European stocks got a modest lift on Wednesday, thanks to a jet-fueled rally in Airbus (AIR.PA) shares.

The aerospace heavyweight surged 3.4% after Bloomberg reported that Chinese airlines are eyeing a blockbuster order of hundreds of aircraft, a move that would signal a deepening of China’s long-term commitment to Airbus over U.S. rival Boeing.

That bullish momentum helped propel the pan-European STOXX 600 index up 0.3%, continuing its 15% rally since early April.

But let’s not get too comfortable, there’s turbulence ahead.

Today marks a crucial deadline: U.S. trading partners have until the end of the day, June 4, 2025, to submit their “best offers” to avoid President Donald Trump’s aggressive ‘Liberation Day’ tariffs. These new levies, aimed at steel and aluminium imports, are set to kick in shortly, and investors across the globe are holding their breath. While Trump struck a limited trade deal with the UK, the broader impact of his unpredictable tariff playbook still looms large over European markets.

Meanwhile, the economic data machine is in full gear. Investors are awaiting fresh PMI survey data from the UK, eurozone, Germany, and France. These figures will offer a pulse check on whether the threat of tariffs is already rattling manufacturing and services activity across the continent. Don’t be surprised if the numbers show some bruises.

That’s not all. The European Central Bank (ECB) is expected to cut rates by a quarter point on Thursday, which is its first move in months. With inflation moderating and growth still lukewarm, the ECB is stepping in to soften the blow of global uncertainty. Add to that the U.S. jobs report on Friday, and you’ve got a week where markets could swing sharply on the back of a headline.

In sectoral action, mining and tech stocks were the biggest gainers, showing resilience despite looming headwinds. On the flip side, Remy Cointreau (RCOP.PA) stumbled 2.6% after ditching its 2030 sales growth ambitions. The French spirits group blamed a bitter mix of U.S. tariff risks, sluggish demand, and mounting uncertainty, leaving investors with a sour aftertaste.

This first week of June is a cocktail of geopolitical drama, central bank moves, and trade war déjà vu.

While Airbus has given Europe’s markets a short-term sugar high, investors know that the main cours, Trump’s tariff verdict, ECB decisions, and U.S. jobs data, is still being served. It’s a delicate balancing act between optimism and anxiety.

So yes, Airbus soared. But the rest of Europe is still circling, waiting for clearance to land in more stable territory.