European shares nudged higher on Wednesday, supported by defence stocks, as investors awaited signs of progress on a trade accord with the United states.
The pan-European STOXX 600 index was up 0.2% at 546.94 points, as of 0706 GMT.
Other major regional indexes also traded higher.
US President Donald Trump said on Tuesday that he will “probably” tell the European Union within two days what rate it can expect for its exports to the United States, adding that the 27-member bloc had been treating his administration “very nicely” in trade talks.
Trump also announced plans to impose a 50% tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals would be introduced soon.
He threatened a 200% levy on drug imports, which he said could be delayed by about a year.
Trump has pushed back the previous tariff deal deadline to August 1, a date he called final, declaring there would be “no more extensions.”
Earlier in the day, the Financial Times reported that EU negotiators are nearing a trade deal with Trump that would cement higher tariffs than those granted to the UK.
European defence stocks rose 1.1%, while banks were up nearly 1%.
Energy shares advanced 0.8%. Shares of EssilorLuxottica rose 5.1% on reports that Meta Platforms has acquired a nearly 3% stake in the eyewear maker.
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