23 December, 2025

Eurozone Multi-Asset Strong Performance 2025

Summary

Highlights

Double-digit returns on a 50-50 Eurozone allocation make 2025 one of the best years of the last decade.
European industrial stocks are well-positioned to take advantage of public spending programmes, while European banks can engage in higher lending linked to public investment.
European equities and bonds offer attractive opportunities for global investors seeking to diversify beyond US assets.

Bar chart titled "One of the decade’s best years for a 50/50 Eurozone allocation" showing annual returns for a 50/50 Eurozone equity/fixed income allocation from 2015 to 2025. Highlights: peak positive years (2019 ≈16%, 2023 ≈13%, 2025 ≈12%) and negative years (2018 ≈−5%, 2022 ≈−15%). Source note: Amundi/Bloomberg, 17 Dec 2025.

In this edition

A 50-50 Eurozone equity and fixed‑income index has delivered only two negative annual returns since 2015, showing how diversification across asset classes and a long-term investment horizon can help overcome volatility. The 2022 exception – when both equities and bonds delivered negative returns – was followed by three years of above-average returns. Europe as an investment theme offers many opportunities, with European equities among the top performers in 2025, benefitting from policy support, earnings growth, and capital inflows.

Growth prospects are supported by Germany’s multi‑year defence and infrastructure plan. In addition, earnings in domestic cyclical sectors such as industrials and financials have surprised to the upside this year.

To sum up, we think a diversified* and long-term investment approach to Europe could help sustain returns over the long run.

*Diversification does not guarantee a profit or protect against a loss.

Key dates

22 Dec

China lending rates, Italy PPI, UK GDP and current account balance

23 Dec

US GDP and consumer confidence, Brazil inflation

26 Dec

Japan industrial production, India FX reserves

Read the full article on the Amundi Research center

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