Europe's slump knocks shine off global deals
European dealmaking is on course for its worst first quarter since the height of the credit crisis.
Unless something dramatic happens by the end of the week, Europe's on track to have the worst quarter for M&A since 2013, when unemployment and austerity plans were causing protests and countries were asking the EU to bail out their banks.
UBS chief Sergio Ermotti called this year "one of the worst first-quarter environments in recent history" at a conference last week.
Mergers and acquisitions on the continent are down 35pc so far this year compared to the same period in 2018, according to data compiled by Bloomberg. Despite a boom in the Middle East and Africa and a jump in US dealmaking, global activity is down 5pc.
It reflects fears about Brexit, broader worries about Europe's economy, and trade war concerns in the US.