Group of Seven nations, EU leaders Ursula von der Leyen and Antonio Costa, and other European leaders were discussing Washington's proposed peace plan for Ukraine on Saturday afternoon on the sidelines of the G20 summit in Johannesburg,

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.

Ripples of alarm and anger were coursing from Kyiv through Europe as details emerged of the 28-point peace plan for Russia and Ukraine.

(Reuters) -European defence shares fell to their lowest levels since early September on Friday, after Ukrainian President Volodymyr Zelenskiy said he was ready for "honest" work on a U.S.-backed plan to end the war. An index of aerospace and defence companies was last down 2.6%.

At least 10 people were killed in the western Ukrainian city of Ternopil when a Russian missile hit a residential building, a Ukrainian official said.

The market is starting to price in the possibility the prospect of Russia-Ukraine peace, albeit tentatively, based on trading in leading European companies involved in construction. Prysmian and Volvo,