Investors are hopeful a potential trade deal between the U.S. and European Union could bring more certainty to markets ahead of next Friday's tariffs deadline.

Nearly every member of the European Union supports a plan to hit back against President Trump’s tariffs if no agreement is reached.

Japan's trade agreement with the U.S. could serve as the benchmark for many other deals currently being negotiated with Washington, and the global economy could just about support the 15% level agreed overnight,

The S&P 500 and Nasdaq notched record high closes on Wednesday, lifted by Nvidia and GE Vernova, as the European Union and the U.S. appeared headed toward a trade deal similar to an agreement President Donald Trump struck with Japan.

Donald Trump has taken a swipe at immigration levels in Europe saying that the continent was facing a "horrible invasion." The U.S. president made the comments upon arriving in Glasgow ahead of a four-day visit to the U.