The euro was riding near five-month highs on Wednesday on Ukraine's readiness to accept a month-long ceasefire, while stocks whipsawed on back-and-forth U.S. tariff plans as levies on steel and aluminium imports kicked in.

European Stoxx 600 (STOXX) ended 1.07% higher to 542, as optimism over a potential ceasefire in Ukraine lifted investor sentiment. Meanwhile, the EU said on Wednesday that it would impose counter-tariffs on €26B worth of American goods starting in April in response to blanket U.

The euro soared to a five-month high, reaching $1.0947 in New York before stabilizing at $1.0913 in Asia, following Ukraines agreement to a month-long ceasefire proposal. European equity futures climbed,