iShares MSCI France Index Fund (ARCA: EWQ)

에 대한 최신 뉴스 iShares MSCI France Index Fund (ARCA:EWQ)

iShares MSCI France Index Fund

Industrials

Consumer Cyclical

Financial Services

Consumer Defensive

Healthcare

Energy

Basic Materials

Technology

Communication Services

Utilities

Real Estate

The Fund seeks to track the investment results of the MSCI France Index (the Underlying Index), which is designed to measure the performance of the large- and mid-capitalization segments of the French equity market. As of August 31, 2023, a significant portion of the Underlying Index is represented by securities of companies in the consumer discretionary and industrials industries or sectors. The components of the Underlying Index are likely to change over time. BFA uses an indexing approach to try to achieve the Fund's investment objective. Unlike many investment companies, the Fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.

Lvmh Moet Hennessy Louis Vuitton Se

Airbus Se

iShares MSCI France ETF

Sector ETFs

Broad U.S. Equity ETFs

Eurozone

Global

ETFs

EDEN

iShares MSCI Ireland Capped Investable Market Index Fund

EIRL

투자자들은 이미 유럽 주식보다 높은 가격에서 거래되고 있는 미국 주식에 대한 투자를 대폭 늘리고 있다. 설문조사에 따르면 펀드매니저들의 포트폴리오가 유럽 기업에 비해 미국 기업에 대한 비중을 크게 초과하는 것으로 나타났다.

미국 주식에 돈 쏟아붓는 투자자들, 유럽은 꺼려

Investors on <a href="https://www.benzinga.com/topic/wall-street">Wall Street</a> are bleeding red, white and blue, pouring money into American equities already trading higher than their European counterparts. 
The Data: A <a href="https://x.com/MikeZaccardi/status/1869029356884078993">post</a> on X from Mike Zaccardi relayed data from the Bank of America fund manager survey.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BofA FMS: 4th biggest overweight of US relative to Eurozone equities since 2001 <a href="https://t.co/zouKCD0Zxb">pic.twitter.com/zouKCD0Zxb</a>
&mdash; Mike Zaccardi, CFA, CMT &#x1f356; (@MikeZaccardi) <a href="https://twitter.com/MikeZaccardi/status/1869029356884078993?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">The survey found fund managers&#8217; portfolios are significantly overweight American companies compared to European companies at a rarely seen mark. The last time such a pattern was observed was in the aftermath of the <a href="https://www.benzinga.com/topic/european-debt-crisis">European debt crisis</a> in the early 2010s.</figcaption></figure>
Meanwhile, the valuations of American companies are several standard deviations higher than European equities, <a href="https://x.com/porterstansb/status/1863619200037634296">according</a> to Bank of America.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The last time U.S. stocks were this overvalued versus the rest of the world was&#8230; well, never. <a href="https://t.co/tozSaNizrp">pic.twitter.com/tozSaNizrp</a>
&mdash; Porter Stansberry (@porterstansb) <a href="https://twitter.com/porterstansb/status/1863619200037634296?ref_src=twsrc%5Etfw">December 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">American exceptionalism in equity pricing has never been higher; positive market sentiment in American companies relative to Europe accelerated in the mid-to-late 2010s and continued to the present day. </figcaption></figure>
Country Data: American companies have yielded hefty gains in recent years. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the 500 largest American companies, added more than 200% to its market value in the past 10 years, an annualized return of nearly 12%.
Meanwhile, European indices — and respective economies — have struggled.
The France-tracking iShares MSCI France ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>) returned 46% in that time period, good for an annualized return of under 4%. The German-tracking iShares MSCI Germany ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWG#NYSE">EWG</a>) returned 18%, an annualized return of 1.68%. The Italian iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>) has returned around 24%, an annualized return of about 2.12%.
Other countries have fared worse. The Britain-tracking iShares MSCI United Kingdom ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWU#NYSE">EWU</a>) has shed over 9% since 2014. The Spanish iShares MSCI Spain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>) has lost over 12% of its market value in that time span. Both countries&#8217; annualized returns are close to zero percent. 
European Outliers: A few countries have far outperformed the rest of the European continent in recent years.
iShares MSCI Denmark ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/EDEN#BATS">EDEN</a>) returned over 138% since 2014, an annualized return of over 9%. The Danish economy has apparently benefitted from its exposure to the pharmaceutical industry.
iShares MSCI Ireland ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIRL#NYSE">EIRL</a>) is up 70% in that period, an annualized return of about 5.43%. Ireland boasts a low corporate tax rate of 12.5% and high levels of foreign investment.
Why it Matters: It is unclear whether the trend of American exceptionalism in equities pricing will continue into the next decade. As their respective economies ease back into moderate economic growth, European countries may benefit from leadership changes.
Also Read:
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<li><a href="https://www.benzinga.com/news/retail-sales/24/12/42535296/stocks-slip-as-strong-november-retail-sales-raise-concerns-over-2025-fed-rate-cuts">Stocks Slip As Strong November Retail Sales Raise Concerns Over 2025 Fed Rate Cuts</a></li>
</ul>
Photo: Varavin88 via Shutterstock

