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.

Chinese airlines are considering ordering hundreds of Airbus SE aircraft as soon as next month, Bloomberg News reported on Wednesday, citing people familiar with the matter.