Underlying Asset Performance: The performance of the companies within the MSCI Europe index, which PEU.PA tracks, directly impacts its price. Positive performance drives the ETF price up, and vice versa.

Supply and Demand: Higher demand for PEU.PA pushes its price up, while increased selling pressure lowers it. Market sentiment and investor appetite play crucial roles.

Euro Exchange Rate: Fluctuations in the Euro's value against other currencies, especially the trading currency, affect the ETF's price for international investors.

Expense Ratio and Tracking Error: The ETF's internal costs (expense ratio) and how closely it mirrors the MSCI Europe index (tracking error) influence its overall value relative to the index.

Dividend Yield: Dividend payouts from the underlying European companies contribute to the ETF's total return and indirectly affect its attractiveness and price.

Market Sentiment: Overall investor confidence or fear in the European stock market impacts PEU.PA's price, even if underlying companies perform consistently.