Equities

Recent geopolitical tensions in the Middle East have triggered renewed energy and supply shocks in Europe, exposing the continent's reliance on external dependencies.

In a recent Explore webinar, Candriam CIO Nicolas Forest, alongside Chief Economist Florence Pisani, Co-Global Head of Equity Management Johan Van der Biest and Head of Emerging Markets Equities Paulo Salazar, shared their views on the impact of the Strait of Hormuz closure, the general feeling of the markets and explored the trends to be aware of across equities.

European equities have rebounded since our last Equity Committee meeting on 10 March, thanks to a significant easing of geopolitical tensions, driven by a temporary ceasefire between the US and Iran in early April.

European equities have fallen significantly since our last Equity Committee held on 10 February.

Artificial Intelligence agents are moving beyond assistance and into execution. The emergence of AI agents such as Claude Cowork has intensified a debate among investors: could parts of the SaaS ecosystem risk structural disintermediation?

European equities have remained in positive territory since our last Equity Committee, benefiting from diversification outside the US and improved macro signals. GDP growth accelerated in the final quarter of 2025.

The world of 2030 is already taking shape: AI assistants embedded in daily life, autonomous mobility, software-defined factories, digital twins, and smarter energy systems that optimise demand in real time.

Why Europe’s autonomy agenda is becoming a powerful catalyst for new investment cycles and sector-level opportunities.

Precision oncology is entering a new era—one defined by earlier detection, personalised treatment, and the growing potential for long-term remission or cure.

European equities have risen sharply since the last Equity Committee in December, with small caps outperforming large caps.

Geopolitical Fragmentation | Europe’s Investment Moment | Candriam Discover how Europe’s drive for strategic autonomy is reshaping global investing. Read Candriam’s latest research and explore our European Autonomy Fund.

Despite mixed Q3 earnings, European equities closed higher in October, reaching new all-time highs, as macro data showed signs of improvement. In the Eurozone, Q3 GDP surprised to the upside at 0.2% QoQ (vs 0.1% expected and prior) but reflected large discrepancies across countries: Germany and Italy lagged, while France and Spain posted stronger-than-expected growth.

European equities rose in September, buoyed by broader global gains supported by the Fed’s rate cut.

European equities were slightly higher in August but continue to underperform US equities. European macro data were mixed, with PMIs improving in manufacturing but weakening in services.

Europe’s strategic autonomy is no longer a theory; it’s a trending headline, a policy priority, and an investment theme. But with many players now crowding the space, real differentiation lies not in retelling the story, but in how you act on it. At Candriam, we see Europe’s autonomy shift not as a short-term theme, but as a long-term, multi-sector transformation.

On Sunday, July 27, 2025, the EU and the US successfully concluded a trade agreement, paving the way for strengthened economic relations between the two regions. While initial reports caused some confusion, it now appears that most pharmaceutical products, excluding certain generics, will be subject to a 15% tariff.

After a sustained period of outperformance versus other regions, European equity markets have underperformed in recent weeks. This shift was marked by a notable rotation into US technology stocks during the month of June.

European equities closed May higher but are no longer outperforming US equities.

Global manufacturers are navigating a highly challenging environment marked by tariffs, trade conflicts and new alliances, supply chain disruptions, and rising geopolitical tensions.

Over the past twenty-five years, the medical biotechnology sector has profoundly transformed the therapeutic landscape. From the fight against cancer to the development of Covid-19 vaccines in record time, advances in biopharma have changed the outcome for millions of patients worldwide.

“Volatility” would be the key word to describe global markets in April, as the set of tariffs announced by President Trump were broader and more punitive than expected.

PFAS have been widely used for decades due to their unique properties in various domestic and industrial applications. They are resistant to water and virtually indestructible. They are also seen as the poison of the century. Where do we stand in terms of regulation? What are the PFAS-related risks? Where are the opportunities?

Since the last committee on March 11th, European markets have fallen sharply, due to Donald Trump’s announcements regarding US tariffs on April 2nd.

AI is accelerating scientific research, infrastructure development, communications and finance, as well as contributing to the fight against climate change

According to the Institute for Economics & Peace, there are 56 active conflicts in the world, the greatest number since the end of World War II. Increasingly complex geopolitics and ReArm Europe are keeping investors on our toes, analytically.