Investors Pour Money Into US Stocks, Shun Europe In Historic Fashion

French equities dropped on Monday after Moody's downgraded France's credit rating to Aa3, citing worsening public <a href="https://www.benzinga.com/markets/eurozone">finances and political instability.</a>
The CAC 40 index, which tracks France's largest companies and is mirrored by the iShares MSCI France Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>), fell 0.9% by 8:20 a.m. in New York, eyeing its third straight session in the red.
<h3 class="wp-block-heading">Moody's: France's Fiscal Challenges Are Escalating</h3>
In a report issued on Saturday, Moody's highlighted France's high debt burden, ongoing political instability, and diminished ability to consolidate public finances as key drivers for the downgrade.
See Also: <a href="https://www.benzinga.com/24/12/42504194/us-stocks-to-open-higher-ahead-of-feds-decision-this-week-analyst-says-santa-comes-later-in-december">US Stocks To Open Higher Ahead Of Fed&#8217;s Decision This Week: Analyst Says &#8216;Santa Comes Later In December&#8217;</a>
The outlook was revised from negative to stable, signaling that no further changes to the rating are imminent in the near term.
According to the credit rating agency, France&#8217;s public finances are expected to deteriorate over the next three years, with fiscal deficits likely to remain elevated due to political fragmentation. Moody&#8217;s forecasts that efforts to cut deficits will stall, diverging from its previous projections in October 2024.
&#8220;The decision to downgrade France&#8217;s ratings to Aa3 reflects our view that the country&#8217;s public finances will be substantially weakened over the coming years. This is because political fragmentation is more likely to impede meaningful fiscal consolidation,&#8221; the agency wrote in the report. &nbsp;
<h3 class="wp-block-heading">Political Turmoil Deepens Fiscal Concerns</h3>
The downgrade followed a historic no-confidence vote in the National Assembly, which led to the ousting of Prime Minister Michel Barnier and his minority government last week. 
Barnier's controversial 2025 austerity budget, which aimed to reduce the deficit to 5% of GDP, down from 6.1% in 2024, through €60 billion in spending cuts and tax hikes, faced fierce opposition from both left-wing and far-right lawmakers.
President Emmanuel Macron <a href="https://www.benzinga.com/news/global/24/12/42486154/macron-taps-bayrou-to-navigate-frances-fractured-politics-etfs-to-watch">responded by appointing</a> François Bayrou, a centrist and longtime ally, as the new prime minister—his fourth this year. Bayrou, known for his criticism of France's fiscal trajectory, acknowledged the &#8220;Himalayan&#8221; challenge of stabilizing public finances, signaling that austerity efforts may face further political resistance.
<h3 class="wp-block-heading">Key Risks to Watch Ahead</h3>
France&#8217;s downgrade to Aa3 introduces a fresh set of challenges that could ripple through its economy and beyond, starting with the threat of rising borrowing costs. 
Yields on 10-year French sovereign bonds are currently trading slightly above 3%, marking a spread of about 80 basis points versus German bunds. 
This increase in financing costs would add pressure to an already fragile fiscal position, further straining the government's ability to manage its towering public debt, which currently exceeds 112% of the gross domestic product.
The second, and perhaps more daunting, risk is continued political instability. With no parliamentary majority, Prime Minister François Bayrou will struggle to pass critical fiscal reforms, risking delays in deficit reduction.
The repercussions of France&#8217;s fiscal and political troubles could extend far beyond its borders, potentially triggering a European spillover effect. As the eurozone&#8217;s second-largest economy, France plays a pivotal role in the bloc's overall economic health.
On Monday the Euro Stoxx 600 index – as broadly tracked by the iShares MSCI Eurozone ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EZU#NYSE">EZU</a>) – slipped 0.4%.
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</ul>
Image: Shutterstock

