Data shows that the European bull market lost traction throughout 2025.

The narrative shifted several times, from "Europe can overcome" to "sell America," then to the US recovery and, more recently, to the reopening of global trade.

The problem is that growth remains tepid, German stimulus has been delayed, and investors are already demanding results.

Even so, fundamentals are improving, interest rates are falling, and fiscal stimulus should appear in the first quarter of 2026.