STOXX Europe 600: What Do Investors Need to Know?
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Charted: Getting to Know the STOXX Europe 600

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Long-form infographic visualizing investor information for the STOXX Europe 600, using data from STOXX.

Charted: Getting to Know the STOXX Europe 600

Europe is an economic powerhouse, encompassing nearly $40 trillion in GDP and 750 million people.

This visualization, created in partnership with STOXX, provides visual context to its European large-cap benchmark, an index that serves as a key benchmark for European equities.

Powerhouses: Europe’s Largest Companies by Country

The STOXX Europe 600 is a stock market index that tracks 600 of the largest companies across 17 European countries. Which companies take the top spot by country?

The top three biggest players are Germany’s SAP (free-float market capitalization: $251.8 billion), Switzerland’s Nestle ($248.0 billion), and the Netherlands’ ASML Holdings ($246.4 billion)—a leading semiconductor company.

CountryCompanyFree-Float Market Capitalization (€ billions)
🇩🇪 GermanySAP251.8
🇨🇭 SwitzerlandNestlé248.0
🇳🇱 NetherlandsASML Holding246.4
🇬🇧 United KingdomAstraZeneca211.7
🇩🇰 DenmarkNovo Nordisk B202.6
🇫🇷 FranceLVMH Moët Hennessy149.7
🇪🇸 SpainBanco Santander95.7
🇮🇹 ItalyUniCredit82.9
🇧🇪 BelgiumAnheuser-Busch InBev59.2
🇸🇪 SwedenInvestor B51.3
🇫🇮 FinlandNordea Bank39.8
🇳🇴 NorwayEquinor22.3
🇦🇹 AustriaErste Group Bank19.8
🇮🇪 IrelandKerry Group15.9
🇵🇱 PolandPKO Bank15.7
🇱🇺 LuxembourgArcelorMittal11.5
🇵🇹 PortugalEDP Energias de Portugal8.2

The UK’s AstraZeneca ($211.7 billion) and Denmark’s Novo Nordisk ($202.6 billion)—two heavyweights in the pharmaceutical space—take up the next spots.

On Sale: Favorable Valuations

Investors commonly use forward price-to-earnings (P/E) ratios to measure stock or index valuations. The ratio compares a company’s current stock price to its expected earnings per share over the next year. A lower forward P/E ratio indicates a less expensive market valuation.

IndexForward P/E ratio
STOXX Europe 60014.1
STOXX USA 50021.7
STOXX Asia/Pacific 60014.8

The STOXX Europe 600 has a P/E ratio below its peers. Its P/E ratio sits at 14.1 versus 21.7 for the U.S. and 14.8 for Asia-Pacific.

Defensive Tilt: Sector Weightings

Another key difference between the STOXX Europe 600 and its U.S. and Asia-Pac counterparts is its defensive sector tilt. This positioning helps the index deliver steadier performance during periods of economic uncertainty and slowdowns.

SectorSTOXX Europe 600STOXX USA 500STOXX Asia/Pacific 600
Financials22.6%11.2%22.1%
Industrials18.1%12.5%20.1%
Health Care14.3%10.8%6.9%
Consumer Discretionary10.2%14.8%18.6%
Consumer Staples8.9%4.6%5.1%
Technology8.1%33.9%7.4%
Energy5.5%3.8%1.4%
Basic Materials4.1%1.4%6.3%
Utilities4.0%2.7%2.2%
Telecommunications3.0%2.3%5.4%
Real Estate1.3%2.2%4.7%

The STOXX Europe 600 has higher weighting of healthcare (14.3% versus 10.8% for the U.S. and 6.9% for Asia-Pac), consumer staples (8.9% versus 4.6% and 5.1%), and utilities (4.0% versus 2.7% and 2.2%).

Learn More About the STOXX Europe 600

The STOXX Europe 600 is the defining benchmark for European equities. And, beyond the headline index, there are several other indices in the STOXX Europe 600 constellation investors can consider, including ones that focus on banks, ESG leaders, small-caps, and blue chips.

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Find Out More About the STOXX Europe 600

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