Euronext 100 Index and World Indices: Autos Rally, Fed Cut Bets and 2026 Outlook (5

The Euronext 100 Index ended the first week of December 2025 essentially flat but still parked near record territory, as autos, tech and basic‑resources stocks powered Europe’s year‑end rally while strategists turned increasingly vocal about upside for 2026 — and the risks that come with it. TechStock²+1

Euronext 100 at a Glance: Near Record Highs, Modest Weekly Gain

The Euronext 100 Index (N100) is the flagship blue‑chip benchmark of Euronext, tracking 100 of the largest and most liquid companies listed across Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris. The index is free‑float market‑cap weighted with caps to avoid single‑stock dominance and represents the core of the Euronext equity universe. ^[1]

Latest level and 12‑month performance

At the close on Friday 5 December 2025, the Euronext 100:

Finished at 1,705.34, down 0.22% on the session (‑3.78 points).
Traded in a day’s range of 1,705.30–1,715.55.
Sat within a 52‑week range of 1,336.73–1,755.13.
Was up about 16–17% over the past 12 months, depending on the data provider. ^[2]

TradingView data show the Euronext 100 hit an all‑time high of 1,755.13 in mid‑November 2025, and that as of early December the index is:

+0.35% over the past week
Barely positive over the past month (~+0.1%)
Up roughly 17.2% year‑on‑year ^[3]

That leaves the index only a few percentage points below its record high — more a consolidation at the top of the range than a meaningful correction.

Weekly move: a “pause at altitude”

A detailed weekly review of Euronext markets shows the Euronext 100:

Started the week (Monday 1 December) around 1,703.9.
Ended Friday at 1,705.34, for a weekly rise of roughly 0.1%.
Spent the week less than 3% below its 52‑week high, underscoring just how elevated European blue chips remain. TechStock²

In other words, the index has been moving sideways at high altitude, rather than giving back the strong gains built through 2024–2025.

What Moved the Euronext 100 on 5–7 December 2025

Friday, 5 December: Quiet close after a constructive week

On Friday 5 December, European equities took a breather as traders digested a long‑delayed U.S. inflation report and looked ahead to the next Federal Reserve decision. The pan‑European STOXX 600 ended the day little changed but nonetheless added about 0.4% over the week, thanks largely to cyclicals. TechStock²+1

Within Europe’s sector landscape over the week:

Autos & parts gained roughly 5.6%.
Technology stocks climbed about 2.7%.
Basic resources advanced just over 3%, helped by record copper prices. TechStock²+1

For Euronext specifically:

The Euronext 100 slipped 0.22% on Friday to 1,705.34, but edged slightly higher versus Monday’s close. TechStock²+1
France’s CAC 40 dipped just 0.09% to 8,114.74, still above 8,100 and close to record territory. TechStock²+1

A separate after‑the‑bell wrap highlighted that sentiment remained broadly positive, but with clear dispersion: cyclicals, miners and autos outperformed, while insurers and property names lagged. TechStock²

Weekend, 6–7 December: Strategy notes and 2026 scenarios

While markets were closed over the weekend, research updates and strategy pieces continued to shape the outlook for European and Euronext equities:

Citigroup set a year‑end 2026 target of 640 for the STOXX 600, implying roughly 10.5% upside from early December levels. The bank sees earnings stagnating in 2025 under the weight of tariffs and FX, before accelerating in 2026 on the back of fiscal spending and easier monetary policy. ^[4]
Citi’s sector call is overweight cyclicals (autos, industrials, chemicals, basic resources, banks) and downgrades European tech to neutral, largely on valuation grounds. TechStock²+1
A Reuters poll published in late November but still in focus over the weekend projects that the STOXX 600 will gain around 11% in 2026, with Europe supported by improving macro data and cheaper valuations relative to U.S. equities. ^[5]
BNP Paribas is even more bullish, projecting the STOXX 600 around 650 and arguing that European equities are set to outperform the S&P 500 into 2026, helped by an accommodative ECB and structural reforms. TechStock²

Together, these calls underpin the narrative that Euronext 100 constituents still have room to run over the next 12–18 months, even if earnings risk is creeping higher. A widely cited profile of Citi strategist Beata Manthey stressed that profits now have less margin for error, given geopolitical uncertainty and energy costs — a warning that any earnings miss in 2026 could trigger sharp deratings, especially in expensive growth segments. TechStock²

