European stocks were little changed as company earnings were offset by comments from European Central Bank President Mario Draghi who said policy makers didn’t discuss lowering interest rates this week.

The central bank kept its benchmark interest rate at a record low of 1 percent today as predicted by economists. Stocks erased gains after Draghi, speaking at a press conference in Barcelona, said the central bankers did not talk about cutting rates today.

National benchmark indexes slid in 10 of the 18 western- European markets today. France’s CAC 40 lost 0.1 percent, the U.K.’s FTSE 100 rose 0.2 percent and Germany’s DAX slid 0.2 percent.

Porsche climbing 2.9 percent to 46.99 euros after the company, jointly owned by Volkswagen AG and the Porsche SE holding company, said first-quarter profit jumped 18 percent as deliveries of the revamped 911 and Panamera surged. The preferred shares of Volkswagen added 1.8 percent to 145 euros.

Societe Generale SA, which today reported earnings that topped analyst estimates, lost 4.2 percent to 17.27 euros and Commerzbank AG slid 3.6 percent to 1.54 euros.

Smith & Nephew Plc jumped 4 percent to 629.5 pence. Europe’s biggest maker of artificial hips and knees said first-quarter sales for its wound business added 5 percent to $240 million and revenue from surgical devices rose 3 percent.