ENGLISH TEXTS
ECO
HORMUZ: A DEEP STRIKE
BY IGOR DE MAACK
The blockade of the Strait of Hormuz now appears to be the focal point of tension and potential discussions between the Americans and the Iranians. Every piece of good or bad news concerning it causes oil prices to fall or rise, simultaneously triggering declines or increases in global stock markets. This conflict brings volatility, uncertainty and a loss of economic activity. After a sharp surge to nearly $ 120 per barrel, black gold is now trading between $ 90 and $ 100 per barrel, continuing to act as a drain on the purchasing power of Western and global consumers. This conflict in the Middle East is not the first, but attempting to determine its impact or outcome remains perilous. The announcement of a two-week truce between the United States and Iran should allow the start of negotiations under Pakistan’ s auspices and open a new, less unfavorable phase for financial markets. With oil remaining persistently high over a prolonged period, European economies( notably France and Germany) could lose between 0.5 % and 1 % of growth carryover, while inflation levels could rise by 1 to 2 percentage points. Long-term interest rates( 10- year) were already reflecting these scenarios, as in France they were approaching the 4 % threshold compared with 3.3 % at the beginning of March. In the United States as well, these same rates had risen by 40 basis points to reach 4.4 %. Donald Trump’ s communication remains an enigma and the war has already cost him $ 30 billion, or 0.1 % of U. S. GDP. Investors around the world must therefore rely on past experience. To define their trading strategy, they notably use the expression TACO(“ Trump Always Chickens Out”), meaning that Trump always backs down or negotiates rather than following through on his principled and / or warlike intentions. This was the case, in particular, with tariffs after 08 / 04. The U. S. midterm elections, often unfavorable to the incumbent power, are approaching( November 2026), and Donald Trump’ s electoral goodwill will erode as gasoline prices rise for American drivers. This deadline could therefore compel the U. S. President to opt for a definitive negotiation, especially as there are other straits to protect in the region, notably Bab el-Mandeb, which links the Red Sea to the Gulf of Aden off the coast of Yemen. Energy remained the only sector in positive performance territory in Europe since 27 / 02. A gradual return to global stock markets should begin thanks to this truce and the upcoming negotiations. Furthermore, two themes seem interesting to include in a medium-term allocation:( 1) European infra- structure and( 2) the revival of the nuclear industry.
EQUICER
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CAP 2026: OVERVIEW OF SUP- PORT AVAILABLE TO EQUINE FARMS
For professionals in the equine sector, access to support under the Common Agricultural Policy( CAP) represents a significant economic lever. For the 2026 campaign, eligibility is based on two fundamental pillars: carrying out a genuine agricultural activity and being recognized as an“ active farmer.” This condition requires being a farm manager( or a contributing associate), insured under ATEXA, and not having claimed retirement rights if over the age of 68.
Keys to the first pillar: the importance of BPS entitlements. The system largely relies on holding Basic Payment Scheme entitlements( BPS). To activate first-pillar support, it is essential to hold at least 0.1 BPS entitlement. As a reminder, one entitlement corresponds to 1 hectare. These rights can be obtained via the national reserve( for young or new farmers) or through transfers between transferor and transferee. Once these entitlements are activated through eligible land use, additional support becomes available: the redistributive
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