Banks top Morgan Stanley’s list of most-favored European sectors for 2025, followed by tobacco and defense. Top picks among individual stocks include Banco Santander SA, Lloyds Banking Group Plc, Siemens Energy AG, Centrica Plc, Fresenius SE & Co., ING Groep NV, Prosus NV, Rheinmetall AG, ENGIE SA, Societe Generale SA and Airbus SE.








