As the world becomes more divided and unpredictable, countries are shifting their focus back to producing things at home. It is creating a potential tailwind for European stocks. Three European stocks to watchØrsted A/S (Copenhagen: ORSTED) is the largest energy company in Denmark and a global leader in the development, construction and operation of wind farms. Our second European stock is ACS Group, or Actividades de Construcción y Servicios (Madrid: ACS), a Spanish company providing construction and related services. Long-term public-procurement contracts predominate in this area, making Thales a potential recipient of Europe's defence-spending splurge.