Shares in Europe's Airbus PA rose on Wednesday as evidence of talks to sell hundreds of planes to China gathered pace ahead of a summit of European and Chinese leaders in July.

China is considering placing an order for hundreds of Airbus SE aircraft as soon as next month, when European leaders visit Beijing to celebrate the countries’ long-term ties, according to people familiar with the matter.

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.