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Iran Updates : Trump : we were going to escort the ships...then..US officials claim Trump didn't mean US would escort ships through the Strait of Hormuz but guide them to safe passages without any underwater mines, more importantly : China's Ministry of Commerce just officially declared it will not recognize, implement, or comply with US sanctions on Iranian oil purchases Markets : The real energy-oil shock is 3 to 4 weeks away, Spirit airlines is the first casualties in the industry, Moskow hit by drones, TSLA 'most successful CON', Crude $100+ still >>> markets been pumped into April, AI had a massive push again + techs, a correction coming in Mai, very most likely as the 'real' energy shortages start, JPY defo worth a play, it has been way overdue (IF inflation is too high, and it is in Japan, either hike or manufacture currency higher - or both), seems MoF is going to force JPY higher for a bit....if that's so 7-10pct move should be on the card, otherwise 'why bother'.. >>> might want to consider shorts in CROSSJPY's too.. Jensen says Nvidia now has 'zero percent' market share in China — says US export policy 'has already largely backfired' #GOLD #silver : Wall Street is finally catching up. Here are the latest 2026 gold & silver price targets (Thread) Mark Carney just nailed it: Countries that rushed into dodgy deals with the US under Trump got deals “not worth the paper they were written on.” Ford CEO Jim Farley: We should not let Chinese EVs into the US. He said, "It's the most humbling thing I've ever seen. They have far superior in-vehicle tech." Morgan Stanley has again raised its capex forecasts for the five hyperscalers (Thread) Saudi Arabia has come to view Israel and its actions as a threat to regional security and sees the UAE’s alignment with Israel in a poor light Tesla is the most successful CON in the history of capital markets (Thread) Oil market one month from crunch point as global stockpiles dwindle – The Irish Times JPY intervention – unilateral or joint will be key | articles | ING THINK USD/JPY forecast: Japanese yen outlook after the $35 billion BoJ intervention Banks seek to offload risk to avoid ‘choking’ on data centre debt How the Iran war is reshaping Saudi strategy: From Hormuz and Houthis to the UAE’s OPEC exit | Chatham House – International Affairs Think Tank Jensen says Nvidia now has 'zero percent' market share in China — says US export policy 'has already largely backfired' | Tom's Hardware Moscow shaken by drone strike — Explosions just 6 km from Kremlin | RBC-Ukraine What does Spirit Airlines' shutdown mean for travelers? Resource Alpha on X: "Wall Street is finally catching up. Here are the latest 2026 gold & silver price targets: Gold: - J.P. Morgan: $6,300 - UBS: $6,200 (bull case $7,200) - Wells Fargo: $6,100 – $6,300 - Deutsche Bank: $6,000 - Goldman Sachs: $5,400 - Steve Hanke: $6,000 – $7,000 **Silver https://t.co/qUbwyF8mLO" / X Holger Zschaepitz on X: "Morgan Stanley has again raised its capex forecasts for the five hyperscalers Amazon, Alphabet, Meta, Microsoft, and Oracle. It now expects them to spend about $805bn this year, up from a previous estimate of $765bn. For next year, the forecast has been lifted from $951bn to https://t.co/PkboNQ8PD0" / X 🇨🇳 Liu Feng 刘锋 on X: "BREAKING: China's Ministry of Commerce just officially declared it will not recognize, implement, or comply with US sanctions on Iranian oil purchases. Five named Chinese refineries sanctioned by Washington for buying Iranian crude: 🇨🇳 Hengli Petrochemical (Dalian) 🇨🇳 Shandong https://t.co/6A5uxDvMDV" / X (24) The Fed just changed hands - The new chair is a hawk. | LinkedIn On May 15, Jerome Powell hands over the keys. The man who held rates steady through an oil shock, a diplomatic collapse, and four internal rebellions is done. Kevin Warsh cleared the Senate committee on Friday. He thinks rates should be higher. George Noble on X: "Tesla is the most successful CON in the history of capital markets. Not because the cars are bad. But because the entire business is engineered to impress on first glance and collapse under scrutiny. And the culture around it has made facts completely IRRELEVANT. I've never https://t.co/5NnQQqTQoK" / X Rare bear sighting in Swiss valley - SWI swissinfo.ch

Belgium plans to nationalize all the country's nuclear power reactors, and says that plans to decommission the plants are now "halted with immediate effect." #URA Markets : U.S. Jobless Claims plunge to 189,000, lowest since March 1969,The national debt just exceeded 100% of GDP for the first time since 1946, JPY intervention confirmed by FM #USDJPY 160 top (JPY was helped with crude sell-off !..), U.S stocks best month since 2020, Iran's supreme leader vows to protect nuclear and missily capabilities!... >>> crude is still $105+, markets on highs (overdone..!), Iran-U.S far form clear, let alone over, hard to see real solution from recent comments >>> reduce risk from here, USD had a nice/usual sell-off into month-end, worth squaring up a little too JP Morgan calling out the potential for 2027 interest rate hikes: "We continue to look for a Fed on hold this year, with the next move a firming later next year." PTJ : "If you buy the