| Everyone loves a party, especially when the gifts add up to €20 billion. This year’s edition of “Choose France” — Emmanuel Macron’s signature annual drive to drum up foreign investment – has brought in a record haul, with Revolut planning a €1 billion spree and Netflix Inc. targeting local content. The overall economic tune is not exactly upbeat, with consumers and firms bracing from a US tariff hit. Still, with France clawing back a semblance of political stability and American exceptionalism starting to wobble, investors are dancing. France remains attractive for those looking for access to the European market and strong engineering talent; its nuclear-powered grid is also a draw for artificial intelligence. Revolut’s expansion is a notable show of support at a time when executives in the cryptocurrency world are worried about their personal safety after some high-profile kidnappings. One tech executive even told me that he had sold his crypto holdings for personal peace of mind. Yet every party has a guest or two who fails to turn up. The pharmaceutical sector, one of Trump’s potential tariff targets, has been conspicuously stepping up its spend on the other side of the Atlantic. Last week, Sanofi pledged to invest at least $20 billion in the US through 2030 – a number that is uncomfortably close to cancelling out the gains unveiled by Macron in Versailles. Last year, the number of pharmaceutical manufacturing investments in France from abroad fell 42%, according to EY, which flagged the pressure to outsource to cheaper production centers.  An employee at Sanofi lab in Compiegne, France, Photographer: Antoine Antoniol And then there’s the moment of awkwardness when the punch bowl starts to run dry. In December, statistics agency INSEE warned that between 2018 and 2020, French companies had moved more skilled-labor activity abroad and brought back less skilled activity onshore. EY data also suggests that France is losing ground to the UK in terms of headquarter locations, financial-sector investment and job creation in research and development. While a top complaint is France’s high cost of labor, this should also be a call to action to integrate Europe’s capital markets to unlock more return on investment and growth opportunities for firms. A €20 billion announcement is certainly good news in the current environment. But with consumer confidence deteriorating in May and geopolitical stability no longer a given, the fight to “Choose France” is going to get harder – and will require a lot of self-improvement to win. LVMH is warning investors and analysts that demand remains soft after the luxury conglomerate missed revenue estimates for the first three months of the year, people familiar with the matter told us. The company has lost its place among Europe’s top five listed companies. France and Saudi Arabia are working on a proposal to disarm the Iran-backed militant group Hamas, according to people familiar with the discussions. The International Monetary Fund says France will achieve the smaller deficit it aims for this year but must be ready to make further significant efforts in the future to tackle rising debt. Macron said he wants to keep building a strong economic relationship with China, but insisted French companies had to also benefit from fair competition in both countries. Bernard Arnault urged the European Union to hold constructive talks with the US as the French billionaire questioned the course of current negotiations. Nvidia Corp. and Abu Dhabi investment vehicle MGX are partnering with French firms to establish what they say will be Europe’s largest artificial intelligence data center campus near Paris. Monday: Macron starts five-day trip to Vietnam, Indonesia, Singapore Tuesday: French May preliminary CPI inflation; TotalEnergies CEO Pouyanne speaks at National Assembly hearing on re-shoring Wednesday: French 1Q final GDP and total payrolls; April consumer spending and PPIs; STMicro holds AGM Friday: S&P scheduled France rating update Step inside billionaire John Caudwell’s renovated 41-unit luxury housing residence on the South of France: Hotel Provencal.  A computer-generated rendering of Le Provençal, with its showpiece pool. Photographer: Caudwell | 
