PARIS / AMSTERDAM / MILAN – The first week of December 2025 was quietly positive for EU equity markets traded on Euronext. Blue‑chip indices stayed close to their record territory, autos and industrials led the advance, and the exchange group itself continued to deepen its pan‑European footprint with new listings and the integration of Athens.
Key takeaways for 1–6 December 2025
- Pan‑European equities nudged higher: The STOXX 600 added around 0.4% for the week, even as it finished Friday broadly flat. Autos, technology and basic resources outperformed. [1]
- Euronext benchmarks were almost unchanged but close to peaks:
- Sector leadership was clearly cyclical: Autos and parts climbed about 5.6% on the week, technology gained around 2.7%, and basic resources added just over 3%, helped by record copper prices. [4]
- Corporate activity on Euronext stayed lively: Fresh listings Kaleon and RT&L, ongoing share buybacks at names such as Wolters Kluwer, and the upcoming Magnum Ice Cream debut all underscored a healthy primary and secondary market. [5]
- Strategists remain constructive on European stocks: Citigroup now targets STOXX 600 at 640 by end‑2026 (around 10.5% upside), while BNP Paribas sees it as high as 650, with European equities expected to outperform the U.S. in the medium term. [6]
Benchmark performance: Euronext 100, CAC 40 and broader Europe
Euronext 100: flat week near the top of the range
The Euronext 100 index (N100) – which tracks 100 of the largest and most liquid blue‑chip companies listed across Euronext’s markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – is designed to capture the core of the Euronext equity universe. [7]
Last week, N100 traded in a narrow band:
- Monday 1 December: 1,703.88
- Friday 5 December: 1,705.34
That’s a weekly rise of roughly 0.1%, essentially a sideways move but from a very elevated level, with the index only about 2.8% below its 52‑week high of 1,755.13. [8]
In other words, Euronext blue chips are consolidating near their peaks rather than correcting, a point many strategists highlight when they talk about a “pause, not a reversal” in the European equity story.
CAC 40: edging higher, still above 8,100
On the French flagship exchange, the CAC 40® spent most of the week oscillating around the 8,100 mark. Euronext’s own data show the index at 8,114.74 at the Friday close, down 0.09% on the day but still modestly higher than Monday’s finish. [9]
That translates into a gain of about 0.2% over the week, leaving the CAC very close to its record area and underlining the resilience of heavyweight constituents such as LVMH, TotalEnergies, Sanofi and BNP Paribas.
STOXX 600: small weekly gain, but strong sector rotation
While not a Euronext index, the pan‑European STOXX 600 is the reference benchmark for European equity performance and includes many Euronext‑listed names.
According to end‑week data, the STOXX 600:
- Finished Friday essentially flat but
- Managed to add around 0.4% over the week. [10]
What mattered more than the headline move was where the gains came from:
- Autos & parts: +5.6% on the week
- Technology: +2.7%
- Basic resources: +3.2% [11]
Those sector trends map directly onto key Euronext names such as Stellantis, Renault, Michelin, ASML, BE Semiconductor, STMicroelectronics, ArcelorMittal and Eramet.
Day‑by‑day: what moved Euronext stocks
Monday 1 December – Weak start as Airbus weighs
European shares kicked off December on a negative note, with the STOXX 600 slipping about 0.2%. [12]
Key points for Euronext markets:
- Airbus (Euronext Paris) slumped after updating investors on operational issues and delivery risks, dragging the broader industrial sector lower. [13]
- Defence‑related stocks, many also trading on Euronext, softened in sympathy, adding to pressure on the Paris and Amsterdam benchmarks. [14]
- With the CAC 40 down around 0.3% on the day and the Euronext 100 a touch lower, investors appeared to lock in part of November’s strong gains while waiting for fresh macro data. [15]
The tone: cautious, but not panicked.
Tuesday 2 December – Banks and utilities step in
On Tuesday, the market mood improved:
- The STOXX 600 inched higher, supported by banks and utilities, as traders increased bets that central banks – notably the Fed and eventually the ECB – would continue easing into 2026. [16]
- European banks, including Euronext‑listed heavyweights BNP Paribas, Société Générale, ING and Intesa Sanpaolo, remained in focus as higher‑for‑longer yields started to look less likely. [17]
Later that evening, BNP Paribas released its 2026 equity outlook, projecting the S&P 500 at 7,500 and seeing European equities outperform over the next year, with a STOXX 600 target near 650 – roughly 13% above current levels. [18]
Wednesday 3 December – Flat headline, strong stock stories
Mid‑week, European shares ended broadly flat, but under the surface the tape was far from boring: [19]
- Retail giant Inditex surged on strong November sales, taking Spain’s IBEX to fresh highs and underlining the resilience of European consumer spending heading into Christmas. [20]
- Tech and industrial names continued to grind higher, helping Euronext 100 edge up to about 1,707 points. [21]
For Euronext investors, Wednesday felt like a stock‑picking day rather than an index‑driven session.
