ENGLISH TEXTS ter poorly clearing a hurdle, it has broken the momentum of trust— first in growth, and now in consumption. Oil, now at $ 74 a barrel, acts as a brake. The VIX( stock market volatility index) remains relatively high( 19), reflecting investors’ fears. The situation regarding interest rates is no more reassuring. The MOVE index( interest rate volatility) is also at a level nearly twice as high( 90) as it was between 2020 and 2022. Long-term U. S. rates( 10-year yields) have started rising again over the past month, reaching 4.5 %. In France, and more broadly in Europe, consumers are also evolving in a“ war-like” environment: war against Covid, war in Ukraine, trade war. This war-like language does not create the right conditions for a rebound in household spending, despite the considerable savings amassed by the French and the eurozone’ s abundant trade surpluses( mainly due to Germany and Italy’ s positive primary budget balances). One might be tempted to advise taking advantage of the erratic market drops linked to trade tensions to buy back assets at low prices— but for now, such purchases can only be tactical. French small and mid-caps are showing better performance than large caps( CAC Mid & Small + 8.5 % vs CAC 40 + 5.5 %). With a measured appetite for European equities as an alternative to the currently less popular U. S. stocks, these could be a class of assets worth reintroducing into portfolios— especially after a long period of underperformance compared to American tech stocks.
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SALES
VICKI GIBBINS’ CHRONICLE
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OVERVIEW OF SALES ACROSS THE GLOBE
BBAG MIXED SPRING SALE 30 MAY Grosser Preis von Bayern( Gr. 1) and Deutsches S t Leger( Gr. 3) winner Tunnes topped the BBAG Mixed Spring Sale, purchased by Hans-Dieter Lindemeyer for € 75,000. A half-brother to Prix de l’ Arc de Triomphe( Gr. 1) winner Torquator Tasso, the sixyear-old has been bought as a stallion prospect and will reportedly stand at Gestuet Etzean, alongside Japan, Waldpfad and Amaron. With only twenty-one lots sold at the 2025 renewal of the sale, compared to the 52 lots in 2024, all statistics were down on the previous year. Average decreased by 9 %, median dropped by 7 % and turnover was reduced by 66 %
MAGIC MILLIONS GOLD COAST NATIONAL YEARLING SALE 1 / 2 JUNE Newgate Stud Farm’ s exciting stallion Extreme Choice dominated the Magic Millions Gold Coast National Yearling Sale, achieving top lot at $ 850,000 plus an additional two of the five highest-achieving lots. Standing at a 2025 fee of $ 330,000, the son of Not A Single Doubt became the fastest Australasian stallion this century to achieve five individual Group 1 winners. The top lot( Extreme Choice x Samarmeteors) equalled the all-time record for the Magic Millions Gold Coast National Yearling Sale, selling to Yulong Investments.“ He’ s a lovely colt and I know the team love the stallion and have already had great success through the exploits of their Magic Millions purchase Devil Night,” said Amy Feng, Yulong’ s representative in China.“ The opportunities don’ t come that often to buy a top colt by Extreme Choice. He was a standout on type and pedigree and I know Yulong will be excited to race him in their colours.” The sale contributed to an increased turnover from the 2024 renewal of the sale – from $ 8,382,500 to $ 10,387,000 – but the average was down approximately $ 2,000.
GOFFS ARKLE SALE 10 / 11 / 12 JUNE Part One of the Goffs Arkle Sale marked the first time a Two-Year-Old section had featured at the National
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