
The Stoxx Europe 600 index ended the day up 0.3%
European defense stocks fall after reports of U.S.-Russia plan to stop Ukraine war

European stock markets rose sharply after news emerged that U.S. and Russian officials are working on a deal to stop the war in Ukraine.
Bloomberg, citing sources familiar, reported that a potential agreement would allow Russia to occupy the territory it took during its invasion of Ukraine.
The Stoxx Europe 600 index ended the day up 0.3% and France’s CAC 40 rose 0.4%.
Germany’s DAX and the U.K.’s FTSE 100 provisionally closed flat, pulled down by declines in defense stocks.
Shares of Germany’s Rheinmetall were trading lower by 1.2%, Hensoldt declined by 6.4% and Renk fell 5% at 4 p.m. in London.
London-listed BAE Systems and Babcock also gave up gains from earlier in the day. Italy’s Leonardo and France’s Thales were also down by 3.9% and 0.8% respectively.
The companies are expected to benefit from renewed spending in Europe’s defense rearmament.