In a world turned upside down by trade wars and financial turmoil, Europe is making comparisons and consoling itself. Even though stock markets on the Old Continent lost more than 10% in one week, before starting a spectacular rebound on Thursday, April 10 (+7% for the Parisian CAC 40 index in early trading), they can rely on the ongoing rotation of capital flows on a global scale.

The chairman of the management board of the European stock exchange operator Euronext, Stéphane Boujnah, described "a movement of investments leaving the United States to reinvest in Europe," on Tuesday on France Inter radio station. The figures back this up: The cumulative value of transactions on Euronext's stock platforms – which includes the stock exchanges of Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – increased by more than 30% in the first three months of 2025, compared to the 2024 average. And this was even before the surge in volumes triggered by the announcement of the American tariff offensive and the disruptions it caused across global markets.

This rotation from American to European stocks has reached levels unprecedented since these movements began being tracked in 1999, according to Bank of America's March monthly survey of fund managers. The trend is even more pronounced for ETFs, exchange-traded funds, which reflect the fluctuations in the value of an asset (stock, bond, commodity...) or a basket of assets.

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