Euronext Stock Market Today, December 2, 2025: CAC 40 and Euronext 100 Edge Higher as Eurozone Inflation Hits 2.2%

European equities listed on Euronext are trading cautiously higher on Tuesday, December 2, 2025, as investors digest fresh eurozone inflation data and a sharp move in global bond markets.

By around 12:20 CET, the Euronext 100 index – the flagship blue‑chip benchmark for the pan‑European exchange – was trading near 1,709.7, up about 0.34% on the day from a previous close around 1,703.9. ^[1]

France’s CAC 40 hovered near 8,132, up roughly 0.4%, while Amsterdam’s AEX, Brussels’ BEL 20 and Lisbon’s PSI 20 were all modestly in positive territory, pointing to a gentle rebound after Monday’s soft start to December. ^[2]

At the same time, traders are working through a busy slate of corporate actions on Euronext – including sizeable rights issues, delistings and dividend events – as well as a key eurozone inflation print at 2.2% year‑on‑year for November. ^[3]

1. Live snapshot: how Euronext indices are trading today

As of late morning in Europe, price action across the main Euronext‑linked indices looked like this: ^[4]

Euronext 100 (N100) – around 1,709.7, up about 0.3–0.4% on the day, with an intraday range roughly 1,701–1,710 so far. That keeps the index in the upper part of its 52‑week band between roughly 1,337 and 1,755, underlining how strong the 2025 recovery has been.
CAC 40 (Paris) – near 8,132, up about 0.44% (roughly +35 points).
AEX (Amsterdam) – around 948.6, up around 0.1%.
BEL 20 (Brussels) – just above 5,026, up around 0.2%.
PSI 20 / PSI (Lisbon) – around 8,198, outperforming with a gain of about 1.1%, building on a very strong 12‑month run highlighted in earlier market commentary. TechStock²

Across the wider region, the Euro STOXX 50 and STOXX 600 were also modestly in the green, with banks and industrials leading gains while healthcare lagged. ^[5]

This is a noticeably calmer picture than Monday, December 1, when Euronext’s main indices slipped on a risk‑off tone triggered by fresh weakness in euro‑area manufacturing PMIs and a sharp repricing of Japanese interest‑rate expectations. TechStock²+1

2. Macro backdrop: inflation and bond yields take centre stage

Eurozone inflation ticks up to 2.2%

The main macro story driving European markets today is November inflation in the euro area:

Flash data show headline inflation rising to 2.2% year‑on‑year in November, up from 2.1% in October and just above market expectations. ^[6]
Month‑on‑month, prices fell by about 0.3%, the first monthly decline since January, underscoring that disinflationary forces haven’t disappeared. ^[7]
Core inflation (excluding energy and food) is estimated around 2.4%, effectively flat on the month, with services inflation near 3.5% and food, alcohol and tobacco around 2.5%. Energy prices remain a drag, with another small year‑on‑year decline. ^[8]

For Euronext investors, the message is nuanced:

Inflation is a touch above the European Central Bank’s 2% target, but not high enough to force renewed tightening. ^[9]
At the same time, the uptick makes additional near‑term rate cuts unlikely, a point underlined in several analyst notes and wire reports today. ^[10]

In other words, “higher for longer” policy rates in the euro area still look like the base case, which helps banks and insurers but can weigh on more rate‑sensitive growth stocks and parts of the real‑estate complex.

Bond yields jump – and Japan is part of the story

An added complication for equities today is a fresh move in global sovereign bond yields:

An Euronews analysis notes that eurozone government bond yields have risen sharply in recent sessions, even though local inflation remains contained. ^[11]
One of the key catalysts is Japan’s bond market: 10‑year Japanese government bond yields have climbed to around 1.86%, a 19‑year high, after the Bank of Japan signalled a greater willingness to raise rates at its December meeting. ^[12]
Higher Japanese yields are prompting a global repricing of fixed income, with German 30‑year Bund yields moving back towards highs last seen in early September and 10‑year Bunds also ticking up. ^[13]

For Euronext‑listed companies, this matters because:

Rising yields tighten financial conditions and increase discount rates used in equity valuation.
However, they also support bank earnings via wider interest margins – one reason European bank stocks are outperforming today. ^[14]

3. Sector story: banks lead, healthcare lags

A Reuters market update paints a picture of broad but shallow gains across European equities this morning: ^[15]

The STOXX 600 was up about 0.1% around mid‑morning.
European banks gained close to 0.9%, helped by Spanish lenders such as Banco Santander after it sold a stake in its Polish subsidiary.
Industrial stocks recovered part of Monday’s losses.
Healthcare names slipped around 0.2%, but the sector was cushioned by a sharp jump – more than 10% – in shares of Bayer, after the U.S. administration backed the company’s bid to curtail Roundup‑related lawsuits.

