Euronext Stock Market Today, December 1 2025: CAC 40 and Euronext 100 Slip as Cautious December Start Tests Santa-Rally Hopes

European stocks opened the final month of 2025 on the back foot, with Euronext’s main indices trading mixed by late morning on Monday, 1 December 2025. A global “risk‑off” tone, fresh evidence of euro‑zone manufacturing weakness and a rotation into safe‑haven gold set the backdrop for a softer session across Paris, Amsterdam, Brussels and Lisbon.

Below is a detailed wrap of how the Euronext stock markets are trading today, what is driving the moves, and what analysts are watching as December gets under way.

Key Euronext Index Moves (Around 11:05 CET, 1 December 2025)

According to live data from Euronext’s official index dashboard, the picture across the group’s main benchmarks was as follows in late morning trading:

Euronext 100 (pan‑European large caps) – 1,698.5, down about 0.35% on the day, with an intraday range of roughly 1,697–1,705.
CAC 40 (Paris) – 8,080.9, down about 0.5%; day’s range so far roughly 8,070–8,113.
AEX (Amsterdam) – 944.8, up about 0.15%, trading between 940.6 and 948.6, making it one of the few Euronext blue‑chip indices in positive territory.
BEL 20 (Brussels) – 5,017.5, down roughly 0.4%, with losses concentrated in a handful of heavyweight names.
PSI / PSI‑20 (Lisbon) – 8,111.6, essentially flat on the session (around +0.01%), holding near the top end of its recent 12‑month range after a strong year‑to‑date run. ^[1]
ISEQ 20 (Dublin) – 2,136.4, down around 0.25%, tracking the broader European move lower.

Overall, the tone is mildly risk‑off: Europe‑wide, the STOXX 600 index was down about 0.4% earlier in the morning, with major bourses in Germany and France off roughly 0.5% each.

All levels above are intraday and may differ from final closing prices.

Why Euronext Stocks Are Under Pressure Today

1. Global “risk‑off” mood after a strong November

Global markets started December on the defensive. In Asia, equities slipped as investors digested a strong November rally and a sharp repricing in expectations for Japanese interest rates, while U.S. equity futures traded notably lower.

Bank of Japan Governor Kazuo Ueda signaled that a rate hike is on the table at the next policy meeting, sending Japanese government bond yields to their highest levels since 2008 and helping the yen strengthen.
U.S. S&P 500 futures were down around 0.7% and Nasdaq futures about 0.8%, while European equity futures also pointed lower, reinforcing the cautious tone for the cash session on Euronext. ^[2]

After a robust November for global stocks, traders are now searching for fresh catalysts. The focus this week is on key economic data and central‑bank signals that could confirm – or challenge – the market’s increasingly optimistic view on 2026 rate cuts.

2. Euro‑zone manufacturing PMI flips back into contraction

Fresh data this morning showed the euro‑zone’s manufacturing sector slipped back into contraction in November, with the headline PMI falling to 49.6 from 50.0 in October – a five‑month low and below the 50 threshold that separates expansion from contraction.

New orders declined again, export orders fell for the fifth month in a row and job cuts accelerated at the fastest pace since April.
Crucially for Euronext investors, Germany and France – the bloc’s two largest economies – saw their manufacturing PMIs drop to nine‑month lows (48.2 and 47.8 respectively), underscoring that industrial weakness is concentrated in the markets that dominate European equity indices such as the CAC 40 and Euronext 100.

That “sobering” picture, as one economist put it, is weighing most heavily on industrial and cyclical names today.

3. Safe‑haven flows into gold and silver

While Euronext equities softened, precious metals rallied. Gold hit a six‑week high, with spot prices up around 0.3% near $4,241 per ounce as of the European morning, while silver jumped to a record high above $57 at one point.

According to analysts cited by Reuters, investors are reacting to:

Renewed expectations that the U.S. Federal Reserve could deliver a rate cut later in December, and
The likelihood that the next Fed chair will lean more dovish, both of which support non‑yielding assets such as gold.

Markets are pricing in an almost 90% probability of a rate cut this month, helping safe‑haven assets at the expense of some higher‑beta equities – another headwind for risk sentiment on Euronext.

