European stocks have been on the rise since around 2021. Looking at the Eurozone Economic Sentiment Index (ESI) and the Leading Economic Index (OECD/four European countries), it seems that stock prices are moving in line with expectations rather than actual economic conditions.
Currently, the market is moving within a range, but with policy interest rates declining and Europe's departure from the United States, coupled with fiscal expansion, the real economy may also begin to recover.
There may also be an influx of capital into Eurozone assets due to the Trump administration's protectionist policies.
If the real economy aligns with expectations, further stock price increases may be anticipated.
ヨーロッパ株は2021年辺りから上昇を続けている。ユーロ圏の景況感指数（ESI)と景気先行指数（OECD・欧州4カ国)を見ると株価は実際の景況感より期待に沿って動いているようだ。
今はボックス圏で動いているが、政策金利は下がっており欧州の米国からの自立と財政拡張により実体経済も回復トレンドに乗ってくるのではないか。
恣意的な自国第一主義のトランプ政策によるユーロ資産へのマネー流入も起こるだろう。
期待に実体経済が伴えば更なる株価上昇が見込めるか。