S&P at this current valuation, the 10-year forward returns are negative when you buy with the S&P P/E of 22. That's what history shows." BoE Gov. Bailey: Monetary policy cannot prevent higher global energy prices from affecting UK economy and inflation, quite!.. The sheer volatility of energy prices makes it impossible to put probabilities on different scenarios ECB: will closely monitor situation, follow data-dependent and meeting-by-meeting approach to monetary policy stance >>> Lagarde's hawkish signal: "we are certainly moving away from our baseline". The unanimous decision to remain on hold was based on "insufficient information, but a rate hike was also discussed today. Deutsche Bank just projected gold at $8,000. Central banks have added 225 million ounces since 2008 while dollar reserves dropped from 60% to 40%. China. Russia. India. Turkey. Saudi Arabia. UAE. All buying. If gold hits just 40% of central bank reserves — Deutsche Bank's model says $8,000. China Signals First Nuclear Supercarrier, A New Era at Sea U.S. Debt Tops 100% of GDP - WSJ Iran's leader vows to protect nuclear and missile capabilities | AP News US stocks hit record highs in Wall Street’s best month since 2020 Yen surges as Japan reportedly intervenes to counter currency weakness Trump Eyes More U.S. Oil Output as Iran War Squeezes Supply | OilPrice.com ECB Sources: June Rate Hike Very Likely as Governors Debate Further Tightening ECB governors discussed the required amount of policy tightening on Thursday. Several governors believe at least two rate hikes may be needed unless the war ends and Brent crude falls quickly Some policymakers reportedly pushed for a hike on Thursday, but were willing to wait until June Sources say a June rate hike is very likely, with broad agreement on the need to move Apple shares rise after strong earnings beat | News.az FDA proposes excluding Novo, Lilly GLP-1s from compounding list Eli Lilly Foundayo prescriptions: 20,000 people taking drug, Ricks says Bull Theory on X: "BREAKING: Japan just confirmed a massive Yen-buying intervention. Last time the Bank of Japan sold US dollars to save the Yen, global markets crashed brutally. But this time it is even worse. Today they are dealing with two problems at the same time. Japan's 10 year bond https://t.co/kHvgv8YLgS" / X Belgium enters exclusive talks to take over ENGIE’s nuclear fleet Defence Index on X: "⭕🇬🇧🇪🇺🇷🇺 UK Builds New Naval Alliance to Counter Russia in Europe’s North The United Kingdom is forming a unified maritime force with nine European nations under the Joint Expeditionary Force (JEF) to deter potential threats from Russia across the “open sea border” in Northern https://t.co/gbLcXmV6Iw" / X Sam Badawi on X: "PAUL TUDOR JONES ON BUYING THE S&P 500 RIGHT NOW: "If you buy the S&P at this current valuation, the 10-year forward returns are negative when you buy with the S&P P/E of 22. That's what history shows." Jones called the 1987 crash before it happened. He's not predicting a https://t.co/Sz7awktBny" / X Defence Index on X: "⭕🇨🇳 China Signals First Nuclear Supercarrier, A New Era at Sea China is hinting at its first nuclear powered aircraft carrier, a potential 110,000+ ton supercarrier capable of operating 100+ fighter jets. If realized, this would mark a major leap from conventional carriers, https://t.co/7fKyNsgXdb" / X

FOMC was deeply divided for Jerome's last meeting, Iran clouds outlook on inflation, 4 dissenters, 2 wanted go vie up the dovish bias and 1 only wanted to cut, 10's UST yields 4.42%, and 30's at 5% now.. Iran update : US Central Command has prepared a plan for a “short and powerful” wave of strikes on Iran, likely including infrastructure targets, according to the Axios report, Brent hit a wartime high above $123, Trump earlier told the news outlet that he would not lift his naval blockade without a nuclear deal Markets : The longer Hormuz stays closed, the more of this $14T in USD that will return home to the US to bid for US oil, gas, & grains, markets now pricing in a 50% chance the Fed will raise rates by April 2027, META-MSFT earnings reports had a lot of red flags on the capex outlook.. >>> World Gold Council: 95% of central banks expect to increase their gold reserves in 2026 Germany now produces more ammunition than the U.S. Rheinmetall boosted artillery output from 70K → 1.1M rounds/year Key takeaways from Powell’s last meeting as Fed chair | CNN Business Federal Reserve Board - Federal Reserve issues FOMC statement Iran’s Guards Seize Wartime Power, Blunting Supreme Leader's Role No Way Out: Why Permanent Damage to Persian Gulf Oil Wells Begins Now – NaturalNews.com Ukraine war latest: Russian helicopters struck in Russia's Voronezh Oblast, Ukraine's elite drone unit says Germany can now make more ammunition than the U.S. says defence giant boss The Real Reason France Took All Its Gold Back from the U.S. | Andy Schectman & Michelle Makori Bank of America’s Michael Hartnett says commodities could dominate the rest of the decade. BlackRock is moving away from the 60/40 portfolio. Capital is rotating into: gold miners, copper, uranium, energy. Gold squeezed between safe-haven allure, rate fears as underlying demand holds Where to now for OPEC after shock UAE exit? – The Armchair Trader