European stocks barely budged midweek
European stocks barely budged midweek—the Stoxx Europe 600 was almost flat—as falling bank shares offset gains in utilities.
Major banks like Santander and Danske Bank took a hit, dragging the sector down 1.7%.
US tariffs and shaky trade relations make investors nervous
Uncertainty is everywhere right now. New US tariffs and shaky US-EU trade relations are making investors nervous, especially after credit warnings and JPMorgan's CEO comparing the mood to pre-2008.
Bank stocks have weakened, and utilities and other defensive sectors have gained.
Utility and chemicals firms gain
While banks struggled, companies such as utility Endesa (+6.5%) and chemicals firm Solvay (+3.9%) jumped on strong results.
Meanwhile, Novo Nordisk slipped after analysts downgraded the stock following disappointing data for its next-generation obesity shot CagriSema—reminding everyone that not all sectors are feeling the love right now.