Euronext Stock Market Today, December 4, 2025: CAC 40, AEX and Euronext 100 Edge Higher on Fed Cut Hopes

PARIS — December 4, 2025 — Euronext’s main European stock markets traded slightly higher on Thursday as investors leaned back into risk assets, supported by expectations of a U.S. Federal Reserve rate cut next week and a wave of upbeat sector moves in autos, industrials and technology.

By late morning in Europe, the pan‑European STOXX 600 was up around 0.1% at roughly 577 points, extending its winning streak to a third session as cyclical sectors outperformed. ^[1] France’s CAC 40 hovered just above 8,100, up about 0.3–0.4% from Wednesday’s close of 8,087.42, keeping the index within sight of record territory set in November. ^[2] Eurozone blue chips, tracked by the Euro Area EU50 index, added about 0.14% to 5,708 points. ^[3]

Global risk sentiment was broadly constructive: an early rally in Japan’s Nikkei and solid U.S. equity gains overnight helped offset a modest rebound in the U.S. dollar and mixed moves in defensive assets. ^[4]

Euronext indexes at a glance

Key Euronext and regional benchmarks around mid‑session on December 4, 2025:

CAC 40 (Euronext Paris) – Trading just above 8,110 points, up around 0.3–0.4% on the day and building on Wednesday’s close at 8,087.42. Early European trading saw the index quoted at 8,110.58, according to Associated Press data. ^[5]
Euronext 100 – The group’s flagship pan‑European index was near 1,708 points, up about 0.1% on the session, according to Euronext Live, marginally above Wednesday’s historical close around 1,702. ^[6]
AEX / Netherlands 25 (Euronext Amsterdam) – The Dutch market continued to grind higher. The NL25 stood around 950 points after a 0.51% rise on Wednesday, while Euronext’s live AEX reading showed roughly 949–950, up about 0.5%. Derivative quotes for Netherlands 25 CFDs around 953 with a daily gain near 0.8% point to ongoing strength. ^[7]
BEL 20 (Euronext Brussels) – Brussels traded broadly in line with the continent. The BEL 20 closed Wednesday at 4,995.35, down 0.3%; early Thursday moves were described as muted, with the index oscillating near the 5,000‑point mark alongside the mild gain in the STOXX 600. ^[8]
PSI 20 / PSI (Euronext Lisbon) – Lisbon lagged slightly. Real‑time quotes from Euronext Lisbon showed the PSI 20 near 8,196 points, down roughly 0.3% on the day, though still up over the past week after a run of gains into early December. ^[9]
Euro Area EU50 – The main eurozone blue‑chip index advanced to 5,708 points, a daily gain of 0.14%, extending its month‑to‑date rise as investors rotated into cyclical exposure. ^[10]
Euronext N.V. stock (ENX) – Shares of the exchange operator itself traded around €127.20, slightly below Wednesday’s €128.70 close, within a day range of roughly €126.90–€128.90 and comfortably above the 52‑week low of €104.40. ^[11]

Overall, price action across Euronext’s core markets was consistent with a “risk‑on, but cautious” tone: modest gains in Paris and Amsterdam, flat‑to‑soft trading in Brussels and Lisbon, and a positive but not euphoric move at the eurozone level.

Autos, industrials and chips drive Euronext higher

The sector story on December 4 is clear: cyclicals are back in the driver’s seat.

Automakers jump on U.S. fuel‑economy U‑turn

European carmakers — many of them key Euronext constituents — were among the strongest performers after U.S. President Donald Trump proposed rolling back fuel economy standards previously set under President Joe Biden, making it easier to sell gasoline‑powered vehicles in the United States.

The European autos index climbed about 1.8%, outpacing the broader market. ^[12]
Shares of Porsche and Mercedes‑Benz surged roughly 5% and 4%, respectively.
Volvo Car advanced nearly 4%, while Renault gained more than 3%.
Stellantis, whose stock is listed in both Milan and Paris, added around 2.7% after an almost 8% jump on Wednesday.

