ENGLISH VERSION
( transition, diversification of the energy mix, reliance on nuclear power, etc.), while the United States has meanwhile become the world’ s leading oil producer thanks to the shale oil and shale gas revolution. Financial markets are currently reacting mechanically to fluctuations in the price of a barrel, like the crack of a whip, even though in recent times quarterly corporate earnings have also played a role in market movements. However, volatility indices for equities( VIX) and interest rates( MOVE) have respectively returned to their pre-war levels before the outbreak of the conflict with Iran( 17 and 70). This now means that Iranian risk is properly priced in by the markets. Recent corporate earnings reports show that companies have remained resilient, although the first quarter only included one month of war( March). On the interest-rate front, this is obviously where the current crisis could have long-term constraining effects. Indeed, the foreseeable inflationary surge is affecting 10-year interest rates. Thus, the French 10-year OAT is once again approaching the 4 % level, while its US equivalent is already flirting with 4.5 %. This rise in rates could lead central banks to raise interest rates in order to break this inflationary momentum. This is what the ECB indicated on 30 April, even as it decided to leave its rates unchanged at that meeting. In this context, investors should hold short maturities on bond issues in order not to take on too much duration risk … in other words, shorten the distance of the race. While artificial intelligence still occupies centre stage on global stock markets, the space industry is also fuelling every fantasy. The IPO of SpaceX continues to feed rumours, with Elon Musk already having organised confidential meetings with analysts to convince them of his company’ s astronomical valuation: $ 1.75 trillion!
SALES
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A GLOBAL OVERVIEW OF SALES AROUND THE WORLD
BY VICKI GIBBINS
ARQANA BREEZE-UP SALE – 9 MAY The Arqana Breeze-Up Sale enjoyed a bumper year in 2025, and whilst the statistics did not reach the same dizzying heights in 2026, the sale remained tremendously popular. With top lot achieving 1.1 million euros, compared to the previous renewal’ s 1.9 million, the average dropped to 188,656 euros from 202,832 euros, but still notably higher than sales in the last ten years. Anthony Stroud signed the docket for the highest-priced Lot of the sale, a Sioux Nation filly out of Listed winner Porthilly.“ She comes from a very good establishment, from whom we have already bought some very good horses, including Zanthos and Vandeek,” he said.“ The filly did a very good breeze, and we’ re delighted to have bought her.” A speedy son of Kingman was expected to be popular in the ring and he was purchased by bloodstock agent Michael Donohue, for 850,000 euros. Out of the Group-placed mare Ship Of Dreams, the colt hails from the family of Group 1 German-bred performer Shirocco.“ He’ s a very good-looking horse, by an exceptional stallion,” said Michael Donohoe.“ His brother, that is trained by Joseph O’ Brien, looks very promising and made a big impression when winning his maiden. This colt was highly recommended by Brendan Holland, and he ticks all the boxes. His dam is by Lope de Vega, that is a remarkable broodmare sire. We’ ll give him the time that he needs and he looks like he could become a real classic prospect next year. International interest was notable at this year’ s renewal of the sale and a son of Oscar Performance was purchased with Hong Kong in mind. Trainer David Eustace and bloodstock agents Will Douglass and Billy Jackson-Stops paid 700,000 for the colt, who is related to Group 1 winner Naaqoos.“ We were looking for a horse that would have the profile for the Hong Kong Derby, and he really stood out,” said Eustace.“ He moves very well, has scope,
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