ENGLISH TEXTS
- can be achieved simultaneously , especially if the Federal Reserve does not lower interest rates ( which Jerome Powell has so far maintained unchanged ). However , in an open capitalist economy , confidence in the future remains paramount for consumers and investors , just like the determination of a jockey pushing his horse towards the final stretch . That is precisely what the new administration aims to instill , ensuring that the world continues to finance the machine that is America Inc ., either by purchasing U . S . Treasury bonds or investing in American stocks . The U . S . will thus continue acting as a giant vacuum for global liquidity . Meanwhile , in France , the economic situation is worsening with little reaction from public authorities . The country entered a brief recession in the fourth quarter of 2024 , although the year still ended with GDP growth of 1.1 %, largely thanks to the Olympic Games . Unemployment ( a lagging indicator ) has risen by nearly 4 %, bringing the rate to 7.4 % of the active population . The approval of the budget remains as precarious as ever , and the possibility of another parliamentary dissolution next summer cannot be ruled out . However , the rebound of the CAC 40 , which had previously hit unprecedented lows in valuation and relative underperformance , has been remarkable . In just one month , it has regained almost 10 %, while the Nasdaq has only risen by 2 %. Of course , the performance gap over the past 3 , 5 , and 10 years remains significant ( 35 % versus 112 %), making it unthinkable not to hold American or at least dollar-denominated assets . This gap , however , is largely due to the wealth migration towards tech stocks , an area in which Europe and France lack representation , both in their stock indices and in their broader economic landscape . This tech-driven valuation boom , which has grown like a mushroom in peak season , is not immune to turbulence . The star of the financial markets , chip manufacturer Nvidia , lost 17 % of its market capitalization in a single day following the announcement of a Chinese competitor to ChatGPT ( Deepseek ), which could perform similar tasks at a lower cost and with greater capabilities . The American mustang is now being challenged by the Chinese snake ( the zodiac animal for this year ). This could be the title of a La Fontaine fable , but it is more reality than poetry .
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SAUDI ARABIA
HANNAH BAYCROFT ’ S CHRONICLE
SAUDI ARABIA , WORLD ’ S RICHEST HORSE RACE
It ’ s that time of year when all eyes turn to Saudi Arabia for the world ’ s richest horse race , and I had the opportunity to be in Riyadh for five weeks leading up to the event . From mid-December , I worked as a paddock reporter for the English-speaking channel , so here is my experience of horse racing in Riyadh . Since 2020 , some of the world ’ s top thoroughbreds , jockeys , and trainers have gathered at King Abdulaziz Racecourse in Riyadh for a two-day meeting . The main attraction is , of course , the Saudi Cup with an attractive purse of $ 20 million US dollars . The Riyadh racecourse hosts 62 race meetings from October to March with 3 action-packed days of racing held every week from Thursday to Saturday throughout the season . Each meeting consists of a 12-race card , 10 races for thoroughbreds and 2 for purebred Arabians . With Riyadh being the only horse racing venue at this time of the year , nearly every
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