Why Warren Buffett's cash hoard looks wise — and Greg Abel must tread carefully Mercedes-Benz Q1 2026 earnings: Profit drops as China sales fall Mercedes-Benz Q1 Results Revenue -5% Profit -17% Margin -44% The margin is now only at 4%. Mercedes-Benz has announced plans to reduce its global production capacity by more than 10% to approximately 2.2 million units in order to achieve cost savings....it's tough out there UBS entlässt und entlässt – Schuld sei Keller-Sutter – Inside Paradeplatz Burnham: Labour needs to change course after local elections Microsoft tops Q3 estimates, says AI business up 123% year over year Amazon (AMZN) Q1 earnings report 2026 Alphabet earnings send the stock higher. The company just posted massive cloud growth. - MarketWatch Meta Q1 2026 earnings report Meta down 7%, Google up 6% after hours, AMZM and MSFT not much into it

Asset Management Using our unique relative value based Investment Matrix we build portfolios with superior analytical metrics, compared to mainstream equity indices. We currently have two different Portfolio offerings; firstly our classical Long only Global Equity model (suitable for all investors), and a Multi-Asset Class model, designed to generate additional alpha (suitable for Professional and Institutional clients only). We deliver discretionary portfolio management through individually segregated accounts held in your name. This flexible mandate empowers you to complement our core PVM Investment Matrix Portfolio by actively incorporating listed securities of your own selection. PVM Global Equity Long Strategy Type Long Only Global Equity Suitable for All Investors Focus Absolute return/low risk Minimum Investment 150k CHF 2025 Performance 2026 Performance (30. April) +21% +3.6% Performance over 10 years +102% More PVM Global Multi-Asset Strategy Type Multi-Asset Class Suitable for Qualified Investors Focus Absolute return Minimum Investment 250k CHF 2025 Performance 2026 Performance (30. April) + 26% +2.6% Performance over 10 years +170% More Our Investment Philosophy Investment Matrix Fundamental Design In 2015 we developed our dynamic Investment Matrix consisting of many fundamental variables, designed to identify value opportunities within Global Equities. Our Investment Matrix is constructed to identify and establish sustainable value. There are many reasons why that value may also not be sustainable, such as changing consumer sentiment or spending more on share buybacks than current cashflow permits, the PVM Investment Matrix reacts to these changes. Algorithmic Processes Systematic Throughout We utilise proprietary algorithmic screening, with a high degree of automation, to analyse the global equity universe, monitor our Clients' Portfolios, and identify new opportunities. Furthermore, we use algorithmic execution tools when buying and selling our clients' portfolios, where appropriate. Qualitative Rationale Deeper Understanding Driven by deep analysis of balance sheets and employing further levels of qualitative analysis, results in a thorough understanding of the companies we invest in. We consider factors, such as; the mix of Goodwill and Intangibles to Net Equity, tracking deviations from recognized Accounting Standards and taking a broader view of the global economic landscape. Robust Returns, less Risk Better Together The combination of quantitative systematic analysis, overlaid with qualitative reviews and active management within clearly defined parameters, results in an investment model which is both robust and not easy to replicate. Stable returns are achieved by taking less investment risk, at higher valuations. Investment Process We believe that an uncompromising investment process is a key component in delivering consistent returns.

Pure Value Metrics AG is a Global Equity Asset Manager based in Pfäffikon Switzerland specializing in Trusts Welcome to Pure Value Metrics Pure Value Metrics: Bespoke Managed Account Solutions We provide managed accounts, with the assets held legally in your name at a Swiss bank custodian, alongside innovative multi-family office services, trusts, and comprehensive tailored asset management and trading solutions. Relative Value investing anchored by detailed balance sheet analysis PVM is a Swiss based asset manager for Global Markets, with a unique Investment Matrix dynamic portfolio selection process, which involves targeting single value stocks and then taking a deep dive into their balance sheets for financial robustness and then assessing their relative value both against their competitors and themselves, to determine the investment entry and exit point. PVM BITs BLOG Our daily round-up of Global Macro Market Trends and insightful news topics are offered with a free subscription Subscribe Blog China : ignore U.S sanctions / #JPY in play / GOLD targets from WS firms / Ford CEO on Chinese EV's / Hormuz still U.S Debt/GDP : 100% / Belgium goes back to nuclear / JPY intervention confirmed / ECB : hawkish tone / SPX 'overbot' META, MSFT 'capex red flags' / Brent hits $125 overnight / FOMC deeply divided, 10's UST yields 4.42% and 30's 5%.. Media Apperances PVM CIO on CNBC PVM & Bloomberg on Global Macroeconomics Please reach out to discuss your requirements Contact us / Visit our office