Specialty ETFs

France's Credit Rating Downgrade Sparks Market Unease: 'Public Finances Will Be Materially Weaker'

Macro Economic Events

News

Econ #s

Economics

France Services Purchasing Managers Index Preliminary For December 48.2 Vs. 46.9 Est.; 46.9 Prior

France Manufacturing Purchasing Managers Index Preliminary For December 41.9 Vs. 43.2 Est.; 43.1 Prior

France&#8217;s Hôtel Matignon is set to have a new resident now that President Emmanuel Macron has tapped a centrist ally, François Bayrou, as <a href="https://www.benzinga.com/topic/france">the new prime minister</a>. 
What Happened: Macron&#8217;s announcement comes roughly one week after former PM Michel Barnier lost a <a href="https://www.benzinga.com/markets/eurozone/24/12/42330913/mohamed-el-erian-calls-michel-barniers-ouster-an-example-of-messy-politics-notes-greek-and-french-bonds-achieving-historic-parity">no-confidence vote and resigned</a>. 
Bayrou, a 73-year-old political veteran and founder of the centrist Democratic Movement, has run for president three times. 
He's also been the mayor of Pau, a southwestern town in France, since 2014. 
See Also: <a href="https://www.benzinga.com/24/12/42480972/us-markets-to-open-higher-ahead-of-feds-policy-meet-next-week-broadcom-rh-costco-in-focus">US Investors Eye Fed Policy Meet Next Week With Broadcom, RH, Costco In Focus</a>
Why It Matters: Macron is attempting to navigate a <a href="https://www.benzinga.com/news/24/07/39657677/french-elections-take-a-surprising-turn-as-left-poised-for-victory-what-does-that-mean-for-the-marke">deeply divided parliament</a>.
Political tensions are high due to France's soaring deficit. The country faces $42 billion in spending cuts and $21 billion in tax hikes, deepening divisions within the fractured National Assembly.
Barnier warned that his far-right critics, namely Marine Le Pen's National Rally and the leftist New Popular Front, will cause millions of French citizens to face economic instability, including rising interest rates and tax hikes, <a href="https://www.theguardian.com/world/live/2024/dec/03/france-no-confidence-motion-government-budget-michel-barnier-latest-updates">per</a> the Guardian.
Barnier only took office in September. 
Macron is halfway through his second term as president. Bayrou would be the fourth prime minister this year, according to the <a href="https://www.bbc.com/news/articles/cwyx04pmnrgo">BBC</a>. Elisabeth Borne and Gabriel Attal preceded Barnier.
If Le Pen&#8217;s allies form a strong enough opposition, they could potentially complicate the passage of critical legislation.
On a national level, France&#8217;s <a href="https://www.benzinga.com/news/24/07/39657677/french-elections-take-a-surprising-turn-as-left-poised-for-victory-what-does-that-mean-for-the-marke">snap election this past summer</a> underscored how Le Pen&#8217;s party continues to show increased strength over Macron&#8217;s centrist party.
<h3 class="wp-block-heading">Examples of French or Euro-Centric ETFs:</h3>
<ul>
<li>Invesco CurrencyShares Euro Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXE#NYSE">FXE</a>) tracks the euro&#8217;s value against the U.S. dollar.</li>
<li>ProShares UltraShort Euro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EUO#NYSE">EUO</a>) provides leveraged inverse exposure to the euro&#8217;s performance against the dollar.</li>
</ul>
Investors can also track the market&#8217;s response to political maneuvers via the iShares MSCI France ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>). It offers focused exposure to the French economy. The ETF&#8217;s top holdings include LVMH Moët Hennessy Louis Vuitton (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>), TotalEnergies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTE#NYSE">TTE</a>), and Schneider Electric (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SBGSY#OTC">SBGSY</a>).
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Image: Hôtel de Matignon via Shutterstock

