European Competitiveness: Which Indices are Performing YTD?: EUROPE | Sustainability & Transition Strategy

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European Competitiveness: Which Indices are Performing YTD?: EUROPE | Sustainability & Transition Strategy

a market cap weighted basis), Industrials

(19%) and Health Care (12%). By comparison, the S&P 500 is dominated by IT (36%) and

Financials (12%). Furthermore, Europe is more heavily indexed to the enablers and monetisers

of the AI value chain, with applications that extend well beyond data centres (e.g., industrial

automation and capital goods).

Macro conditions look more supportive. The ECB's head recently highlighted that post-

crisis policy reforms have strengthened the region's ability to absorb shocks. Furthermore,

disinflation is progressing, with Eurozone inflation at 2.8% vs 3.2% previously and energy .

Source: Factset, Bloomberg

inflation at 8.7% vs 10.8%.

Exhibit 3 - Top Performing Company in each of

Equity momentum is turning too. The STOXX 600 rose 10% in Q2 2026, its strongest quarterly the Top 5 EU Indices YTD

move since October 2020, alongside signs of a manufacturing rebound according to S&P

Global.

The strongest performance YTD is concentrated in smaller markets. Austria’s ATX (+23.7%),

FTSE MIB (+17.2%) and Belgium’s BEL 20 (+15.7%) lead, while France’s CAC 40 (+5.4%) and .

Germany’s DAX (+0.7%) lag (Ex. 1 & 2). Overall, 10 national European indices are outpacing the Source: Factset, Bloomberg

STOXX 600 in '26 YTD.

European equity performance is diverse. Energy and Semis are leading European equity

performance YTD. However, companies in Shipping (FRO, HAUTO, BWLPG), Utilities (ELI, ANA, Luke Sussams * | Sust. & Transition Strategist

ENG) and Construction & Engineering (ACS, ACKB, POS) are also top performers in 2026, 44 (0)20 7548 4404 | lsussams@jefferies.com

pointing to other sectors in which European companies are globally competitive.