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Europe Shifts Course: Investing in the Era of Fiscal Easing


17.03.2025 11:34

Europe is moving away from austerity and embracing active fiscal stimulus. Increased government spending, relaxed budget constraints, and higher defense and infrastructure investments are creating new business opportunities.

The greatest growth potential lies in the defense sector, industrial manufacturing, and construction. Major beneficiaries of this trend include Siemens, Thyssenkrupp, and Air Liquide, as well as Heidelberg Materials, Vinci, and CRH, which stand to gain from Ukraine’s reconstruction.

European shares are still trading at a discount to U.S. stocks, but the landscape is shifting.

Read our latest analytical report here.

This material is not an investment recommendation. We believe the majority of investments should be allocated to fixed-income instruments. However, given our clients’ interest in shares, we provide analytical insights without buy recommendations.


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Teniz Capital Investment Banking JSC recommends to carefully assess the feasibility and risks of investments, taking into account the volatility of market conditions. Ownership of securities and other financial instruments is associated with fluctuations: their value can both increase and decrease. The Company cannot guarantee the profitability of investments and a constant level of income.

Licence ARKFMD No. 3.2.249/19 dated 18.05.2023. Licence ARKFMD No. 4.3.19 dated 16.06.2023.