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EUROPE BEFORE THE BELL: TRADE DEAL AWAITED, FUTURES UP

European shares were set to rise slightly at the open on Wednesday as traders awaited with a degree of optimism a trade accord with the United States and shrugged off U.S. President Donald Trump's threats to impose higher tariffs on copper and pharmaceuticals.

Trump said on Tuesday he will "probably" tell the European Union within two days what rate it can expect for its exports to the U.S., adding that the 27-member bloc had been treating his administration "very nicely" in trade talks.

EuroSTOXX50, DAX and FTSE futures were last up around 0.2%, while S&P contracts were just below parity. In Asia, stocks were mixed, another sign that traders have become inured to tariff news, while the dollar was close to a 2-1/2-week high versus major peers.

In corporate news, UniCredit CRDI.MI increased its shareholding in Commerzbank CBKG.DE to 20%, as it seeks to win over opposition to a possible takeover of the rival.

EssilorLuxottica ESLX.PA shares gained over 5% on Tradegate on reports that Meta Platforms META.O has acquired a nearly 3% stake in the eyewear maker.

Ad group WPP WPP.L slashed its profit outlook for the year, citing intensifying macro pressures and lower-than-expected net new business wins.

Eyes were also on miners as copper prices in London fell, while those in the U.S. spiked over 12% to a record high after Trump said he would announce a 50% tariff on the metal.

Drugmakers in Europe were also on the watchlist. Their U.S. peers had a muted reaction to Trump saying pharmaceutical tariffs could reach 200%. Shares of Pfizer PFE.N and other top U.S. drugmakers closed up between 0.3% and 1.4%.

(Danilo Masoni)

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EARLIER ON LIVE MARKETS:

TRUMP TARIFF VOLLEYS MET WITH CAUTION, NOT CHAOS CLICK HERE