European stocks open higher as trade fears ease; Smiths Group falls 9%

European stocks opened higher Thursday as investors shrugged off worries over the U.S.-China trade dispute.

The pan-European Stoxx 600 edged up 0.4 percent, with all sectors in positive territory. Among the bourses, Italy’s FTSE MIB led the upward charge, over 0.8 percent higher.

In dealmaking news, ride-hailing firm Uber is reportedly in early discussions to buy food delivery upstart Deliveroo for several billion dollars. Bloomberg, citing people familiar with the plans, said any offer would need to be considerably higher than Deliveroo’s last reported valuation of more than $2 billion. Shares of listed competitors Just Eat and Delivery Hero fell on the news, down 6.5 percent and 1.9 percent respectively.

Looking at individual stocks, shipping firm Moller-Maersk was one of the best performers in Europe after HSBC upgraded the stock to “buy” from “hold,” and raised its price target to 11,100 Danish krone ($1,754) from 9,100 Danish krone. Shares were 2.5 percent higher.

Meanwhile, engineering company Smiths Group tanked 9 percent after the firm reported worse-than-expected full-year results. The group said its profits were hurt by short-term issues at its medical unit.

Equities in Europe followed the positive sentiment globally, with Asian markets in the black on the back of sharp gains from Wall Street. The Dow notched its first record high since January while the S&P 500 reached an all-time high of its own, the first since August.

On the continent, Brexit continues to remain under the lenses of traders, after European leaders upped the pressure on British Prime Minister Theresa May at an informal summit in Salzburg, Austria. European Council President Donald Tusk said the U.K. leader’s plan to withdraw from the European Union “will not work.” May will next meet with EU officials on October 18.

Moreover, French GDP (gross domestic product) data, German manufacturing PMI (purchasing managers’ index) figures and euro zone manufacturing and services PMI numbers are all due to be released this morning.