ENGLISH TEXTS
RODEO ON THE FINANCIAL MARKETS
Traditionally in financial markets, the bull represents prosperous periods of rising stock prices, while the bear symbolizes declining markets. It must be acknowledged that U. S. stock indices are breaking records in 2025— despite tariffs, despite Europe’ s sluggish economy, and despite ever more violent and intractable military conflicts. Today, the Nasdaq Composite shows an annual performance of + 16.4 % and + 108 % over three years. The CAC 40, for its part, is less prolific(+ 6.6 % year-todate and + 36 % over three years). Clearly, the United States benefits from the heavy weighting of technology stocks within its indices. Europe, by contrast, is almost devoid of them, and the CAC 40 has suffered from its heavy weighting in luxury stocks( over 25 % with LVMH, Hermès, and L’ Oréal)— sectors that now seem to be emerging from the rut. Gold continues to be idolized( like the golden calf denounced by Moses when he shattered the Tablets of the Law) by investors in U. S. dollars. Thus, the ounce of gold has gained 43 % since the beginning of the year, pushing its price above $ 4,000, a truly remarkable performance. In euros, the return is less impressive, as the dollar now stands at 1.17 per euro, compared to 1.03 at the start of the year. It seems increasingly difficult to regard as a safe haven a metal that, while precious, produces no cash flow and is denominated in a currency that has been weakened. This movement appears to reflect a loss of confidence in the purchasing power parity between currencies, stemming from a shock in the distribution of wealth caused by tariffs that hinder global trade flows. In France, debate is raging— both over the composition of the government and over budgetary choices. The sacred cows of public spending are as revered as the real ones in India. The declining demographics( France ranks 23 rd out of the 27 EU countries in infant mortality) and the reduction in productive working hours are no longer sufficient to finance a generous and spendthrift welfare-state model. As a result, the rating agency Fitch, unsurprisingly, downgraded France’ s credit rating to A +( from AA-). Long-term interest rates have risen— the 10-year yield reached 3.5 % before stabilizing. But it is above all the 30-year yields that have steepened the curve, with the 30-year OAT hitting in September its highest intraday level in 16 years( 4.5 %). In this context, the happy investor will be the one who knows his own limits— Γνῶθι σεαυτόν(“ Know thyself”), the maxim inscribed on the Temple of Apollo at Delphi. Some equity markets have performed well, long-term bonds offer attractive yields but carry duration risk. One must therefore position oneself between the two, without blinders: some equities that have underperformed( oil, European small and mid caps, etc.), and some short-term bonds offering reasonable yields with acceptable credit risk.
SALES
BACK TO ARTICLE
ARQANA ARC SALE – 4 OCTOBER The 2025 Arc Sale took place at
Saint-Cloud on Saturday evening, traditionally held on the evening before the Prix de l’ Arc de Triomphe( Gr. 1). With both Saturday Longchamp winners Cape Orator and First Look originally purchased at the Arc Sale, it was expected to be a lively renewal of the sale. Rabbit’ s Foot enhanced her reputation ahead of the evening with a strong third in the Prix Royallieu( Gr. 1) and was unsurprisingly popular amongst purchasers, achieving top lot with a sale price of € 625,000 to Michel Zerolo( Oceanic Bloodstock). Trained by Francois Rohaut, the daughter of Golden Horde had been successful during her three-year-old campaign, winning the Prix Caravelle – Haras des Granges-Fee( Listed) and placing in the Prix de Mallerat( Gr. 3). George Scott continued his excellent day, having won a first Group 1 in the Prix du Cadran, with the purchase of Al Aaali. A winner during his juvenile campaign, Al Aali had placed in Listed and Group company as a three-year-old for trainer Lucie Pontoir.“ I’ ve bought him for Fawzi Nass, that really liked his profile,” said George Scott.“ Winning my first Group 1 and having the opportunity to buy such a horse has made this a very special day.” Zabiari was another Saturday performer who went under the hammer in the Arc Sale, having finished fifth in the Prix Daniel Wildenstein( Gr. 2) merely hours earlier. Owned and bred by the Aga Khan Studs, the Francis-Henri Graffard-trained four-year-old had won the Prix des Chenes( Gr. 3) as a two-year-old and hails from the same family as Prix de l’ Arc de Triomphe( Gr. 1) winner Zarkava.“ He’ s a lovely
175 # 14