(Sharecast News) - European shares broke through to hit a fresh intra-day high on Wednesday as traders assessed reports that the US and Ukraine may have struck a deal on minerals to compensate Washington for military aid against Russia.
The pan-regional Stoxx 600 was up 0.84% to 558.76 having touched 559.3 in the morning session with major bourses higher on another heavy earnings day.

Reports emerged overnight that Ukraine President Volodymyr Zelenskyy was planning to travel to Washington on Friday to see his US counterpart Donald Trump to sign the agreement.

The Financial Times reported that Kyiv was ready to sign the agreement on jointly developing its mineral resources, including oil and gas, after the US dropped demands for a right to $500bn in potential revenue from the deal, which Zelenskyy said would force "10 generations" of Ukrainians to pay it back.

In economic news, Germany's GfK Consumer Sentiment Index for March declined further to -24.7 from -22.6, missing expectations of -21.1.

February data showed income expectations plunging -4.3 points to -5.4, marking a 13-month low, while the economic outlook for the next 12 months improved slightly by 2.8 points to 1.2.

"European markets continue to outperform, with indices throughout the region pushing sharply higher in early trade despite the US-led jitters. Yesterday's Conference Board consumer sentiment survey provided the basis for yet another sell-off in US 10-year yields, as economic growth concerns continued to build in the week of Fridays services PMI contraction," said MarketScope analyst Joshua Mahony.

"However, Europe continues to provide a relative haven for traders, with the prospect of an end to the Russia-Ukraine war bringing with it significant potential benefits for sentiment in the region."

"While Donald Trump's somewhat cold approach to Europe may provide a warning sign to some, the comments from Friedrich Merz over the need for greater independence from the US does highlight the prospect of a more expansive and self-sufficient Europe."

"Unfortunately, the continued decline in the Gfk consumer climate survey seen in Germany this morning does highlight the task ahead for the new Chancellor."

In equity news brickmaker Wienerberger surged after annual results beat expectations.

Budweiser maker AB Inbev was up after the company reported better-than-expected fourth-quarter sales.

Recruitment giant Adecco gained despite a 14% annual drop in full-year operating income, conversely Wolters Kluwer slumped as the Dutch information services company reported a rise in annual profit.

Stellantis fell as the troubled auto giant posted a 70% fall in 2024 net profit.

Reporting by Frank Prenesti for Sharecast.com

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