Analysts noted that looser U.S. rules on fuel economy could:

Extend the profitability window for internal combustion engine (ICE) vehicles,
Ease regulatory pressure on automakers’ U.S. product mixes, and
Complement speculation that the EU may soften or delay its 2035 ban on new combustion‑engine car sales.

That combination is particularly supportive for Euronext‑listed names such as Renault and Stellantis, both heavily exposed to European and U.S. demand.

Industrials climb on upgrades and global growth hopes

Industrial stocks were another bright spot. The STOXX industrials sub‑index rose about 0.8%, supported by upgrades for major European engineering groups. ^[13]

Schneider Electric — a heavyweight in the CAC 40 and Euronext 100 — gained around 3% after J.P. Morgan upgraded the stock to “Overweight.”
Siemens Energy advanced roughly 2.5% on a similar rating upgrade. ^[14]

This industrial strength filtered into Euronext’s indices through names across Paris, Amsterdam and Milan, reinforcing the pro‑cyclical tone and bolstering the modest rise in the Euronext 100. ^[15]

Tech lifted by AI and chip momentum

Tech shares also joined the rally, with the European technology index up close to 0.8%. ^[16]

STMicroelectronics and Soitec, both listed in Paris, climbed more than 3% as investors reacted to reports that China’s Cambricon plans to dramatically increase chip output to replace Nvidia in parts of the AI market — a shift that investors see as potentially beneficial for alternative chip suppliers. ^[17]
STMicro further grabbed attention after announcing that President and CFO Lorenzo Grandi will speak at a Barclays investor conference, an opportunity to update markets on 2026 guidance and capex plans. ^[18]

By contrast, defensive groups lagged. European healthcare and consumer staples underperformed as money rotated out of safe havens and into higher‑beta sectors. ^[19]

A notable loser on the day was Philips, a major AEX constituent, whose shares fell about 6–7% after traders flagged concerns about its 2026 growth outlook following recent management comments. ^[20]

Euronext corporate headlines: Sanofi, Wolters Kluwer, Michelin, BIC and more

Beyond index‑level moves, December 4 brought a busy slate of Euronext‑listed company news that matters for medium‑term positioning.

Sanofi completes Vicebio acquisition

Pharma giant Sanofi (SAN, Euronext Paris) confirmed completion of its acquisition of UK‑based Vicebio Ltd. ^[21]

The deal adds an early‑stage combination vaccine candidate targeting RSV (respiratory syncytial virus) and HMPV (human metapneumovirus) to Sanofi’s pipeline.
The asset uses Vicebio’s proprietary “Molecular Clamp” technology and gives Sanofi a non‑mRNA respiratory vaccine option, broadening its offering in one of the most competitive vaccine arenas. ^[22]

For Euronext investors, the acquisition underlines Sanofi’s push to deploy free cash flow into innovative vaccines rather than mega‑mergers, a trend that equity analysts generally view as supportive for long‑term earnings visibility.

Wolters Kluwer ramps up buybacks

Information‑services group Wolters Kluwer (WKL, Euronext Amsterdam) — a heavyweight in the AEX, Euro Stoxx 50 and Euronext 100 — reported fresh share repurchases under its latest buyback programme. ^[23]

Between 27 November and 3 December, the company bought back 156,339 shares for €14.1 million at an average price of €90.42.
The trades are part of a €200 million buyback planned between November 6, 2025 and February 23, 2026.
Year‑to‑date, Wolters Kluwer has repurchased about 7.85 million shares for €1.04 billion, at an average price of nearly €132 per share. ^[24]

The shares are being held as treasury stock for subsequent cancellation, effectively shrinking the free float and boosting earnings per share — a dynamic echoed at many large European corporates (see “Buybacks and 2026 outlook” below). ^[25]

Michelin discloses own‑share transactions

Tire maker Michelin (CGDE, Euronext Paris) also detailed significant share repurchases executed on December 4.

