ENGLISH TEXTS the international stage, customs duties dominated the month’ s headlines. Japan and then the European Union accepted tariffs of 15 % with their American partner, a lesser evil compared to the threat of 30 %. But this new“ tax” will drive up the price of exported goods and thus undermine European and Japanese competitiveness. Financial markets are already reacting, and will continue to react positively, once this tariff saga ends; because once tarifs are set( barring yet another reversal), they will be able to assess the true cost of this new risk. For the time being, earnings publications have been solid on both sides of the Atlantic. One third of the companies listed in the S & P 500 have reported their Q2 results, and the vast majority( 83 %) exceeded consensus expectations. In Europe, 146 companies listed in the Stoxx Europe 600 released their results, and about 60 % also surpassed expectations. This trend will, of course, need to continue, but one must also consider that the impact of tariffs will only be felt starting in August. The Chinese situation, where President Xi Jinping is increasingly less visible, raises questions without causing alarm. The Chinese economy remains more dependent than ever on stimulus and budgetary support, particularly to cope with the headwinds of“ deglobalization” blowing from American power. On the conflict front, a new though sporadic clash has appeared on the edges of the Indochinese jungles, along the border between Cambodia and Thailand, two lands home to the famous Asian elephant. An Asian proverb says:“ When two elephants fight, the grass is trampled; and when they make love, it is no less so.” This proverb would work just as well for equines. A word to the wise, especially for Europe, caught between the two economic mastodons that are the United States and China.
SALES
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VICKI GIBBINS’ CHRONICLE
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OVERVIEW OF SALES ACROSS THE GLOBE
FASIG-TIPTON SARATOGA SELECT YEARLING SALE 4 / 5 AUGUST Fasig Tipton’ s Saratoga Select Yearling Sale broke all records during the 104 th renewal, exceeding previous highs for turnover, average and median prices – the first time the sale had achieved a turnover of $ 100,000,000. These achievements were highlighted by the sale of the $ 4,100,000 Into Mischief colt, who became the most expensive yearling purchased since 2000 at the sale. Out of the Grade 2 placed mare Stellar Sound, the colt hailed from the same family as numerous Grade 1 winners like George Vancouver and General Assembly, attracting the attention of Coolmore / White Birch Farms who signed the docket. Into Mischief was also responsible for the second highest-lot of the sale, a colt out of the Grade 1-placed mare Lady Kate, selling to Resolute Bloodstock for $ 3,000,000.“ It was a remarkable two days,” said Fasig-Tipton President Boyd Browning.“ We’ ve been selling at Saratoga for 104 years, so it’ s not an overnight sensation. It’ s the culmination of many years of hard work and sweat. We try to work hard and do the right thing and on nights like these it all comes together like magic.”
AUCTAV AUGUST SALE JEAN-PIERRE DUBOIS 13 AUGUST It was a successful private sale of Jean Pierre Dubois’ stock, with top-lot Helenium selling for 600,000 euros to Quirke Bloodstock on behalf of Coolmara Stables. An un-raced Juddmonte mare, Helenium is out of the Group-winning Helleborne, making her a half-sister to Coventry Stakes( Gr. 2) winner Calyx and the Listed scoring Coppice. She was not the only eye-catching broodmare on offer, with fellow Frankel mare Frisella fetching 390,000 euros. From the same family as Kingman,
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