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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

FOMC : could the message be 'rate cuts off the table for long while' Iran update : Trump Tells Aides to Prepare for Extended Blockade of Iran. The president prefers decisive victories, but none of the available options provides him with a swift exit from the conflict Markets : JPM on AI data center spending. Eye-popping projections (Thread), The U.S. wants to ban China’s High-Tech cars (can't compete fast enough..), Gold reserves have eclipsed adjusted dollar reserves, big earnings day after the bell (AMZN, META, Google and MSFT), China's Real Estate Market has erased all gains from the last 20 years, Hedge fund repo borrowing is now up to a record $3.4 trillion (Thread) >>> regular question coming through "If oil prices are above $100/barrel and the Iran War isn't over, why are stocks at record highs?"... let's see how goes after FOMC (no cut for longer ?..partly expected mind) and MAG4 earnings after the bell ! >>> we've had a huge rally since early April, worth considering a hedging trade from here! #SPX500 #QQQ Jamie Dimon today: "The way it's going now, there will be some kind of bond crisis.", he added that 'credit downturn will be worse than people think', he is the head of the largest U.S bank after all.. UAE says it's leaving the OPEC oil cartel from May 1. "... Following its exit, the UAE will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions..." >>> pretty clear they want to pump more oil over time..Iran War amplifies UAE isolation and rift with Saudis Wall Street banks boost Treasury holdings to highest level since 2007 Iranians Feel the Pain as Their Economy Descends into a Death Spiral. Businesses are closing, unemployment is soaring, and food is increasingly unaffordable. (WSJ) King Charles to President Trump: “Indeed you recently commented, Mr. President, that if it were not for the United States, European countries would be speaking German. Dare I say that if it wasn't for us, you'd be speaking French” The Fed’s Rate Cuts Are On Pause. But Are They Also Off the Table? - WSJ One of the more memorable lines of Jay Powell's tenure came almost exactly two years ago when he dispatched a question about stagflation. Inflation had been steadily improving, the economy was solid, and the premise was far enough removed from reality that Powell quipped, "I don't see the 'stag' or the 'flation,' actually." Fast forward to this week. Powell's last meeting as chair caps a stretch in which the parallel to the 1970s isn't as easy to dismiss. The focus this week—aside from the looming "regime change"—will be on a quiet committee debate over whether to admit that rate cuts are off the table Trump claims King 'agrees' Iran shouldn't have nuclear weapon in White House banquet speech - live updates - BBC News Options Brief - Mag 7 earnings on deck - 28 April 2026 | Saxo Bank Switzerland Jamie Dimon warns of 'some kind of bond crisis' ahead as global debt risks build Trump tells aides to prepare for extended blockade of Iran Wall Street banks boost Treasury holdings to highest level since 2007 Iran’s economy was in a dire state before the war. Now millions face job losses and poverty | CNN Robinhood shares fall as Q1 earnings and revenue miss estimates Robinhood stock crashes -8.5% after-hours as the company reveals it will cost $100 million to integrate Trump Accounts. UAE Quits OPEC Amid Iran War, Shaking Global Oil Order – Outlook Business (1) Iran War Amplifies UAE Isolation and Rift with Saudis The U.S. Wants to Ban China’s High-Tech Cars, but They’re Already Here in El Paso - WSJ The Kobeissi Letter on X: "BREAKING: Hedge fund repo borrowing is now up to a record $3.4 trillion. Repo borrowing is a form of short-term financing where hedge funds pledge Treasuries as collateral to borrow cash, allowing them to make levered bets. Repo borrowing has more than TRIPLED since 2019. https://t.co/YCWTcEDHcp" / X Brian Sozzi on X: "JP Morgan on AI data center spending. Eye-popping projections: "Data center capex among the top 4 U.S. cloud service providers continues to trend higher for 2026 following the last update, as the industry continues to see investments in AI and related infrastructure https://t.co/EY8ykZm9kr" / X Ben Norton on X: "This bombshell report shows how the US government buys black market gold from violent Colombian drug cartels, but falsely claims the gold originated in the US. Ironically the US government designated these cartels as terrorist orgs, as it buys their gold. https://t.co/Pzv04Oainn https://t.co/gwU7Br928z" / X Vote on June 14: Poll shows majority in favor of the SVP's 10 million Swiss initiative | blue News UBS profits rocket 80% to $3 billion for first quarter beat Lukas Ekwueme on X: "Gold reserves have eclipsed adjusted dollar reserves. Our financial system is changing before our own eyes. Gold is quickly regaining its spot at the center of our financial system. This means increasing competition for dollars/US Treasuries at a time when the US is spending https://t.co/MTSRbpel8Y" / X

