Boeing stock dropped Wednesday after a report from Bloomberg indicated that China might be ready to place a big order from rival Airbus. Wednesday, Bloomberg said that China was planning to order up to 300 jets from Airbus as soon as July.

American depositary receipts rose more than 3% on Wednesday as speculation intensified around a potential blockbuster aircraft order from China, possibly involving hundreds of jets. The renewed momentum in negotiations comes ahead of a planned summit between European and Chinese leaders in Beijing next month.

China may order up to 500 Airbus jets during a key EU visit, signaling its tilt away from Boeing amid ongoing US trade tensions, Bloomberg reports.