Politics

LVMHF

SBGSY

Macron Taps Bayrou To Navigate France's Fractured Politics: ETFs To Watch

France Harmonised Index of Consumer Prices (MoM) For November 0.3% Vs. -0.1% Est.; 0.3% Prior

France Consumer Price Index (MoM) For November -0.1% Vs. 0.1% Est.; 0.3% Prior

Mohamed El-Erian, Allianz&#8216;s Chief Economic Advisor, warned on Wednesday about the growing intersection of political and economic challenges in France following Prime Minister Michel Barnier&#8216;s historic no-confidence ouster, even as Greek bonds achieved parity with French sovereign debt for the <a href="https://www.benzinga.com/news/global/24/12/42328909/french-government-collapses-after-vote-of-no-confidence">first time since the Eurozone crisis</a>.
What Happened: &#8220;What we are seeing in France these days is yet another example of messy politics contaminating economics,&#8221; El-Erian wrote on X, distinguishing the current situation from Britain&#8217;s 2022 &#8220;Liz Truss moment&#8221; due to France&#8217;s Eurozone backing and different global financial context.
The political upheaval comes as Greek 10-year sovereign bonds closed their yield gap against French bonds in late November, trading below 3% &#8211; a remarkable turnaround from the peak of the Eurozone crisis when Greek bonds yielded 40 percentage points more than French debt.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I was just asked whether the current political moment in France is a &quot;Liz Truss moment.&quot; Several reasons led me to answer no, including: The Truss moment was about a bad budgetary situation being made worse; the &quot;Barnier moment&quot; is about obstacles to making a bad budgetary…
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1864270186867478530?ref_src=twsrc%5Etfw">December 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Bank of America analyst Athanasios Vamvakidis attributes Greece&#8217;s resurgence to fiscal discipline and economic reforms, with the country expecting a primary budget surplus of 2.4% of GDP this year, <a href="https://www.euronews.com/business/2024/11/29/greek-bonds-mark-historical-milestone-spread-erased-against-france">reported</a> Euronews. Meanwhile, according to Goldman Sachs, France faces mounting pressure over its rising debt-to-GDP ratio, which is projected to reach 118% by 2027.
See Also: <a href="https://www.benzinga.com/24/12/42324505/jerome-powell-says-us-economy-in-remarkably-good-shape-fed-can-be-little-more-cautious-with-interest-rates">Jerome Powell Says US Economy In &#8216;Remarkably Good Shape,&#8217; Fed Can Be &#8216;A Little More Cautious&#8217; With Interest Rates</a>
Why It Matters: Barnier&#8217;s removal followed <a href="https://www.benzinga.com/news/global/24/12/42328909/french-government-collapses-after-vote-of-no-confidence">parliamentary opposition to his proposed</a> €60 billion spending-cut package, with National Rally leader Marine Le Pen calling the budget &#8220;toxic for the French.&#8221; 
The political stalemate threatens to complicate France&#8217;s fiscal consolidation efforts as Eurostat forecasts French economic growth to slow to 0.8% in 2025, while Greece is projected to grow by 2.3%.
President Emmanuel Macron is expected to name a new prime minister, though the political deadlock in the Assembly will likely persist until new elections can be held in July. 
El-Erian noted that while France benefits from Eurozone institutional support, the current situation &#8220;will undermine growth and raise borrowing costs.&#8221;
Investors can track the market&#8217;s response to political turmoil via the iShares MSCI France ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>), offering focused exposure to the French economy. The ETF&#8217;s top holdings feature LVMH Moët Hennessy Louis Vuitton (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>), TotalEnergies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTE#NYSE">TTE</a>), and Schneider Electric (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SBGSY#OTC">SBGSY</a>).
Read Next: 
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<li><a href="https://www.benzinga.com/24/12/42322999/unitedhealth-deeply-saddened-and-shocked-by-death-of-brian-thompson-new-york-police-share-update-on-case-with-10k-reward-offered-rockefeller-center-tree-lighting-to-go-on">UnitedHealth &#8216;Deeply Saddened&#8217; By Death Of Executive Brian Thompson: New York Police Offer $10K Reward For Information</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Markets

