European equities are drawing a broadly constructive cyclical view from published research, though the Eurozone itself remains contested.
Several recent research notes point to structural tailwinds — energy independence, industrial reshoring, and rising defence spending — as return drivers that look increasingly decoupled from the US AI trade. One camp of analysts adds that September PMI surveys show activity broadening across technology, capital goods, aeronautics, and financial services, fuelled by export orders and electrification spending. A longer-horizon thread of research is building positions in Greek banks, where post-crisis repair and GDP growth near double the eurozone average are argued to leave valuations stale, alongside UK-listed international names.
The split is sharp. Some published views are constructive on the Eurozone, while others sit underweight UK equities on over-optimistic earnings, and a contrarian thread is outright bearish on Eurozone stocks — particularly France — citing fiscal risk, higher rates, and the AI growth gap versus the US.
On single names, research flags ASML's beat and tight 2027–28 capacity as supporting a bullish medium-term case.