Thursday 4 December – Industrials and autos take the wheel
Thursday saw the week’s most convincing advance:
- The STOXX 600 rose as industrials and automakers led the charge. [22]
- The auto sector rallied on both cheap valuations and optimism around global demand, while analysts highlighted beneficiaries of looser emissions and fuel‑economy rules in the U.S. [23]
- Schneider Electric and Siemens Energy gained after broker upgrades, lifting industrial sentiment across Euronext markets. [24]
Not everything rallied, though. Euronext‑listed Philips came under pressure:
- The stock fell more than 6% intraday after investors fretted about the pace of growth embedded in the company’s 2026 outlook, even as Philips reiterated its timing for that guidance in a company update. [25]
Despite pockets of weakness, the message from Thursday was clear: cyclicals were back in favour.
Friday 5 December – Quiet close, but a constructive week
On Friday, European shares were little changed overall as traders avoided big bets ahead of key U.S. inflation data and the upcoming Federal Reserve meeting. [26]
Yet the weekly picture remained positive:
- STOXX 600: +0.4% on the week
- Autos & parts: +5.6%
- Tech: +2.7%
- Basic resources: +3.2%, helped by copper hitting record levels. [27]
On Euronext:
- The Euronext 100 finished at 1,705.34, down 0.22% on the day but fractionally higher than Monday. [28]
- The CAC 40 ended the session at 8,114.74, just under 0.1% lower intraday but still up slightly over the week and comfortably above the psychologically important 8,000 mark. [29]
Corporate and primary‑market highlights on Euronext
New listings: Kaleon and RT&L extend the 2025 IPO roster
Euronext’s listing pipeline stayed active:
- On 1 December, Kaleon officially listed on Euronext, becoming the 64th listing on the group’s markets in 2025. The company raised €18 million at IPO, with a dual presence in Milan and Paris. [30]
- On 3 December, RT&L joined Euronext Milan, marking the 65th listing of the year and raising €5.5 million at the offering. [31]
These deals underline Euronext’s continuing appeal for mid‑cap and growth issuers seeking pan‑European visibility.
Magnum Ice Cream: reference price set ahead of market debut
One of the most closely watched spin‑offs in European consumer markets is also heading to Euronext:
- On Friday 5 December, Magnum Ice Cream Company announced that Euronext had set its reference price at €12.80 per share for its direct listing scheduled for Monday. [32]
- The company, spun out of Unilever, will become one of the world’s largest standalone ice‑cream players, with secondary listings in New York and London, though the reference price is indicative only and actual trading will be set by auction. [33]
For Euronext, Magnum’s debut adds another globally recognised consumer brand to its roster and could draw incremental international investor interest.
Athens Stock Exchange: integration moves from promise to reality
Euronext has long positioned itself as the consolidator of European equity markets, and 2025 is turning that strategy into concrete action:
- A July announcement revealed that Euronext was in talks to acquire up to 100% of the Athens Stock Exchange (ATHEX) in an all‑share deal valued at roughly €399 million. [34]
- In its November 2025 volumes release, published on 5 December, Euronext confirmed that it had successfully acquired a majority stake in ATHEX, integrating the Greek bourse into its multi‑country platform alongside Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris. [35]
For investors, that means a broader Euronext footprint in southeastern Europe, potential index re‑weightings over time, and new opportunities in Greek equities within a unified trading and clearing framework.
Volumes and buybacks: steady secondary‑market activity
Euronext’s November volumes report highlighted robust trading across its cash and derivatives markets, reflecting high participation in large‑cap indices such as N100 and CAC 40, as well as in bond and ETF products. [36]
On the corporate side, share buybacks remained a notable theme:
- Wolters Kluwer (WKL) disclosed that it repurchased 156,339 shares between 27 November and 3 December for a total of €14.1 million, as part of a €200 million buyback programme running through February 2026. [37]
- Regulatory filings tracked by the Dutch AFM also show ongoing repurchase programmes at companies such as Shell, Prosus, DSM‑Firmenich and several mid‑caps, many of which are listed on Euronext Amsterdam. [38]
These buybacks provide technical support to index levels and signal management confidence in long‑term earnings power.
