European stocks close higher as focus shifts to Greenland talks; BP warns of $5 billion impairment charge

LONDON — European stocks advanced on Wednesday as investors in the region focus on an upcoming meeting between U.S., Greenlandic and Danish officials to discuss the Arctic island’s future.

The pan-European Stoxx 600 index finished the session up almost 0.2%, edging higher to touch a record high.

All eyes were on a meeting between U.S. Secretary of State Marco Rubio and Greenlandic and Danish officials on Wednesday, with talks set to focus on President Donald Trump’s repeated advances toward “acquiring” the semi-autonomous Danish territory.

Denmark and Greenland have repeatedly said the Arctic island is not for sale, but Trump has mooted the possibility of using military force to seize the mineral-rich island.

In corporate news, oil giant BP warned on Wednesday that it expects to take impairment charges of between $4 billion and $5 billion for the fourth quarter of 2025. The company said those charges were related to its gas and low carbon energy units, and would be excluded from underlying replacement cost profit. It also warned that it expects its oil trading result to be weaker in the period, compared to the third quarter.

BP’s London-listed shares ended the day almost 1.2% higher.

Meanwhile, shares of mining giant Fresnillo — the world’s leading silver producer — touched on a record high shortly after the open before retreating by mid-afternoon, finishing the day down 0.4%. It came after spot silver rose above $90 an ounce for the first time.

More broadly, mining stocks notched gains on Wednesday as gold, silver and copper prices continued to rise, with the Stoxx Basic Resources index closing 1.5% higher.

Top movers in the sector included Glencore, which had gained almost 3% by the close of dealmaking, reaching a new 52-week high. Earlier this week, the company confirmed it had re-entered talks with Rio Tinto about a potential mega-merger that would create the world’s largest mining firm.

Elsewhere, European ammunition maker Czechoslovak Group said Wednesday morning that it plans to list in Amsterdam in the coming weeks, at a potential valuation of around 30 billion euros ($34.94 billion). The company expects to benefit from a regional defense spending super cycle amid rising geopolitical uncertainty. Early commitments from funds including Artisan Partners, BlackRock and Al-Rayyan already total 900 million euros, as firms race to gain exposure to what could become one of Europe’s most valuable defense businesses.

Defense stocks fell after initially inching higher on Wednesday, with the regional Stoxx Europe Aerospace and Defense index shedding 1.5% amid rising tensions related to Greenland, widespread and violent protests in Iran — and the promise of intervention from the U.S. if protesters are executed — and the fallout from Washington’s ousting of Venezuelan President Nicolas Maduro last week.

Meanwhile, yields on the U.K.’s 10-year government bonds — seen as the benchmark for Britain’s long-term borrowing costs — fell to their lowest level since December 2024. Gilt yields were last seen almost 0.06 basis points lower, at 4.343% on Wednesday afternoon.

— CNBC’s Michael Considine and Olivia Levieux contributed to this article.