Stocks look to set bounce this morning after a few firms reported better-than-expected results in place of the earnings warnings that have been gripping markets.

Microsoft Corp.’s quarterly sales beat expectations, Yahoo! reported on-target results, and Motorola Inc. posted a narrower-than-expected loss. Tech futures look very strong as a result.

The economic outlook isn’t as supportive as the outloof for profits. Traders remain worried about a possible Argentine debt default. Also, U.S. jobless claims rose 42,000 to 445,000 last week, confounding expectations.

In Europe, stocks are already up on the Microsoft news, with techs and telecoms bouncing. The European Central Bank left rates unchanged this morning, and suggested it won’t reduce interest rates soon. The FTSE is up 86 points to 5,478. The CAC 40 has gained 64 points to 4,978. The DAX is up 91 points to 5,893.

Overnight in Asia, techs led an aggressive rally. The Nikkei closed up 403 points to 12,408. The Hang Seng gained 130 points to 12,660.

In other earnings news, Laidlaw Inc. is reporting a net loss of $24 million or 7¢ a share for the quarter ended May 31, up from a net loss of $542.5 million or $1.66 a share for the quarter last year.

TLC Laser Eye Centers Inc. reported a 5¢ a share net loss before restructuring and other one-time charges, and a 13¢ a share loss including those charges. This is in line with the company’s previous guidance.

In other news, General Electric’s Jack Welch is set to retire on September 7. The world’s largest company reported profits up 15% in the past quarter.