contagion to other emerging markets is low.
John Stephenson, president and CEO of Stephenson & Company Capital Management, discusses ExxonMobil ahead of earnings and says the results should be "pretty good".