Los 'blue chips' europeos que más corren aún tienen fondo

The Euro Stoxx 50 index, which tracks the performance of 50 major blue-chip stocks listed on stock exchanges across Europe, is currently on a strong rally. Five prominent European companies have led the charge, with their shares rising by more than 40%. Eni, ASML, Nokia, Infineon, and TotalEnergies have been at the forefront of this rally.

ASML, Europe's largest listed company by market capitalization, has seen a 60.32% increase this year, making it the top performer. Analyst consensus predicts an average gain of 41.1% over the next 12 months, pushing the stock price towards a record high of 2,075.59 euros per share. The company's recent earnings report supported renewed doubts about the growth of AI in the market despite Chinese chip giants' growth, but management stated that satisfying all orders in 2027 and 2028 is unlikely.

Financial institutions such as BNP Paribas, ING, and Santander are also leading the charge, with their shares up more than 14%. The rally is being driven by the growing focus on two key trends this year - artificial intelligence (AI) and energy. While experts acknowledge lofty valuations, the alignment of these companies' businesses with these hot topics is pushing analyst valuations far above current stock prices.

AI and energy are expected to be the biggest drivers of growth for European companies, with earnings from these sectors projected to increase by 25% in the third quarter compared to the same period last year. Eni and TotalEnergies have shown particularly strong performance this year, with gains of 60.81% and 45.19% respectively, making them among the top performers in the Euro Stoxx 50 index.

Both companies are expected to surpass expectations when they release their earnings later this month, with potential support from their shareholder-friendly policies.