Disclosures show the company repurchased roughly 1.6 million shares at a weighted average price of about €27.76, via over‑the‑counter trades arranged with banking counterparties. ^[26]
The stated objective is share cancellation, reinforcing Michelin’s capital‑return story even as the shares remain about 10–12% below average analyst target prices. ^[27]

Given Michelin’s presence in the CAC 40 and Euronext 100, ongoing buybacks have a non‑trivial impact on index‑level EPS growth.

BIC exits Rocketbook and Skin Creative

Consumer products group BIC (Euronext Paris) announced it will discontinue its Rocketbook digital note‑taking business and the Skin Creative tattoo activities after a strategic review. ^[28]

Management framed the move as a portfolio simplification, allowing reinvestment into higher‑return core categories like stationery, lighters and shavers.
For investors, the decision signals BIC’s willingness to cut non‑core experiments and refocus on cash‑generative lines — a theme many value‑oriented European funds favour.

STMicroelectronics and CBI headlines

STMicroelectronics reiterated its commitment to investor engagement, with CFO Lorenzo Grandi scheduled to address a Barclays investor conference later this month — a forum likely to cover AI chips, capex and margin guidance. ^[29]
On the small‑cap side, CBI, a crypto‑infrastructure player listed in Paris, said it had secured USD 1 million in non‑dilutive financing for new Bitcoin mining servers — a reminder that Euronext still lists niche growth stories alongside its blue chips. ^[30]

Taken together, corporate news on Euronext today leaned firmly in favour of capital return and focused growth, with buybacks (Wolters Kluwer, Michelin), portfolio pruning (BIC) and targeted R&D expansion (Sanofi) all in the mix.

Macro backdrop: Fed cut hopes, Eurozone GDP and the December pattern

Fed meeting and global risk appetite

Markets are being steered by a familiar driver: expectations for easier U.S. monetary policy.

Weaker‑than‑expected U.S. private‑sector jobs data and softer price indicators earlier this week reinforced market bets that the Federal Reserve will cut rates at its meeting next week, its third cut of 2025. ^[31]
U.S. equity indices closed near record highs on Wednesday, with the S&P 500 within less than 1% of its all‑time peak, while Treasury yields eased — a combination that tends to support global equities, including Europe. ^[32]
Plus500’s global markets update noted that oil prices ticked higher on renewed geopolitical tensions, while gold and silver slipped as traders repositioned ahead of the Fed decision. ^[33]

For Euronext, a dovish Fed typically translates into:

A weaker dollar / firmer euro,
Lower discount rates for European cash flows, and
Stronger performance from rate‑sensitive sectors like autos, industrials and tech — exactly what played out on December 4.

Eurozone GDP Q3 2025: final reading due Friday

Attention now turns to Eurozone Q3 2025 GDP, with the third and final estimate due on Friday, 5 December.

Economists broadly expect the data to confirm 0.2% quarter‑on‑quarter growth and about 1.4% year‑on‑year, matching earlier flash estimates and Eurostat’s prior release. ^[34]
Plus500 highlights France and Spain as the key positive contributors (0.5% and 0.6% QoQ, respectively), offsetting stagnation in Germany and Italy. ^[35]
Nowcast models suggest growth could slow to roughly 0.1% QoQ in Q4, underscoring how finely balanced the European recovery remains. ^[36]

A benign GDP print — one that confirms modest expansion without reigniting inflation fears — would likely support the current Euronext rally, especially in cyclical sectors.

December “Santa rally” still in play

Seasonality is another supportive factor. An in‑depth Euronews analysis this week underscored that December has historically been one of the best months for European equities:

The EURO STOXX 50 has delivered an average December gain of about 1.87%, with a positive close roughly 71% of the time.
France’s CAC 40 has averaged around 1.57% in December with a 70% “win rate,” and often sees the strongest gains in the second half of the month.

