There are a few reports on Société Générale’s view doing the rounds.

2026 index could reach 6,900 by year-end

• a potential range of 6,500-7,250 if re-rating occurs in a rate-cutting environment
• say rate cuts from the Federal Reserve could push the index above 7500 in 2026 and into bubble territory

SG cite positive impacts from:

• lower oil prices
• “The One Big Beautiful Bill”
• less stringent regulations
• fiscal spending globally
• duplication of supply chains
• nominal EPS should continue to grow higher

SG expect the USD to continue weakening, sending EUR/USD to 1.2:

• “weakening in the USD looks set to continue until Fed rates are in the 3-handle and/or the yield curve (2s10s) is closer to 100bp.”