European stocks edged up Thursday, but trading in May was set to wrap up with auto makers under pressure as the European Union braces for U.S.-imposed tariffs on steel and aluminum.

What markets are doing

The Stoxx Europe 600 Index SXXP, +0.04%^[1] rose 0.2% to 386.18, after turning lower earlier in the session. On Wednesday, the index ended 0.3% higher^[2], in a partial recovery from Tuesday’s slide of 1.4%^[3] as Italian political uncertainty roiled global markets.

The pan-European benchmark is looking at a paltry rise of 0.2% for May, but that would be enough for a second straight monthly advance after April’s jump of 3.9%, according to FactSet data.

Germany’s DAX 30 index DAX, -0.47%^[4]  flipped lower Thursday, falling 0.2% to 12,764.88.

Italy’s FTSE MIB index I945, +0.91%^[5]  was up 1.2%, after briefly turning lower as trading got underway. In the fixed-income market, the country’s 2-year bond yield TMBMKIT-02Y, -33.36%^[6]  fell 77 basis points to 0.92%, according to Tradeweb. Yields fall as bond prices move higher.

See: 5 things investors must watch as Italy turmoil shakes global markets^[7]

Spain’s IBEX 35 IBEX, +0.52%^[8]  was up 0.7% to 9,630.70 as the country’s parliament debated a motion that could force Prime Minister Mariano Rajoy out of office.

France’s CAC 40 index PX1, +0.11%^[9] rose 0.3% to 5,444.68, and in London, the FTSE 100 UKX, +0.16%^[10]  added 0.2% to reach 7,708.49.

The euro EURUSD, +0.3343%^[11]  moved up^[12] to $1.1713 from $1.1666 late Wednesday in New York, moving higher after the release of French inflation...