Country‑by‑Country: How Major Euronext Markets Are Trading

France: CAC 40 dips as industrials and Airbus weigh

The CAC 40 hovered around 8,081, down about 0.5% in late morning trade, with a narrow intraday range between approximately 8,070 and 8,113, according to Euronext’s live feed.

The move tracks the broader STOXX 600, which was off about 0.4%, as industrial stocks dragged the index lower.
The pan‑European industrial sector index was down around 1.3%, making it the biggest laggard of the day.

A key story for French investors is Airbus, a CAC 40 heavyweight:

Airbus shares fell just over 2% after the company ordered urgent inspections and software fixes for around 6,000 aircraft, more than half of the global fleet, due to a software issue identified over the weekend. ^[3]
The recall raises questions about short‑term costs and potential compensation, even if the long‑term commercial impact is still unclear.

Earlier commentary also flagged EssilorLuxottica, which slipped more than 1% following news that its chief wearables officer will step down in January 2026 – another reminder that stock‑specific headlines are adding volatility within the index. ^[4]

With French manufacturing PMI at 47.8, deep in contraction territory, investors are cautious on economically sensitive names, even though many French blue chips still trade near multi‑year highs after November’s rally.

Netherlands: AEX supported by Wolters Kluwer deal and more resilient sentiment

Amsterdam’s AEX index outperformed many peers, edging 0.15% higher to around 944.8 by late morning, within a 940.6–948.6 range.

One of the most notable corporate developments on Euronext today comes from an AEX heavyweight:

Wolters Kluwer, the Dutch information and software group, completed the sale of its Finance, Risk and Regulatory Reporting (FRR) unit to Regnology Group. The transaction, announced earlier in the year, was confirmed as closed in a press release dated 1 December 2025. ^[5]
Wolters Kluwer is listed on Euronext Amsterdam and is part of the AEX, Euro STOXX 50 and Euronext 100 indices, meaning the deal is closely watched by passive and active investors alike. ^[6]

Strategically, the divestment continues Wolters Kluwer’s focus on higher‑margin, information‑ and software‑driven businesses. While today’s share‑price reaction is constrained by the broader risk‑off mood, many analysts see such portfolio streamlining as supportive for long‑term earnings growth and shareholder returns.

Belgium: BEL 20 slips as Oxurion grabs headlines

The BEL 20 index in Brussels was down about 0.4% at 5,017.5 in late‑morning trading, according to Euronext, moving broadly in line with other continental benchmarks.

Among Euronext Brussels names, Oxurion NV stood out with a headline‑grabbing financing announcement:

Oxurion, listed on Euronext Brussels, said it had secured a binding €30 million financing facility dedicated to investments in digital and crypto assets, according to a release published on 1 December. ^[7]
The company, historically associated with ophthalmology and life sciences, is pivoting part of its strategy towards digital and crypto‑asset investment, an unusual move for a small Belgian issuer and one that introduces new sources of both potential return and risk. ^[8]

Investors will be scrutinising how such financing is structured and how it aligns with Oxurion’s core business. In a market already cautious about speculative assets, the announcement adds an extra layer of volatility to what is otherwise a modestly lower session for Belgian equities.

Portugal: PSI holds near highs after strong yearly gains

Lisbon’s PSI / PSI‑20 index traded essentially flat around 8,111.6, with only about a 0.01% gain on the session by late morning.

Despite today’s subdued move, the Portuguese market stands out for its strong performance over the past year:

According to historical data, the PSI has gained more than 27% over the last 12 months, with a 52‑week range from roughly 6,194 to 8,507 points. ^[9]

That backdrop helps explain why profit‑taking pressures can emerge quickly, even on small macro scares. For now, however, Lisbon is acting as a relative safe spot compared with the deeper declines in Paris and parts of northern Europe.

Ireland and Norway: Smaller Euronext markets track the regional tone

Dublin’s ISEQ 20 slipped about 0.26% to 2,136.4, as local blue chips mirrored the broader euro‑zone softness following the weaker manufacturing PMI print.
Norway’s OSEBX benchmark, part of the wider Euronext group via Oslo Børs, was down about 0.5%, reflecting both the global risk‑off mood and ongoing volatility in energy‑related names.

