ENGLISH TEXTS
sharp correction, reminding investors that commodities are subject to genuine volatility. At the same time, this led to a strengthening of the dollar, or rather a stabilization around the 1.18 – 1.19 level. We must not forget the famous phrase of Secretary of the Treasury John Connally:“ The dollar is our currency but your problem.” This encourages portfolio managers to diversify their basket of currencies around our reference currency( the euro), without regularly betting on the dollar’ s lack of credibility. Indeed, all commodities remain denominated in U. S. dollars. Emerging countries therefore represent an investment alternative, although here again a cautious approach must be adopted. Thus, the Indonesian stock exchange has just been warned by the AmÉrican index provider MSCI that it was suspending certain listings and might also downgrade the country to“ frontier market” status. Risks therefore do exist in these countries as well, which is why one must enter these high-potential assets at the right price. Attention should also be paid to the luxury sector following a disappointing report from LVMH, which reminded investors that 2026 would also be a challenging year. Kering, for its part, appears to have made a solid start to its restructuring. After a strong start for stock indices, particularly in the United States, it is reasonable to think that a period of calm may occur across certain asset classes.
Geopolitical conflicts( especially the recent situation in Iran) continue to raise fears of a disruption in oil supplies through the Strait of Hormuz. This therefore argues for remaining invested in oil stocks, which continue to be companies with sound balance sheets capable of paying generous dividends. As an example, TotalEnergies is posting a net yield of 5.5 % this year.
SALES
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A GLOBAL OVERVIEW OF SALES AROUND THE WORLD
BY VICKI GIBBINS
TATTERSALLS FEBRUARY SALE – 5 / 6 FEBRUARY The two-day Tattersalls February Sale ended with three lots achieving 100,000 guineas or over, including the second-highest priced colt in the sale’ s history – Space Invasion. The purchase of Space Invasion emphasised the international popularity of the mid-winter sale with buyers from twenty different countries featuring. The three-year-old colt, consigned by Richard Hannon’ s East Everleigh Stables, is a two-time winner and was purchased for 230,000 guineas by Sackville Donald on behalf of Sheikh Isa. The son of Space Blues will head to Bahrain in the care of Daniel and Claire Kubler.“ Sheikh Isa is very keen to support Daniel and Claire Kubler, who’ ve had a very good start in Bahrain,” said Alastair Donald, from Sackville Donald.“ A couple of the horses we bought at the sale in October have looked pretty exciting for them in Lord Montague and Up The Pace. Bahrain is a very progressive racing jurisdiction and has an exciting future, and Sheikh Isa has been very pleased with the start Daniel and Claire have made there.“ There’ s a flight at the end of February so this horse can get straight over there. The advantage with the Kublers is that they still have their horses in Lambourn, so they can keep him going there and then he can run in Bahrain in March, when there’ s still a couple more series races that he’ d qualify for.“ He’ s a good-looking horse with ideal fast ground conformation. He’ s shown a good turn of foot, and the horse he beat easily last time made 100,000 guineas yesterday.” The sale concluded with another three million guineas turnover, a similar amount to 2025, despite eleven less lots sold.
GOFFS FEBRUARY SALE – 11 / 12 FEBRUARY The Goffs February Sale achieved incredible results in 2026, with a 63 % increase in turnover, 37 % rise in the average price and 48 % improvement in the median. Breeding stock was a popular entity, with the Aga Khan Studs’ draft achieving good prices. Shamalza, a four-year-old daughter of Lope De Vega, fetched
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