Amundi ETF weekly pulse Europe equities

Weekly Pulse 18 September 2026

MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY

Central banks dominated newsflows over the week1. The US Federal Reserve (Fed) hiked rates for the first time since 2023 and the Bank of Japan (BoJ) followed suit. Oil prices spiked mid-week at over $100/bbl before retreating, while equity markets ended largely flat to slightly negative. Flows2 were mainly directed into US equities (large cap) and world exposures. In fixed income, the focus was on USD aggregate and government debt.

EUROPEAN EQUITIES FLOWS UP THE PACE CONFIDENCE BOOST FOR EUROPEAN EQUITIES UCITS ETFs flow momentum:  Rotation back into European equities: European Cumulative net new assets (21-day rolling window) growth has proved more resilient than expected 15 despite persistent inflation. Flows have rebounded EUR bn since June and the strategic autonomy theme could 10 add a structural earnings catalyst.  Strategic autonomy in Europe – a well- 5 diversified3 thematic play: Strategic autonomy promotes European competitiveness, and more 0 aligned economic and industrial policies, that extend well beyond defence issues. -5 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26 Related indices Europe US Stoxx Europe 600 NTR Source: Amundi, Bloomberg. Data as at 17/09/2026. Past performance is not a MSCI Europe Screened Select ex Thermal Coal Net EUR4 reliable indicator of future performance. Euronext European Strategic Autonomy NR

FLOW TREND MONITOR: UCITS ETF MARKET EVENT CALENDAR (21/09 – 25/09/2026) UCITS ETFs cumulative net new assets (21-day rolling window) US: Aug new home sales & building permits, Aug (P) 50 Durable goods orders, Sep (F) University of Michigan EUR bn 40 Sentiment, FOMC members to speak at various events 30 Europe: France Sep (P) S&P global manufacturing PMI, 20 Sep manufacturing confidence, Germany Sep IFO 10 business climate, Sep (P) S&P global manufacturing 0 PMI, Germany to hold state elections in two Laenders -10 China: Chinese president Xi to meet with D. Trump Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26 Equities Fixed Income Commodities ➔ Central banks’ language will be under scrutiny after Source: Amundi, Bloomberg. Commodities includes flows into ETCs. Data the recent rate hikes, along with oil price direction and as at 17/09/2026. Past market trends are not a reliable indicator of future the impact on inflation expectations. ones. For illustrative purpose only, may change without prior notice. Amundi ETF Investment & Product Strategy Our latest Weekly Pulse Date Ross Finlayson (Head) Olivier Genin (Deputy) On the edge of inflation 11/09

Ida Troussieux Michael Stewart Navigating the US yield curve 04/09 Responsible investing in World equities 28/08 Sofia Santarsiero Roxane Philibert US equities: Little room for error 21/08 Théo Bolival Memory and data centre in the AI cycle 17/07 Duration management in USD IG credit 10/07 1. Source: Amundi, Bloomberg as at 18/09/2026. Past market trends are not a reliable indicator of future ones. Investment involves risks. For more information, please refer to the Risk section at the end of the report. 2. Flows data are based on weekly observation for US and EU domiciled funds and ETFs between 11/09/2026 and 17/09/2026, source Amundi, Morningstar. 3. Diversification does not guarantee a profit or protect against a loss. 4. Information on Amundi’s responsible investing can be found on amundietf.com and amundi.com

1 – ETF Investment & Product Strategy - Weekly Pulse - 18 September 2026 Amundi ETF

MARKETING COMMUNICATION - FOR PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS

Confidence boost for European equities European equities have been back in investors’ focus since late June. Growth across the region has proved more resilient than initially anticipated, holding up despite persistent underlying inflation pressure that has prompted a cautious approach from central banks. Valuations remain compelling relative to the US and flows have reversed decisively since June.

Europe's strategic autonomy agenda - spanning defence, energy independence, and technology sovereignty - is also emerging as a structural growth driver with direct earnings implications. This…