The divergence highlights a wider pattern: Europe is increasingly absent from the top tiers of the global stock market. Semiconductor equipment company ASML, now Europe’s most valuable firm, ranks only 28th, with a market cap of about €345 billion. Novo’s collapse has pushed it down to 75th, and with a market cap of €185 billion, trillionaire talk looks more distant than ever. Even though Europe and the US have similar-sized economies, there is no competition when it comes to stock market importance. The US now accounts for 72.7 per cent of the MSCI World Index, compared to with just 2.6 per cent for Europe’s biggest stock market, France.

Source: The Irish Times November 17, 2025 14:57 UTC