Report
Monthly review - December 2025 - The ‘Santa Claus’ rally did indeed materialise... in Europe
In December, European equities, buoyed by the progress of peace talks in Ukraine, slightly outperformed their US counterparts, the latter still in recovery mode after the uptick in volatility in November due to valuation fears in the technology sector linked to generative AI. The IBEX 35 once again was the top performer, ahead of the DAX 40, which stopped underperforming, and the CAC 40, which was once again penalised by France’s budgetary situation. In Europe, value and cyclicals outperformed, as did the two best sectors of the month: basic resources (+10.3%) and banks (+7.9%).
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Thomas Zlowodzki
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