Euronext Amsterdam:
semiconductors, energy, steel and finance in Europe's trading hub.

Euronext Amsterdam is home to some of the most globally significant cyclical stocks in Europe. ASML — the world's only manufacturer of extreme ultraviolet (EUV) lithography machines — is the most critical link in the global semiconductor supply chain. Shell is a supermajor oil company with a renewables pivot. ING is a pan-European bank. ArcelorMittal is the world's second-largest steelmaker. Together they offer cycle investors exposure to four entirely different global cycles from a single exchange.

The semiconductor capital equipment cycle — ASML

ASML occupies a unique position in global technology: it is the sole producer of EUV lithography machines — the equipment used to manufacture the world's most advanced chips. Without ASML, TSMC, Samsung, and Intel cannot produce cutting-edge semiconductors. This monopoly position means ASML's order book is a leading indicator of the global semiconductor capital expenditure cycle — typically running 2–4 years from trough to peak.

Energy and transition — Shell

Shell is one of the world's largest integrated energy companies — with oil and gas production, LNG trading, chemical manufacturing, and a growing renewables and power business. Its Amsterdam listing (following the simplification of its dual-share structure in 2021) makes it the primary way to access the oil cycle through Euronext. Shell's earnings are closely correlated with Brent crude and European natural gas prices.

Banking and rates — ING

ING Groep is a major pan-European retail and commercial bank with significant operations in the Netherlands, Belgium, Germany, Poland, and Australia. Like Swedish and Danish banks, ING's earnings are highly sensitive to the ECB interest rate cycle. Rising rates expand net interest margins; falling rates compress them. ING has a more digitally advanced retail banking model than most European peers, which provides structural cost advantages.

Steel and commodities — ArcelorMittal

ArcelorMittal is the world's second-largest steel producer — with operations across 18 countries and annual crude steel production of approximately 60 million tonnes. Unlike SSAB (which focuses on high-strength specialty steel), ArcelorMittal produces a broad range of flat and long steel products for construction, automotive, and packaging. Its earnings are more directly exposed to global commodity steel pricing than specialty producers, making it one of the most volatile large-cap steel stocks in Europe.