Governance and ESG: Armed Forces Covenant in the UK
Beyond pure trading metrics, Euronext added another ESG‑flavoured milestone this week:
- On 2 December, the group announced it had signed the United Kingdom’s Armed Forces Covenant, formalising its commitment to support current and former members of the armed forces community in its UK operations. [39]
While not market‑moving in itself, the move fits into Euronext’s broader “Empowering Sustainable Growth” strategy and is increasingly relevant for investors applying ESG screens.
Sector themes across Euronext blue chips
Autos and industrials: cyclical engines of the rally
The autos & parts sector was the standout performer, rising about 5.6% on the week at the pan‑European level. [40]
On Euronext, this strength fed through to names such as:
- Stellantis (Milan),
- Renault and Michelin (Paris),
- Faurecia/Forvia (Paris),
all of which are sensitive to global vehicle demand and regulatory trends.
Industrial groups also benefited from:
- Broker upgrades of energy‑transition champions like Schneider Electric,
- Ongoing infrastructure and defence spending, and
- Expectations of looser monetary policy into 2026. [41]
Technology and semiconductors: still in demand, but valuations in focus
Tech stocks added around 2.7% over the week in Europe, with investors continuing to favour AI‑ and semiconductor‑exposed names such as ASML, BE Semiconductor and STMicroelectronics, all key constituents of the Euronext 100. [42]
However, strategy pieces published Friday highlighted valuation concerns:
- Citigroup kept a constructive stance on Europe overall but downgraded the tech sector to “neutral”, arguing that much of the AI optimism is already reflected in prices. [43]
For Euronext investors, that suggests continued interest in quality tech, but with more selectivity and sensitivity to earnings surprises.
Basic resources: commodities add a cyclical kicker
The basic resources index climbed just over 3%, helped by copper reaching record levels, which tends to benefit Euronext‑listed miners and materials names such as ArcelorMittal and Eramet. [44]
The move reinforces the narrative that Europe’s cyclical recovery trade is alive, especially when combined with strong autos and resilient industrials.
Consumers and beverages: more mixed
By contrast, consumer staples and beverages had a choppier week:
- Stocks such as Rémy Cointreau (Paris) underperformed following broker downgrades, and broader spirits names including Diageo came under pressure. [45]
- At the same time, Inditex’s strong sales update showed that not all consumer names are equal; fashion and fast retail still attract buyers. [46]
For investors on Euronext, this points to a “barbell” consumer strategy: favour structural winners and global brands, while being cautious on categories facing margin or volume headwinds.
What strategists are saying: 2026 outlook for European and Euronext stocks
Two high‑profile strategy notes landed during the week, both broadly supportive for European – and therefore Euronext – equities:
- Citigroup set a 2026‑end target of 640 for the STOXX 600, implying around 10.5% upside from current levels. The bank expects:
- Flat earnings in 2025 as economies absorb tariffs and FX moves,
- Followed by about 8% EPS growth in 2026, powered by fiscal spending and easier monetary policy,
- Outperformance from autos, industrials, chemicals and basic resources, with a more cautious stance on richly valued tech. [47]
- BNP Paribas projected the STOXX 600 around 650 next year and argued that European equities should outperform U.S. stocks, even as it pencilled in the S&P 500 at 7,500 by end‑2026. The bank pointed to:
- A more supportive ECB,
- Room for valuation catch‑up, and
- Structural reforms in several euro‑area economies. [48]
For Euronext‑listed blue chips – which make up a significant slice of the STOXX 600 and Euronext 100 – these calls translate into a constructive medium‑term backdrop, albeit with rotation across sectors.
Outlook for the week ahead (from 8 December 2025)
Looking beyond this week’s close, Euronext investors will be watching:
- Central banks:
- The Federal Reserve’s December meeting, with markets largely priced for another 25‑basis‑point cut, and
- Signals from the European Central Bank about its own easing path into 2026. [49]
- Fresh listings and corporate actions:
- Magnum Ice Cream’s first day of trading on Euronext, which could test appetite for large branded consumer names in a still‑choppy discretionary spending environment. [50]
- Any new IPO or secondary‑offering announcements as companies seek to lock in still‑favourable equity valuations before year‑end.
- Macro data:
- Updated euro‑area PMIs, industrial production and inflation revisions, which will feed into expectations for how quickly the ECB might ease in 2026.
With the Euronext 100 and CAC 40 holding near their highs, sentiment going into mid‑December is cautiously optimistic. The balance of risks remains two‑sided: any disappointment on growth or central‑bank policy could trigger volatility, but the combination of supportive forecasts, strong cyclical sectors and active primary markets continues to make Euronext a focal point for investors seeking exposure to European equities.
This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Always conduct your own research or consult a qualified financial advisor before making investment decisions.
References
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