Stock Stories and Corporate Action on Euronext Today

Beyond index‑level moves, several stock‑specific headlines are shaping sentiment across Euronext on 1 December 2025:

Airbus: global software fix hits sentiment in France and Europe

As noted above, Airbus fell around 2% after news that it must inspect and repair software on roughly 6,000 aircraft, more than half of the worldwide fleet. ^[10]
The issue, while described as manageable, raises questions around operational disruption, compliance costs and possible airline compensation, and it weighed not only on the CAC 40 but also on broader European industrial and defence indices.

Wolters Kluwer: FRR unit sale completes

The completion of Wolters Kluwer’s FRR divestment underscores a longer‑term trend of portfolio simplification among European software and data providers, as they focus on capital‑light segments. ^[11]
The FRR business has now formally transferred to Regnology Group, with the transaction effective from today. Investors will watch upcoming earnings to gauge what this means for margins and capital allocation.

Oxurion (Euronext Brussels): crypto‑themed financing

Oxurion’s binding €30 million financing facility for digital and crypto‑asset investments is likely to spark debate about risk management and corporate governance at small caps, especially given recent volatility in crypto markets. ^[12]

Capital raises and listings

Euronext also remains active as a capital‑raising venue:

A number of issuers, including defence and tech companies, continue to use rights issues, secondary listings and ESG‑linked instruments to strengthen balance sheets and tap investor demand for thematic exposure, though detailed terms often filter through market announcements throughout the day rather than a single major headline feed.

For investors, today’s corporate flow reinforces Euronext’s role as a pan‑European funding platform, even on days when index‑level sentiment is subdued.

December Outlook: Can the Santa Rally Survive Softer Data?

Historically, December is often one of the stronger months for European equities, supported by year‑end positioning, so‑called “Santa‑rally” dynamics and portfolio rebalancing flows. A recent Euronews analysis highlighted how European markets frequently enjoy above‑average returns in December, even though the pattern is far from guaranteed. ^[13]

This year, the outlook for Euronext markets is being shaped by three competing forces:

Supportive factors
- Expectations of rate cuts in 2026 and a potential Fed cut as early as this month are boosting the appeal of risk assets longer term, even if they cause short‑term rotation into gold and other hedges.
- Many Euronext indices, including the PSI and parts of the AEX complex, have enjoyed strong year‑to‑date gains, suggesting underlying earnings resilience in several sectors. ^[14]
Headwinds
- The return of industrial recession in Germany and France is an obvious concern, particularly for indices like the CAC 40 and Euronext 100, where cyclical heavyweights carry substantial weight.
- Ongoing geopolitical uncertainties and defence‑sector volatility – underscored today by steep falls in European defence stocks – add to the risk premium demanded by investors.
Technical and positioning dynamics
- After a sharp November rebound, many global strategists describe European equities as “consolidating” rather than reversing, with today’s pullback viewed more as a pause for breath than a clear change of trend, at least so far.

Bottom line:
For now, Euronext’s December start is cautious rather than catastrophic. The Euronext 100 and CAC 40 are modestly lower, AEX is slightly higher, and PSI is flat, all against a backdrop of softer macro data and a temporary preference for safe havens. Whether the traditional year‑end rally materialises will depend heavily on:

Incoming U.S. and euro‑zone data,
Central‑bank communication over the next two weeks, and
Any escalation or resolution in key geopolitical flashpoints.

What Euronext Investors Should Watch Next

Over the coming days, Euronext traders and longer‑term investors alike will likely focus on:

Further macro data: U.S. ISM surveys, jobs data and updated inflation readings, along with any additional euro‑zone PMIs or confidence indicators.
Central‑bank signals: Speeches from Fed and ECB officials, plus any clues about the timing and pace of rate cuts in 2026.
Stock‑specific follow‑through:
- Airbus’ communication around its fleet software fixes,
- Wolters Kluwer’s capital‑allocation plans post‑FRR divestment,
- Oxurion’s implementation of its digital‑asset financing, and
- Any new IPO or secondary‑offering announcements on Euronext’s main and growth markets. ^[15]

For investors looking at Euronext stock market today (1 December 2025), the message is clear:
This is a soft, risk‑aware start to the month, not yet a full‑blown reversal. But with industrial data weakening and safe‑haven demand rising, December’s path for CAC 40, AEX, BEL 20, PSI and the Euronext 100 is likely to be bumpy – and highly data‑dependent.