By Anastasiia Kozlova and Purvi Agarwal (Reuters) -European shares inched lower on Friday, but were poised for their fifth consecutive month of gains, as rising bets of a U.S. interest rate cut and some progress on a Russia-Ukraine ceasefire lifted investor sentiment this week.

BRUSSELS (AP) — European Union lawmakers voted on Tuesday to deepen integration of the bloc’s defense industry with Ukraine as a U.S. peace plan remains in flux and Russia’s unconventional warfare operations rattle the 27-nation bloc.

European leaders sought to buy time for Ukraine to work out a new ceasefire framework with Russia after the Trump administration set a one-week deadline to agree to terms that Kyiv and its allies rejected as an unacceptable giveaway to Moscow.

Europe’s gas market is far calmer today after years of turmoil that saw the region swap Russian supplies for liquefied natural gas (LNG) imports, a strategy that is unlikely to change even if U.S. President Donald Trump brokers a peace deal in Ukraine.

Top European and Ukrainian envoys have met in Geneva ahead of talks with U.S. Secretary of State Marco Rubio about President Donald Trump's proposal to end Russia’s war on Ukraine.

New Hampshire Democrat Sen. Jeanne Shaheen, the ranking member on the Foreign Relations Committee, told CNN that she would oppose any deal with Russia that limits the future strength and size of the Ukrainian military.

Certainly, the latest rounds of American bargaining and pressure on Ukraine are the most substantial yet. “This isn’t another round of what we saw before,” says a Western diplomat in Kyiv. Those close to the talks speak of “serious progress” bringing some Ukrainian and Russian positions together.

Marco Rubio said the talks were “very worthwhile” and constituted the most productive day in “a very long time.”