Iran update : The White House is weighing Iran’s latest proposal but maintained “red lines” on any deal to end the war. The WSJ reported that Donald Trump and his advisers were wary of Tehran’s offer, particularly regarding the country’s nuclear program, Trump not happy with latest Iran proposal to end the war (NYT and WSJ), Iran's latest proposal would set aside discussion of Iran's nuclear program until the war is ended and disputes over shipping from the Gulf are resolved, US being ‘humiliated’ by Iran, says German Chancellor Friedrich Merz Markets : South Korea surpassed the UK to become the world’s eighth-biggest stock market, small miss for Novartis, BoJ 'expected hawkish hold', government bond yields are set to stay higher for longer (Blackrock), GS warns on software stocks again, U.S. Farm bankruptcies surge +46% as fertilizer costs squeeze Farmers, Semiconductor Stocks are now trading at a 60x PE, the richest valuation since the Dot Com Bubble (after the best month in 25years.. (..flow of momentum funds is insanely fast!..but once the hyperscalers throw in the towel on CapEx...it's over again).. >> hawkish FOMC; ECB, BoE expected (hikes priced!), Bank of England could surprise given split vote, markets on all time highs and crude is still $100... PM's softer (new opportunity to long coming), USD not doing much, CROSJPY's on highs with higher yields overall and no BoJ surprise.. (hike maybe in June... expected) Canada’s Prime Minister Mark Carney today: “Many of our former strengths, built on our close ties to the US, have become weaknesses. The US has changed.” “We’re deepening our partnerships with the EU, the Nordic countries, and Australia.” NYT: Europe is preparing for a long war with Russia as the US has effectively withdrawn from peace negotiations/thread Goldman Sachs saying there is another cliff for software stocks to fall off of. From today: "We expect the debate around AI disruption, and therefore uncertainty about many companies' terminal value, will persist for at least several quarters. The threat of disruption will likely represent a persistent overhang until the later stages of AI adoption. In the meantime, disproving this disruption narrative is challenging. For investors to have confidence in the long-term impact of AI, it will require more evidence of where AI is impacting earnings, which could take several quarters if not years." US being ‘humiliated’ by Iran, says German Chancellor Friedrich Merz Tymofiy Mylovanov on X: "NYT: Europe is preparing for a long war with Russia as the US has effectively withdrawn from peace negotiations. 15 months ago Trump promised to stop the war in one day. Today analyst James Sherr: “We find ourselves largely where we began in the negotiations.” 1/ https://t.co/v07YrqaXFI" / X China Opens Government Bond Futures Trading to Foreign Investors - Bloomberg Bank of Japan holds rates, raises inflation outlook | News.az BlackRock says higher government bond yields are here to stay Oil giant Shell agrees to buy Canada’s ARC Resources for $16.4 billion Swiss government looking at replacing Microsoft South Korea braces for an end to modern life as we know it South Korea passes UK to become world's eighth-largest stock market | World News - Business Standard Revolut targets $200bn valuation for IPO | Sifted Novartis Q1 profit misses expectations as sales fall on generic headwinds By Investing.com Over 16,000 Claude users worry AI will take their jobs, finds Anthropic – Firstpost ‘Kiss of death’: how the US killed a Swiss merchant bank - SWI swissinfo.ch she actually predicted the future ... Anonymous on X: "Karoline Leavitt "It will be funny, it will be entertaining, there will be some shots fired tonight in the room. Everyone should tune it, it's gonna be really great!" Yes, she actually said this 👆 https://t.co/rgoM5QzUr2" / X Hedgeye on X: "U.S. Farm Bankruptcies Surge +46% as Fertilizer Costs Squeeze Farmers: The American Farm Bureau Federation reported 315 Chapter 12 bankruptcy filings in 2025, up from 216 in 2024 and the third consecutive annual increase. The Midwest got hit hardest with 121 filings, a +70% https://t.co/dRhRbrPL9B" / X

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 (end March) +21% +3.5% 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 (end March) + 26% +1.6% 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 works with a broad selection of Global clients including, Family Offices / UHNWI, Corporates and Private Investors to offer innovative Multi-Family Offices Services, including Trusts with the Geopolitical Security of the assets in Switzerland, Asset Management and Trading solutions. Relative Value investing anchored by detailed balance sheet analysis PVM is an asset manager 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 META, MSFT 'capex red flags' / Brent hits $125 overnight / FOMC deeply divided, 10's UST yields 4.42% and 30's 5%.. Extended blockade?.. WTI $100+ / JPM's Dimon on credit / BIG earnings after the bell tonight / FOMC : cuts off table ..? WTI $100 still & SPX500 on all time highs / Semis on a 60x PE / FOMC, ECB and BoE meetings up next, BoJ 'as expected' Media Apperances PVM CIO on CNBC PVM & Bloomberg on Global Macroeconomics Please reach out to discuss your requirements Contact us / Visit our office