Sector Dynamics Inside the Euronext 100

Autos and industrials: Cyclical engines of the rally

Autos were the standout sector in Europe in the first week of December. A combination of broker upgrades, cheaper relative valuations and optimism about global demand lifted the entire group. TechStock²+1

For Euronext investors, that strength showed up in names such as:

Stellantis (Milan & Paris)
Renault and Michelin (Paris)
Suppliers like Forvia/ Faurecia

These companies are highly sensitive to the global economic cycle and to regulatory changes around emissions and EV incentives, so the sector’s outperformance is a vote of confidence in the 2026 macro trajectory. TechStock²+1

Industrial groups also rode the wave, helped by:

Upgrades for energy‑transition leaders such as Schneider Electric,
Strong demand for infrastructure and defence projects, and
Expectations that both the Fed and ECB will remain on a rate‑cut path into 2026. TechStock²+1

Technology and semiconductors: Still hot, but under scrutiny

The tech and semiconductor complex — including Euronext 100 heavyweights ASML, BE Semiconductor and STMicroelectronics — posted solid gains (~2.7% for the European tech sector over the week). These stocks remain key beneficiaries of the AI spending boom and ongoing investment in advanced chips. TechStock²+1

ASML’s latest quarterly numbers underline the fundamental strength:

Q3 2025 net sales around €7.5 billion,
Net income roughly €2.1 billion, with gross margins above 51%,
Management guiding for ~15% full‑year 2025 sales growth vs 2024 and expecting 2026 revenue at least in line with 2025, supported by a large EUV order book. TechStock²

At the same time, Citi’s downgrade of European tech to neutral is a reminder that valuation risk is real, and that even high‑quality names could see sharp pull‑backs if growth expectations wobble. TechStock²+1

Healthcare and defensives: Stock‑specific stories

The week’s news flow also featured notable defensive and healthcare stories on Euronext exchanges:

UCB (Brussels) raised its 2025 revenue guidance to above €7.6 billion (from “more than €7 billion”) and lifted its adjusted EBITDA margin target to above 31%, sending the stock up roughly 4–5% and topping the BEL 20. TechStock²+1
Danone (Paris) launched a share buyback of about 3.8 million shares, primarily to offset dilution from employee plans, adding a modest but steady technical bid for the stock. TechStock²+1
Philips (Amsterdam) rebounded after a sharp downgrade‑driven sell‑off earlier in the week; management reiterated that its full 2026 outlook will be presented in February, aiming for improving sales, margins and cash flow even as tariff headwinds increase. TechStock²+1

These moves highlight that stock‑picking remains crucial within the Euronext 100: even in a strong index, idiosyncratic news on guidance, buybacks or management changes is driving large relative moves.

The exchange itself: Euronext N.V. as a meta‑play

For investors wanting exposure to the health of European capital markets as a business, Euronext N.V. (now part of the CAC 40) stayed in focus:

Q3 2025 revenue came in around €438 million, up about 10.6% year‑on‑year, with adjusted EBITDA margins above 63%.
Net leverage has been falling, and the group has launched a share repurchase programme of up to €250 million running into March 2026.
Strategically, Euronext is pushing ahead with a voluntary share‑exchange offer for the Athens Stock Exchange (ATHEX) and expanding in derivatives and ETFs. TechStock²+1

The combination of strong cash generation, buybacks and consolidation moves helps support the broader Euronext equity story and, indirectly, the Euronext 100 index.

Euronext 100 in Global Context: How World Indices Looked on 5 December

Global markets ended Friday’s session with a mixed tone: Asia generally firmer, Europe cautious, and the U.S. hitting fresh highs. According to a global wrap published 6 December: ^[6]

United States
- S&P 500: 6,870.40, +0.19%, closing at a record high.
- Dow Jones Industrial Average: 47,954.99, +0.22%.
- NASDAQ Composite: 23,578.13, +0.31%, driven by large‑cap tech.
Euro area & UK
- EURO STOXX 50: 5,723.93, +0.10%.
- Euronext 100: 1,705.34, ‑0.22%.
- CAC 40 (France): 8,114.74, ‑0.09%.
- DAX (Germany): 24,028.14, +0.61%.
- FTSE 100 (UK): 9,667.01, ‑0.45%.
Asia‑Pacific
- Hang Seng (Hong Kong): 26,085.08, +0.58%.
- Nikkei 225 (Japan): 50,491.87, ‑1.05% after profit‑taking in exporters.
- S&P/ASX 200 (Australia): 8,634.60, +0.19%.

