ENGLISH TEXTS
Italy has long experienced. The German philosopher Friedrich Nietzsche theorized the necessity of change when he wrote:“ The belief that nothing changes comes either from poor eyesight or from bad faith. The first is corrected, the second is fought.” In France, nothing seems to change in the trajectory of public finances and every retreat from courageous but necessary decisions will only make the adjustments more painful when they must eventually occur. On equity markets, the rebound since the Liberation Day mini-crash in April allows investors to show generous performances, especially in light of a gloomy macroeconomic context and unresolved conflicts( Israel / Gaza and Ukraine / Russia), despite so far unsuccessful attempts at peace negotiations and ceasefires. Valuation multiples of U. S. and European equities still show a significant divergence in favor of Uncle Sam. Indeed, the 2025 P / E of the MSCI USA index stands at 25.2x, while that of MSCI Europe stands at 14.7x. Looking at earnings forecasts between two other major indices, the S & P 500 and the Stoxx 600, one can also see a divergence in growth prospects for 2025: 10.7 % versus 1.9 %. In contrast, estimated earnings growth is close in 2026(+ 13.3 % vs. + 11.4 %), even with the heavy weighting of U. S. technology stocks. Europe appears, as so often, undervalued despite the presence of quality listed companies
and an improving earnings momentum over the 2025 – 2026 period. Potential shocks to French stocks after the Prime Minister’ s resignation should open a new window of opportunity on the CAC 40. As they say at the racetrack: place your bets!
SALES
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VICKI GIBBINS’ CHRONICLE
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OVERVIEW OF SALES ACROSS THE GLOBE
TATTERSALLS SOMER- VILLE YEARLING SALE – 2 SEPTEMBER The Tattersalls Somerville Yearling Sale is enjoying increasing prominence on the yearling calendar, represented in 2025 by exciting juveniles A Bit Of Spirit and Havana Hurricane. This year’ s renewal achieved a new record average of 34,254 guineas with two lots achieving an equal high sale-price of 160,000 guineas. It was another success for the Norris Bloodstock draft, who had sold Havana Hurricane in 2024, as their Havana Grey filly topped the sale. Bought by Rabbah Bloodstock’ s Jono Mills, the 160,000 guineas purchase is out of a multiple Black Type winning mare.“ She is a very nice horse, by a very exciting stallion, reared by a great farm and near the pick of the fillies today,” commented Jono Mills.“ She is a balanced, attractive horse, and we are hopeful she will be a proper two-year-old.” Bloodstock agent Anthny Bromley has enjoyed success at the Somerville sale, purchasing three-time Group 1 winner Bradsell, and he signed the docket for the other sales topper: a Dark Angel colt out of the useful sprinting mare Measure Of Magic. The early foaling date of 3 January was an attraction to buyers looking for an early-season juvenile in 2025, with purchaser Phil Cunningham saying:“ I think this is the earliest foaling date of one I have seen! The optimistic trainer tells me he will be our first runner next year.” It appeared a successful move by Tattersalls to reduce the sale from two days to one, with a clearance rate of 90 %.
BBAG YEARLING SALE – 5 SEPTEMBER Godolphin signed for the BBAG Yearling Sale top lot at 750,000 euros, with the Brummerhof draft proving popular. The Sea The Stars filly, out of German Champion Three-Year-Old Filly Novemba, successful in the German 1000 Guineas( Gr. 2), was always going to be popular and representatives from both Amo Racing and Al Shira’ aa were involved in the bidding process. The same draft wielded an excit-
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