Core Viewpoint - The European stock market has priced in too much optimism, and Bank of America predicts a potential decline of about 10% for the Stoxx 600 index, with cyclical stocks possibly dropping around 15% compared to defensive stocks [1][7]. Group 1: Market Performance - Despite a previous period of optimism, the relative performance of European stocks against the MSCI global index has largely reversed since mid-March [2][3]. - From December 2024 to March 2025, the Stoxx 600 index outperformed the MSCI global index by nearly 15% due to a shift in market sentiment and expectations regarding fiscal stimulus in Germany [2][3]. Group 2: Economic Factors - The market had overly high expectations for European economic recovery in March, which did not materialize as anticipated, leading to a correction in stock prices [4]. - The nominal effective exchange rate of the euro has increased by approximately 7.5% since February, negatively impacting the earnings of export-oriented European companies and lowering stock valuations by 8-9% [5]. - The resurgence of growth stocks in the U.S. has diminished the attractiveness of European value stocks, which have historically outperformed growth stocks in Europe [6]. Group 3: Future Outlook - Bank of America has downgraded its rating on European stocks from "overweight" to "neutral," citing that the current valuations have already factored in too many positive developments, limiting the potential for further gains [7]. - The forecast for the eurozone indicates nearly zero growth by the second half of 2025, which poses systemic risks to global growth, particularly affecting export-driven economies like Europe [7].

Group 1 - European stock indices opened lower, with the Euro Stoxx 50 index down by 0.48% [1] - The German DAX 30 index decreased by 0.81% [1] - The UK FTSE 100 index fell by 0.15% [1] - The French CAC 40 index declined by 0.48% [1]

Group 1 - European stock markets opened lower, with the German DAX index down by 0.7% [1] - The French CAC40 index decreased by 0.4% [1] - The Euro Stoxx 50 index fell by 0.45% [1]

Group 1 - European stock indices opened higher, with the Euro Stoxx 50 index rising by 0.91% [1] - The DAX 30 index in Germany increased by 1% [1] - The FTSE 100 index in the UK saw an increase of 0.46% [1] - The CAC 40 index in France rose by 0.94% [1]

Group 1 - European stock markets opened higher with the German DAX index rising by 1% [1] - The French CAC40 index increased by 0.9% [1] - The Euro Stoxx 50 index also saw a rise of 0.9% [1] - The Italian FTSE MIB index gained 0.7% [1]

欧股开盘普涨，德国DAX指数大涨1.18%，法国CAC40指数涨1.23%，欧洲斯托克50指数涨1.09%，意大 利富时MIB指数涨0.9%。 ...

智通财经7月22日电，欧股主要股指集体低开，欧洲斯托克50指数下跌0.32%；德国DAX30指数下跌 0.26%；英国富时100指数下跌0.01%；法国CAC40指数下跌0.27%。 ...

纳斯达克综合指数涨幅扩大至0.51%，创历史新高。 ...

Equity Market - Deutsche Bank's July Macroeconomic Observations cover US and European stock markets [1] Fiscal & Bond Market - The report includes observations on US and European fiscal and bond markets [1]

欧股开盘普跌，欧洲斯托克50指数跌0.81%，德国DAX指数跌0.97%，英国富时100指数跌0.14%，意大 利富时MIB指数跌1.11%。 ...