That pattern, popularly dubbed the “Santa rally”, tends to be driven by:

Year‑end performance chasing by institutional investors,
Portfolio window‑dressing, and
Increased retail inflows as investors reposition for the new year.

With Euronext indices already firming in early December, many traders are asking whether 2025 will follow that historical script — especially if the Fed confirms a rate cut and eurozone growth data remain steady.

Buybacks and 2026 outlook: a structural tailwind for Euronext stocks

Beyond today’s tape action, share repurchases are emerging as a key medium‑term driver for European and Euronext‑listed equities.

A recent Barclays‑flagged study, cited in NoorTrends, highlights that: ^[37]

European companies executed about €19.3 billion in buybacks in November 2025, near the highest monthly level since 2017.
Those repurchases accounted for roughly 2.3% of total European equity trading volume.
Around 70% of the authorised 2026 buyback capacity remains unexecuted, and Barclays projects roughly €50 billion in new buyback announcements in Q1 2026.
The bank forecasts 8% EPS growth for European equities in 2026, with autos, telecoms and energy screens particularly rich in free cash flow.

Today’s announcements from Wolters Kluwer and Michelin fit neatly into that theme and illustrate how capital return is becoming a central part of the Euronext story. ^[38]

For investors, the implication is that even modest top‑line growth can translate into healthy per‑share earnings when companies are aggressively shrinking their share counts — especially in markets like Europe that still trade at valuation discounts to U.S. peers.

What today’s moves mean for Euronext investors

For traders and longer‑term investors focusing on Euronext, today’s session offers several key takeaways:

Trend still upward, but not euphoric
- Modest gains in the CAC 40, AEX, Euronext 100 and EU50 confirm that the late‑November rebound remains intact, supported by Fed cut hopes and seasonal tailwinds, but without the kind of blow‑off rally that often precedes corrections. ^[39]
Cyclicals are back in favour
- Autos, industrials and tech are leading the move, helped by:
  - Trump’s proposed rollback of U.S. fuel‑economy rules (bullish for Euronext‑listed carmakers),
  - Analyst upgrades for industrial champions such as Schneider Electric, and
  - AI‑related optimism that continues to support European chipmakers like STMicroelectronics. ^[40]
Corporate actions are supportive of EPS and quality
- Sanofi’s Vicebio acquisition reinforces the quality of Paris‑listed healthcare growth. ^[41]
- Buybacks at Wolters Kluwer and Michelin support per‑share metrics and underline management confidence. ^[42]
- BIC’s exit from Rocketbook and Skin Creative indicates renewed discipline on capital allocation. ^[43]
Macro risk is event‑heavy but not yet threatening
- The Fed’s December meeting and tomorrow’s Eurozone GDP print are the next big catalysts. A dovish Fed and steady eurozone growth would likely extend the current Euronext bid; upside surprises in inflation or hawkish rhetoric could test support levels. ^[44]
December seasonality and buybacks create a favourable backdrop
- Statistical patterns favour European equities in December, particularly in the second half of the month.
- Elevated and still‑rising buyback volumes mean that even sideways markets can see constructive EPS dynamics into 2026. ^[45]

Bottom line

On December 4, 2025, the Euronext EU stock markets are quietly constructive:

Index gains are modest but broad‑based,
Cyclical sectors and AI‑linked tech are doing the heavy lifting,
Corporate actions skew towards capital return and focused growth, and
Macro risk is concentrated in a handful of near‑term events (Fed, eurozone GDP, ECB) rather than any immediate shock.

For investors, that combination argues for staying selectively risk‑on in Euronext markets — with an eye on autos, quality industrials, cash‑rich buyback stories, and leading tech names — while remaining nimble around the dense December macro calendar.

This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Always perform your own research or consult a licensed financial adviser before making investment decisions.