The Paris stock exchange wrapped up the final session of the year with a moderate decline of 0.23% at 8,149 points, weighed down by TotalEnergies (-1.4%), Société Générale (-1%), and Publicis (-0.7%), all amid extremely low volumes with less than €850 million traded since the opening.
As is customary, the last session of the year was in fact a half-day, with the exchange closing its doors at 2 p.m., just like in London. Meanwhile, Frankfurt, Milan, and Zurich remained closed for the day.

Looking back over the year, it was ultimately Frankfurt that best navigated the 2025 financial landscape, marked (among other things) by geopolitical tensions, trade wars, the AI boom, interest rate uncertainty, and the return of Donald Trump to the White House. The German index rose by 23% over the year, edging out London (+21%) and significantly outperforming Paris (+10%).

The Euro Stoxx 50 posted a gain of 18.2% for the year. The Stoxx Europe 600 finished up 16.6%, nearly matching the performance of the MSCI Europe (+16.4%).

With the AI boom playing a pivotal role in the overall robust performance of equities this year, Swiss Life Asset Managers believes this theme will remain central in 2026.

"In a favorable scenario where AI momentum and monetary support persist, another strong year for the equity market is possible," the firm noted. "Conversely, a correction in AI could trigger significant losses."

At UBS, analysts forecast the S&P 500 reaching 7,500 points in 2026, driven by earnings growth of around 14%—with nearly half of that fueled by the tech sector.

In the bond market, the 10-year Bund yield stands at 2.85% this morning, a 21% increase over the past year. The French OAT of the same maturity offers a yield of 3.55%, a more moderate rise of 11.7% year-on-year, despite political turbulence in France.

On the Forex market, the euro remains steady against the greenback this morning, hovering around 1.173 USD. Over the past year, the euro has appreciated by 13% against the dollar, after starting the year near parity.

Among the few noteworthy developments in Paris today, Maurel & Prom has reached an agreement to sell its 20.07% stake in Seplat Energy, one of Nigeria's leading independent energy producers.

Eurostar announced that services have resumed after a power supply issue in the Channel Tunnel yesterday, as well as other rail infrastructure problems overnight.

Lastly, Airbus and Air China yesterday formalized their aircraft purchase agreement. The massive order covers 60 A320neo family aircraft, valued at approximately $9.53 billion (at list price). The planes will be delivered in batches between 2028 and 2032.

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