European markets gained ground early Wednesday as investors monitored geopolitical developments surrounding Greenland. U.S. Secretary of State Marco Rubio met with Danish and Greenlandic officials amid ongoing speculation about American interest in the territory.

BP weighed on sentiment after revealing $4 billion to $5 billion in fourth-quarter impairments, primarily tied to its energy transition ventures. The oil giant is now shifting focus back to traditional oil and gas operations, moving away from green energy ambitions.

Market attention also turned to U.S. producer inflation data due later in the day, which could influence Federal Reserve policy decisions. Meanwhile, crude prices dipped slightly as rising inventories and resumed Venezuelan exports offset supply concerns linked to unrest in Iran.

Investors are watching bank earnings from Citigroup, Bank of America, and Wells Fargo, following JPMorgan’s stronger-than-expected results. Geopolitical risk and central bank signals remain key drivers for global markets this week.