This Is as Good as 2025 Gets For Europe Stocks, Strategists Say

Stoxx Europe 600 has nearly no upside for rest of 2025: survey
Low earnings growth, political uncertainty seen capping rally

Trading data on digital boards at the Euronext NV stock exchange in the La Defense business district in Paris, France, on Thursday, Jan. 16, 2025. A heavy discount continues to plague French assets and Prime Minister Francois Bayrou’s attempt to tackle the ongoing political crisis has been far from enough to bring investors back.Photographer: Nathan Laine/Bloomberg

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By Michael Msika

January 24, 2025 at 7:12 AM UTC

This article is for subscribers only.

This month’s stock rally in Europe has effectively exhausted all the upside for the year, according to a Bloomberg survey of strategists.

The Stoxx Europe 600 Index — which gained 4.5% year-to-date — will end 2025 at a record 534 points, according to the monthly survey of 20 strategists, that’s just 1% above Wednesday’s close. This month’s outperformance relative the US is seen fading at best, with the region lacking catalysts to extend gains.