While these are pan‑European moves, they feed directly into Euronext benchmarks:

Major French and Dutch financials (e.g. BNP Paribas, Crédit Agricole, ING) are significant weights in the Euronext 100 and CAC 40, so sector rotation into banks is helping those indices edge higher. ^[16]
At the same time, the defensive healthcare component of Euronext – which includes several large French and Dutch pharma and biotech names – is acting as a partial drag. ^[17]

4. Corporate actions on Euronext to watch on December 2, 2025

Beyond index‑level moves, corporate news and capital‑markets activity are a big part of today’s Euronext narrative.

4.1 Theon International: €150m rights issue begins trading

On Euronext Amsterdam, Theon International PLC (THEON) – a defence and electro‑optical technology group – has launched a €150 million rights offering to help finance its planned acquisition of a 9.8% stake in French sensor company Exosens SA, listed on Euronext Paris. ^[18]

Key terms of the deal:

8,624,645 new shares will be issued at €17.40 each.
This represents a 30.8% discount to the theoretical ex‑rights price (TERP) of €25.15 per share.
Existing shareholders receive 1 right for every share held, and 8 rights are needed to subscribe for 1 new share.
The rights trade on Euronext Amsterdam under ISIN NL0015002X96, ticker THERI, from 09:00 CET on 2 December to 17:40 CET on 11 December 2025.
The subscription period runs from 2–15 December 2025, with majority shareholders already committed to take up about 71% of the new shares, or roughly €107 million. ^[19]

For Euronext investors, this is one of the day’s most important capital‑raising stories:

The sizeable discount can generate short‑term volatility in THEON’s share price as the stock adjusts to the new capital structure.
The deal reinforces Euronext’s role as a funding hub for cross‑border M&A, especially in high‑tech and defence.

4.2 Nokia: voluntary sales facility kicks off ahead of Paris delisting

On the Paris market, Nokia has already announced that it will delist its shares from Euronext Paris at year‑end, keeping its primary listings on Nasdaq Helsinki and the New York Stock Exchange. ^[20]

Key dates for Euronext Paris shareholders: ^[21]

2–15 December 2025:
- A voluntary sales facility allows holders of Nokia shares held via Euroclear France to tender their stock.
- Shares will then be sold on Nasdaq Helsinki from 2 January 2026, with proceeds distributed after the average sale price is determined.
30 December 2025: Last trading day for Nokia shares on Euronext Paris.
31 December 2025: Effective delisting from the Paris market.

Nokia will cover centralisation and brokerage fees for those using the facility, but there is no guarantee on the sale price, and tenders are irrevocable. ^[22]

For the Paris market, this is another reminder that cross‑listings can be time‑limited when liquidity concentrates on home exchanges.

4.3 Shelf Drilling: last day of trading on Euronext Oslo Børs

In Oslo, which forms part of the broader Euronext group, Shelf Drilling, Ltd. is trading for the last time on Euronext Oslo Børs today. ^[23]

The exchange has decided to delist the stock as of 3 December 2025, with 2 December 2025 confirmed as the final trading day. ^[24]

For investors focused on Euronext’s Nordic segment, this marks the exit of a notable offshore drilling name, and could slightly reduce the energy‑and‑offshore flavour of Oslo’s listed universe.

4.4 Tekna Holding ASA: rights about to expire

Another Oslo‑linked story involves Tekna Holding ASA, where a fully underwritten rights issue is nearing its deadline:

Subscription rights expire today, 2 December 2025, at 16:30 CET.
Rights that are not exercised or sold before the deadline become worthless. ^[25]

This is a classic Euronext capital‑markets mechanic: investors must either exercise, sell, or consciously let rights lapse, and today’s expiry can drive late‑session volume spikes.

4.5 Okeanis Eco Tankers: dividend record date

On Euronext Oslo Børs, Okeanis Eco Tankers Corp. has confirmed that shares issued in a recent equity offering are entitled to a previously announced cash dividend of USD 0.75 per share, because they were issued before the 2 December 2025 record date. ^[26]

That means today is effectively a key date for dividend entitlement, slightly increasing the total payout the company will make.

4.6 Dividend and payout calendar: LVMH and ABC arbitrage

Dividend‑focused investors also have several payout‑linked milestones connected to Euronext names today:

Luxury giant LVMH shows an ex‑dividend date of 2 December 2025 for its latest distribution on the Paris market. ^[27]
ABC arbitrage, a Paris‑listed quantitative trading firm, has a cash distribution in its 2025 financial communication schedule with Tuesday, 2 December 2025 as the record date and Thursday, 4 December 2025 as payment date. ^[28]

These events can marginally influence index levels – especially the CAC 40 and SBF 120 – as large caps like LVMH trade ex‑dividend.

5. Euronext the company: robust fundamentals behind the market

It’s not just the listed companies that matter – the exchange operator itself is in solid shape, which helps underpin confidence in the platform.

In early November, Euronext NV reported Q3 2025 results showing: ^[29]

Revenue and income of around €438 million,
Up 10.6% year‑on‑year,
Marking the sixth consecutive quarter of double‑digit top‑line growth.