Mohamed El-Erian Calls Michel Barnier's Ouster An Example Of 'Messy Politics,' Notes Greek And French Bonds Achieving Historic Parity

The French government collapsed on Wednesday following a successful no-confidence vote, throwing France, the eurozone&#8217;s second-largest economy,<a href="https://www.cnbc.com/2024/12/04/french-government-toppled-in-no-confidence-vote-brought-by-opposition.html"> into political turmoil.</a>&nbsp;
The Details: The motion passed with 331 votes, far exceeding the required 288, as lawmakers from both the leftist New Popular Front (NFP) alliance and the far-right National Rally (RN) united in opposition.&nbsp;
Read Next: <a href="https://www.benzinga.com/24/12/42316904/unitedhealthcare-ceo-brian-thompson-dies-after-being-shot-outside-nyc-hotel">UnitedHealthcare CEO Brian Thompson Fatally Shot Outside NYC Hotel</a>
The historic vote was triggered after Prime Minister Michel Barnier used special constitutional powers to force a social security budget bill through Parliament without a vote.
Barnier, who had been in office for just three months, will now have to resign, marking the shortest tenure for a prime minister in France&#8217;s Fifth Republic.
Why It Matters: The government&#8217;s fall complicates France&#8217;s efforts to address its budget deficit and implement planned spending cuts and tax increases.&nbsp;
French President Emmanuel Macron must face the challenge of appointing a new prime minister, with the political landscape remaining divided until the next possible legislative elections in summer 2025.&nbsp;
Barnier is expected to resign immediately and Macron is supposed to ask him to continue as a &#8220;caretaker&#8221; prime minister while looking for a replacement. 
Investors can monitor the market's reaction to the political turmoil through the iShares MSCI France ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>) which provides targeted exposure to the French economy. The ETF's top holdings include LVMH Moet Hennessy Louis Vuitton (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>), TotalEnergies SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTE#NYSE">TTE</a>) and Schneider Electric SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SBGSY#OTC">SBGSY</a>).&nbsp;
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/24/12/42300548/art-cashins-lessons-cuban-crisis-trades-to-timeless-wall-street-wit">Art Cashin&#8217;s Lessons: Cuban Crisis Trades To Timeless Wall Street Wit</a></li>
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Photo: Shutterstock

Government

LVMUY

French Government Collapses After Vote Of No Confidence

Macro Notification

General

French Government Falls As National Assembly Approves No-Confidence Vote

France Services Purchasing Managers Index For November 46.9 Vs. 45.7 Est.; 49.2 Prior

