Europe’s bourses have not shone so brightly in years. Speak to those who analyse them for a living and you will still detect a note of disbelief—they can hardly remember the last time foreign investors were paying them so much attention. Why that should be is no mystery. Measured in dollars, Europe’s Stoxx 600 index has risen by 16% in 2025, compared with 3% for the MSCI World.
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