This snapshot illustrates several key points for Euronext 100 watchers:

U.S. indices are still setting the pace, with the S&P 500 at all‑time highs and the Nasdaq benefitting from the AI and tech boom.
Core European benchmarks (Euronext 100, Euro Stoxx 50, CAC 40, DAX) are also near records but showing more day‑to‑day hesitation, reflecting a balance between Fed/ECB rate‑cut hopes and lingering growth concerns.
Asia is more mixed, with strong gains in Hong Kong and South Korea offset by a softer Japan — a reminder that global investors are rotating among regions rather than pushing all boats higher at once. ^[7]

Meanwhile, the U.S. Dollar Index (DXY) sits just under 100 (around 98.99 as of 7 December), having softened from earlier peaks. A weaker dollar historically supports non‑U.S. risk assets, including European equities, by easing financial conditions and improving the translated value of overseas earnings. ^[8]

Latest Forecasts and What They Mean for Euronext 100

Bringing together the research released around 5–7 December 2025, several themes emerge for the Euronext 100 and its peers in the world indices universe:

Constructive but cautious 2026 index targets
- Citi’s 640 target for the STOXX 600 and BNP Paribas’ ~650 call both imply double‑digit upside for European indices into 2026, assuming modest earnings growth and continued policy support. ^[9]
- A Reuters poll of strategists similarly points to around 11% gains for the STOXX 600 next year. ^[10]
Sector rotation toward cyclicals
- Autos, industrials, basic materials and selected financials are repeatedly flagged as likely beneficiaries of fiscal spending, infrastructure projects and easing rates.
- Within Euronext 100, this aligns with the outperformance of names such as Stellantis, Schneider Electric, ArcelorMittal and major banks. TechStock²+1
Valuation risk in growth and tech
- While AI‑exposed stocks like ASML still enjoy strong demand, strategists warn that multiples are stretched, and any disappointment in 2026 earnings could unleash sharp downside. TechStock²+1
Index‑level strength but stock‑level dispersion
- The same notes highlight that although indices such as the Euronext 100, STOXX 600 and S&P 500 may still grind higher, the real opportunity lies in selective stock‑picking, as shown by UCB’s rally after a guidance upgrade and Philips’ volatility around its 2026 outlook. TechStock²+1

In short, the macro backdrop (Fed and ECB cuts, fiscal spending, softer dollar) remains supportive for Euronext 100, but the next leg of returns is expected to come more from earnings delivery than multiple expansion.

Key Watchpoints for Euronext 100 Investors After 7 December

Looking beyond the 5–7 December window, investors tracking the Euronext 100 and broader world indices will be watching: TechStock²+1

Central bank meetings
- The upcoming Federal Reserve decision and updated “dot plot” for 2026.
- Signals from the European Central Bank on the pace of further cuts.
Macro data
- Final November inflation and industrial production figures for major euro‑area economies.
- Any signs that growth is either re‑accelerating (good for cyclicals) or rolling over (supporting defensives).
Primary‑market activity
- The Magnum Ice Cream Company direct listing on Euronext Amsterdam, with a reference price set at €12.80, is seen as a key test of investor appetite for large consumer IPOs heading into 2026. TechStock²+1
Company‑specific catalysts
- Philips’ 2026 strategy day in February,
- Danone’s ongoing buyback,
- UCB’s execution against its upgraded guidance,
- Continued progress on Euronext’s ATHEX acquisition and ETF expansion.

How these events play out will help determine whether the Euronext 100 breaks decisively above its November highs or continues to consolidate sideways into the new year.

Bottom Line

From 5–7 December 2025, the Euronext 100 Index:

Stayed close to its all‑time highs around 1,705 points,
Benefited from a powerful rally in autos, industrials and basic resources,
Saw defensives and healthcare names move on stock‑specific news, and
Sat at the centre of a global market picture where U.S. indices hit records, Asia traded mixed, and Europe paused but did not roll over. ^[11]

Strategists’ latest forecasts suggest more upside is possible into 2026 for European equities and the Euronext 100 in particular — but with a clear caveat: from here, earnings and execution matter more than ever.

This article is for information and news purposes only and does not constitute investment advice. Always do your own research or consult a licensed financial adviser before making investment decisions.