The Paris Stock Exchange wrapped up the final session of the year with a moderate decline of 0.23% at 8,149 points, weighed down by TotalEnergies (-1.4%), Société Générale (-1%), and Publicis (-0.7%). Trading volumes were extremely limited, with less than 850 million EUR changing hands since the opening.
As is customary, the last session of the year was actually a half-day, with the trading floor closing at 2 p.m., just as in London. Meanwhile, the exchanges in Frankfurt, Milan, and Zurich remained closed altogether.

Looking back over the year, it was ultimately Frankfurt that managed this 2025 cycle best, a year marked (among other things) by geopolitical tensions, trade wars, the AI boom, interest rate uncertainties, and the return of Trump to the White House. The German index rose by 23% over the year, edging out London (+21%) and leaving Paris (+10%) far behind.

The Euro Stoxx 50 gained 18.2% over the past year. The Stoxx Europe 600 was up 16.6%, roughly matching the performance of the MSCI Europe (+16.4%).

While enthusiasm for AI played a central role in the robust overall health of equities this year, Swiss Life Asset Managers believes this theme should remain important in 2026.

"In a favorable scenario where AI momentum and monetary support persist, another solid year for the equity market is possible," the firm stated. "Conversely, a correction in AI could trigger significant losses."

At UBS, analysts predict the S&P 500 will reach 7,500 points in 2026, driven by earnings growth of around 14%—with nearly half of that fueled by the tech sector.

In the bond market, the 10-year Bund yield stands this morning at 2.85%, a 21% increase over the past year. The French OAT of the same maturity shows a yield of 3.55%, a more modest rise of 11.7% over the year, despite the turbulence of domestic political life.

On the Forex market, the euro remains stable this morning against the greenback, hovering around 1.173 USD. Over the past year, the euro appreciated by 13% against the dollar after starting the year close to parity.

Among the few headlines in Paris today, Maurel & Prom announced it has reached an agreement to sell its 20.07% stake in Seplat Energy, one of Nigeria's leading independent energy producers.

Eurostar reported that services have resumed following a power supply issue in the Channel Tunnel yesterday, as well as other rail infrastructure problems overnight.

Finally, Airbus and Air China yesterday formalized their aircraft purchase agreement. This is a massive order for 60 A320neo family aircraft, estimated at around 9.53 billion USD (at list prices). The planes will be delivered in batches between 2028 and 2032.