French Prime Minister Michel Barnier faces a critical vote of no confidence tomorrow (Dec. 4) after invoking Article 49.3 to pass a controversial 2025 austerity budget <a href="https://www.benzinga.com/topic/france">without parliamentary approval</a>.
The move, designed to address France's soaring deficit with $42 billion in spending cuts and $21 billion in tax hikes, has polarized the fractured National Assembly. Marine Le Pen's National Rally and the leftist New Popular Front have united in opposition, calling for Barnier's ouster. In on interview on TV today, Barnier warned that if the motion succeeds, millions of French citizens could face economic instability, including rising interest rates and tax hikes, <a href="https://www.theguardian.com/world/live/2024/dec/03/france-no-confidence-motion-government-budget-michel-barnier-latest-updates">per</a> the Guardian.
A failure to secure support would result in Barnier's government being the shortest-lived in modern French history, he only took office in September, further destabilizing the eurozone. President Emmanuel Macron would then need to appoint a new prime minister to navigate the <a href="https://www.benzinga.com/news/24/07/39657677/french-elections-take-a-surprising-turn-as-left-poised-for-victory-what-does-that-mean-for-the-marke">deeply divided parliament</a>.
France has often been a volatile market for foreign companies, but its size, manpower, favorable geographical position, and pole position in global tourism have made it a lucrative economy.
The following publicly listed companies have exposure to the French economy.
McDonald's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) has been operating in France since 1972. Since then, it has grown into a network of 1,485 restaurants — the most in Europe — generating billions in revenue. However, the franchise got caught evading taxes after a trade union asked the company to raise wages and introduce profit-sharing bonuses. Eventually, the firm <a href="https://drupal-cloudfront.benzinga.com/news/22/06/27724606/mcdonalds-agrees-to-settle-french-tax-case-for-1-3b-wsj">paid a $1.3 billion fine</a>.
Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) opened its resort in Paris in 1992, growing it into one of the top attractions in Europe. Around 16.1 million tourists visited the park in 2023, generating $343 million in profits. The park is the largest single-site employer in the country, with 17,000 workers — making it prone to strikes that last occurred in 2023. Despite its popularity, the park has been a problematic part of Disney's portfolio and is often a drain on its resources.
IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) has a long-standing relationship with France as one of the IT pioneers that expanded overseas seeking foreign talent.  Nowadays, IBM has over 7,000 employees in the country, working on technology services, cloud computing, AI and digital transformation solutions for businesses.
Carmaker Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) has a vital presence in the country, owing to its origins in the French PSA Group. It is the fourth largest automotive firm by sales, managing established brands like Citroen, Peugeot and DS Automobiles. Stellantis currently has five operating factories in different regions, producing at least 14 different models.
For investors monitoring broad exposure to domestically incorporated French companies there is iShares MSCI France ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>). It holds 60 largest French companies, including market leaders such as LVMH Moet Hennessy Louis Vuitton SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>), Schneider Electric, TotalEnergies SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTE#NYSE">TTE</a>) and Airbus SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EADSY#OTC">EADSY</a>).
Read Next:<a href="https://www.benzinga.com/news/global/24/12/42301885/south-korea-etfs-won-pare-losses-as-yoon-makes-u-turn-on-martial-law-declaration"> </a> • <a href="https://www.benzinga.com/news/global/24/12/42301885/south-korea-etfs-won-pare-losses-as-yoon-makes-u-turn-on-martial-law-declaration">South Korea ETFs, Won Pare Losses As Yoon Makes U-Turn On Martial Law Declaration</a>

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EADSY

STLA

Key Stocks, ETF To Watch As French Government Faces No-Confidence Vote

France Manufacturing Purchasing Managers Index For November 43.1 Vs. 43.2 Est.; 44.5 Prior

France Harmonised Index of Consumer Prices (MoM) Preliminary For November -0.1% Vs. 0.0% Est.; 0.3% Prior

France Gross Domestic Product (QoQ) For Q3 0.4% Vs. 0.4% Est.; 0.2% Prior

France Gross Domestic Product (YoY) For Q3 1.2% Vs. 1.3% Est.; 1.0% Prior

France Consumer Price Index (MoM) Preliminary For -0.1% Vs. 0.0% Est.; 0.2% Prior

France Consumer Spending (MoM) For September -0.4% Vs. -0.1% Est.; 0.1% Prior

France Jobseekers Total For October 2,891.5K Vs. 2,837.9K Prior

France Services Purchasing Managers Index Preliminary For November 45.7 Vs. 49.0 Est.; 49.2 Prior

France flash composite PMI reading rises to 46.7 in December

European markets cautious ahead of key bank decisions this week

Eurozone manufacturing PMI unchanged at 45.20 points in December

Eurozone services PMI hits 2-month high, situation in manufacturing 'still pretty dire'

European indexes dip, STOXX touches two-week low, Germany business confidence dips

