What explains the difference between the equity markets in the United States and in the euro zone?

Since the low point caused by the COVID crisis, there has been a very drastic rebound in the US equity market, which has completely forgotten the crisis, while the euro-zone equity market has remained weakened. How can we explain this difference? The weight of technology shares in the United States is by far not enough to explain this difference between the two markets; Growth and earnings prospects are no better in the United States than in the euro zone; The spread between interest rates and potential growth, which determines PERs, is not very different in the two regions; The only explanation is therefore demand: saver s/ investors take equity risk more easily in the United States than in the euro zone; non-resident investors are then attracted by the better performance of the US market.