On this episode of Stock Movers:
- Banks is the worst-performing sector in Europe for a second day as the global equity rout continued on fears economic growth will be hit by US tariffs. The Stoxx 600 Banks Index sinks 4% as of 9:27 a.m. CET, extending weekly declines to 10%, the steepest drop since March 2023 The sector is still up 12% YTD. Deutsche Bank, Banco De Sabadell are down more than 5%
- KKR has walked away from a private equity consortium discussing a takeover of Gerresheimer AG, the German maker of packaging for drugs and cosmetics, people familiar with the matter said. The buyout firm had teamed up with Warburg Pincus to pursue a deal for Gerresheimer, Bloomberg News reported in March. Warburg Pincus is still working to see if it can reach a deal, according to the people, who asked not to be identified discussing confidential information.
- Danone shares rise as much as 2.7% to hit their highest level in over five years after analysts at Morgan Stanley said they now prefer the stock over Nestle, arguing the French food company is trading at an “unwarranted” discount to its Swiss peer given its more attractive setup.
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