Euro Area records trade surplus of €6.8B in October

Political Turmoil Clouds Brighter Outlook For French Banks

European markets almost flat ahead of Fed decision

Euro Area inflation rises to 2.2%, in November, below estimates

Fiscal Conservatism And Other Global Economic Themes For 2025

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투자자들은 이미 유럽 주식보다 높은 가격에서 거래되고 있는 <a href="//www.benzinga.com/topic/wall-street"" target="_blank" rel="noopener">미국 주식</a>에 대한 투자를 대폭 늘리고 있다.
데이터: 마이크 자카디(Mike Zaccardi)가 소셜 미디어 엑스(X) <a href="//x.com/MikeZaccardi/status/1869029356884078993"" target="_blank" rel="noopener">게시물에서</a> 뱅크오브아메리카 펀드매니저 설문조사 데이터를 공유했다.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
BofA FMS: 4th biggest overweight of US relative to Eurozone equities since 2001 <a href="https://t.co/zouKCD0Zxb">pic.twitter.com/zouKCD0Zxb</a>
&mdash; Mike Zaccardi, CFA, CMT &#x1f356; (@MikeZaccardi) <a href="https://twitter.com/MikeZaccardi/status/1869029356884078993?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
설문조사에 따르면 펀드매니저들의 포트폴리오가 유럽 기업에 비해 미국 기업에 대한 비중을 크게 초과하는 것으로 나타났다. 이러한 패턴이 마지막으로 관찰되었던 시기는 2010년대 초 <a href="https://www.benzinga.com/topic/european-debt-crisis" target="_blank" rel="noopener">유럽 부채 위기</a>의 여파가 남아 있는 때였다.
한편 뱅크오브아메리카에 <a href="https://x.com/porterstansb/status/1863619200037634296" target="_blank" rel="noopener">따르면</a> 미국 기업의 밸류에이션은 유럽 주식보다 몇 표준편차가 더 높다.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
The last time U.S. stocks were this overvalued versus the rest of the world was&#8230; well, never. <a href="https://t.co/tozSaNizrp">pic.twitter.com/tozSaNizrp</a>
&mdash; Porter Stansberry (@porterstansb) <a href="https://twitter.com/porterstansb/status/1863619200037634296?ref_src=twsrc%5Etfw">December 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><figcaption class="wp-element-caption">주식에 있어서 미국 예외주의는 그 어느 때보다 높다. 유럽 대비 미국 기업에 대한 긍정적인 시장 심리는 2010년대 중후반에 가속화되어 현재까지도 이어지고 있다.
국가별 데이터: 미국 기업은 최근 몇 년 동안 큰 수익을 올렸다. 미국 500대 기업을 추종하는 SPDR S&amp;P 500 ETF Trust(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)는 지난 10년 동안 시장 가치가 200% 이상 상승하여 연간 수익률이 12%에 육박했다.
반면 유럽 지수와 각국 경제는 고전했다.
프랑스 증시를 추종하는 iShares MSCI France ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>)는 해당 기간 동안 46%의 수익률을 기록했고 연평균 수익률은 4% 미만이다. 독일 증시를 추종하는 iShares MSCI Germany ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWG#NYSE">EWG</a>)는 18%의 수익률, 연평균 1.68%의 수익률을 기록했다. 이탈리아 증시를 추종하는 iShares MSCI Italy ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>)는 약 24%의 수익률, 연평균 약 2.12%의 수익률을 기록했다.
다른 국가들은 더 심각한 상황이다. 영국 증시를 추종하는 iShares MSCI United Kingdom ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWU#NYSE">EWU</a>)는 2014년 이후 9% 이상 하락했다. 스페인 증시를 추종하는 iShares MSCI Spain ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>)는 시장 가치가 12% 이상 감소했다. 두 나라의 연평균 수익률은 0%에 가까운 수준이다.
유럽 국가 중 예외: 최근 몇 년 동안 몇몇 국가는 다른 유럽 대륙을 훨씬 능가하는 성과를 냈다.
iShares MSCI Denmark ETF(BATS:<a class="ticker" href="https://www.benzinga.com/stock/EDEN#BATS">EDEN</a>)는 2014년 이후 138% 이상 상승하여, 연평균 9% 이상의 수익률을 기록했다. 덴마크 경제는 제약 산업에 대한 노출로 혜택을 본 것으로 보인다.
iShares MSCI Ireland ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIRL#NYSE">EIRL</a>)는 같은 기간 동안 70% 상승하여, 연평균 약 5.43%의 수익률을 기록했다. 아일랜드는 12.5%의 낮은 법인세율과 높은 외국인 투자율을 자랑한다.
왜 중요한가: 주식에 있어서 미국 예외주의 추세가 향후 10년 동안 계속될지는 불분명하다. 각국의 경제가 완만한 경제 성장세로 돌아서면서 유럽 국가들은 리더십 변화의 혜택을 받을 수도 있다.
</figcaption></figure>
사진 출처: Varavin88 via Shutterstock
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iShares MSCI France Index Fund

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