Management highlighted strong contributions not only from cash equity trading, but also from derivatives, clearing, custody & settlement, FX, and data services, emphasising the group’s transformation into a diversified market‑infrastructure provider rather than a pure stock‑trading venue. ^[30]

For investors reading today’s tape, the takeaway is that Euronext itself tends to benefit from volatility and elevated volumes, whether the CAC 40 is up or down – something worth remembering when market mood feels fragile.

6. December seasonality: can the “Santa rally” show up?

A separate Euronews feature published over the weekend looked at why European markets often perform well in December: ^[31]

Historically, indices such as the EURO STOXX 50, DAX and CAC 40 have delivered above‑average gains in December, with much of the strength often concentrated in the second half of the month.
The pattern – sometimes dubbed the “Santa rally” – is linked to year‑end portfolio rebalancing, fund manager window‑dressing, and seasonally thin liquidity, which can amplify buying flows.

Against that backdrop, the first two trading days of December 2025 tell a mixed story:

Monday, 1 December: Euronext’s main indices slipped, with the Euronext 100 down around 0.35%, the CAC 40 off about 0.5%, and BEL 20 down roughly 0.4%, as weak manufacturing PMIs and a global risk‑off tone weighed on sentiment. TechStock²+1
Tuesday, 2 December: Those losses are being partially reversed, with modest gains across most benchmarks as investors digest inflation data and focus on banks and cyclicals again. ^[32]

The big question for Euronext traders is whether today’s cautious rebound is the first step towards a more typical year‑end rally, or just a pause in a choppier consolidation phase after strong gains earlier in 2025.

7. Levels and scenarios to watch for Euronext indices

Without making any trading recommendations, it’s useful to frame the rest of December in terms of a few key reference points:

The Euronext 100 is trading just above 1,700, comfortably within the upper quadrant of its 52‑week range of roughly 1,337–1,755. ^[33]
- Holding above the 1,700 region would keep the medium‑term uptrend intact.
- A break above 1,750 would put the index near its 12‑month highs, forcing investors to debate whether valuations still look attractive given higher bond yields.
The CAC 40 near 8,100–8,150 remains close to historic highs after a strong 2025 run, despite the occasional wobble on French political and macro news. ^[34]
Peripheral markets such as Lisbon’s PSI – now above 8,100 – have already delivered hefty 12‑month returns, which can make them more vulnerable to profit‑taking if macro data disappoint. TechStock²+1

From here, analysts broadly highlight three overlapping scenarios for Euronext into year‑end:

Mild “Santa rally”
- Inflation stays close to 2%, central banks avoid hawkish surprises, and bond yields stabilise.
- Under this path, the Euronext 100 and CAC 40 could grind higher, led by quality cyclicals, banks and luxury, while more defensive segments lag.
Sideways consolidation
- Macro data remain mixed and valuations already reflect a lot of good news.
- Indices would likely trade in relatively tight ranges, with stock‑specific stories (like today’s rights issues and delistings) driving most of the action.
Year‑end risk‑off episode
- A shock from the U.S. (e.g. softer growth or Fed rhetoric), renewed geopolitical tension, or a disorderly move in bond markets could trigger profit‑taking into year‑end.
- In that scenario, high‑beta segments of Euronext – small caps, cyclicals, highly leveraged names – would probably bear the brunt of the selling.

None of these paths is guaranteed; all depend on incoming data, central‑bank communication and global risk sentiment.

8. What Euronext investors should watch next

Over the coming days, traders and longer‑term investors in Euronext‑listed equities will be watching:

Macro data
- Final eurozone inflation breakdowns and country‑level releases. ^[35]
- U.S. employment, ISM surveys and inflation prints that could change expectations for Fed policy – and therefore global yields. ^[36]
Central banks
- Any fresh commentary from ECB officials in response to the 2.2% inflation print. ^[37]
- Developments at the Bank of Japan ahead of its December 19 meeting, given its outsized impact on global bonds. ^[38]
Corporate flow on Euronext
- Take‑up of Theon’s rights offering and trading behaviour in the rights (THERI). ^[39]
- Liquidity patterns in Nokia’s Paris‑listed shares as the voluntary sales facility progresses. ^[40]
- Any new IPO or secondary offering announcements on Euronext’s main, Growth and Access markets as companies try to complete deals before the holiday lull. ^[41]

Final word

As of Tuesday, 2 December 2025, the Euronext stock market picture is one of cautious optimism:

Headline indices are nudging higher after a soft start to December.
Inflation is back above 2% but not alarmingly so, keeping the ECB in wait‑and‑see mode.
Banks and cyclicals are doing the heavy lifting, while a busy slate of rights issues, delistings and dividends shapes stock‑specific stories across Paris, Amsterdam, Brussels, Lisbon, Dublin and Oslo.

For anyone following “Euronext stock market today”, the message is less about dramatic moves and more about fine‑tuning expectations: the ingredients for a year‑end rally are present, but so are the risks that could spoil the party.

This article is for information only and does not constitute investment advice. Always consider your own financial situation and, if needed, consult a qualified adviser before making investment decisions.

La France dans l'attente de la note de Fitch : le POINT BOURSE de ce vendredi 12 septembre