Markets : Inflation on many everyday items was entirely due to tariffs, NY Fed says, They risk hitting 6% for the first time since 2000, according to Pimco. (FT), OpenAI’s revenue is reportedly $20 billion less than previously projected (cracks start appearing), Apple cuts iPhone 18 Pro orders due to soft demand, THE EUROPEAN UNION trade chief began his mission to China yesterday—but soon got a shock, and it now starts of course 'Lagarde signals ECB ready to counter unwarranted market dynamics'.... (might well calm things down for a while mind...) >>> look for risk of USD peak, Yields 'topping', GOLD, Silver, PALL, XPT lows and likely, possible decent rally from here, BTC etc...reversal of what's been going on last 4-6 weeks in particular.. PIMCO - The world's biggest bond fund just said the US 10yr yield could hit 6% Trump said the US would “not be attacking Iran” before November’s midterms, citing productive talks between the two countries. Oil fell, Iran reiterates it has "full control" of the Strait of Hormuz China is set to resume exports ‌of petroleum refined products after a brief halt during its Golden Week holiday, a move that will help ease tight global diesel, gasoline and jet fuel markets. UK fiscal strategy faces pressure as O’Neill urges smaller budget buffer over tax rises BMW withdraws its offer of company cars to AfD politicians FT: SoftBank is in talks with senior Gulf figures, including in the UAE, to raise up to $100B for a fund that would buy companies and apply AI and robotics to their operations. The Toll Booth Economy. Thoughts on the Overnight News Saudi authorities say 3 killed in attacks on Riyadh airport claimed by Houthi rebels | AP News Ukraine War, Day 1,688: 33 Murdered In Russia's Strike on Minibuses in Kramatorsk - EA WorldView Without tariffs, inflation on goods would have fallen: New York Fed Treasury yields steady, Trump takes diplomatic tone on Iran OpenAI’s revenue is reportedly $20 billion less than previously projected BMW stoppt Dienstwagen-Angebot nach Wahl von AfD-Politiker - 20 Minuten This doesn't sound too rosy either Nvidia-backed Firmus eyes $3B funding after scrapping $5B IPO: report (NVDA:NASDAQ) | Seeking Alpha Starlink: Why Elon Musk is taking on Mukesh Ambani and Jio over satellite internet Apple Cuts iPhone 18 Pro Component Orders by 15% | MarketScreener Fort Hood attacker's execution by firing squad will be livestreamed, Pentagon says China to resume October fuel exports after holiday pause, sources say | Reuters Nury Vittachi on X: "THE EUROPEAN UNION trade chief began his mission to China yesterday—but soon got a shock. It started well enough, with Maroš Šefčovič meeting EU companies in the Asian country. “Day one in China, with one goal: begin rebalancing our EU-China unsustainable trade deficit,” the EU https://t.co/Sv40RZ2HHq" / X Labour wins Holborn and St Pancras by-election after Keir Starmer's resignation as Polanski vows to stay as Green leader UK fiscal strategy faces pressure as O’Neill urges smaller budget buffer over tax rises Will El Niño and the polar vortex bring snow to the UK this winter? - BBC Weather

Markets : Middle East oil exports recover to pre-Iran war levels, US 30-year bond yield just hit 5.7% for the first time since 2002, 10's USt auction last night 'steady' with 30's auction ce soir (follow here : Live US Debt Monitor ), FED minutes 'hawkish unity' >>> Since Bessent made his "I am the house" comment: - Yen ¥153 → ¥158 - US 10yr rates 4.79% → 5.35% - US 30yr rates 5.22% → 5.72%...just can't beat that !.., USD stays firm, risk in general struggling (EU lagging), JPY 'FED used Treasury Funds to support YEN in joint intervention' Debt : The extra interest France pays vs Germany is at its HIGHEST since the euro debt crisis 16 years ago. China now borrows cheaper than America. A lot cheaper. For 2 decades the US 10yr yield sat below China's. That flipped coming out of Covid (chart available), The "AI Big 10" now accounts for a record 42% of US stock market cap (Thread : that's a lot of eggs ion the same basket..!), The 3 companies are seeking blockbuster debt deals to pay for AI Chips. Apollo, Blackstone and Goldman Sachs are among the lenders in talks to finance megadeals worth tens of billions of dollars apiece UK : (here we go...) Welfare review delayed until after budget, Equinor says it may stop investing in UK if oil and gas fields do not get go-ahead France does not need ECB's help at present, says Bank of France head Moulin....humm not the kind thing one CB head should be saying.. The EU is preparing so-called safeguard measures that would limit imports of Chinese hybrid vehicles into the bloc in a bid to improve the trade relationship Back me or face crisis, Meloni warns ahead of secret vote over electoral overhaul-FT For the first time in eight years, military representatives from all 32 NATO member states have arrived in kiev, according to Admiral Giuseppe Cavo Dragone. It's not Ukraine vs. Russia It's NATO vs. Russia Europe is preparing to end veto abuse by future members. New members will temporarily lose their voting rights if they abandon EU values. Bessent now... Bessent downplays worries on rising yields, AI bubble concerns Scott had a message for markets in an interview with Axios, as some benchmark Treasury yields sit at their highest in more than two decades. He said the recent rise in yields was in line with global trends and didn't warrant consternation, and that the key is to keep the long view, you really can't make this up better than he does..!!... Fed Used Treasury Funds to Support Yen in Joint Intervention - Bloomberg US government bonds steady after strong 10-year Treasury auction Barchart on X: "U.S. Debt will rise to 175% of GDP within 30 years, warns the Congressional Budget Office 🚨 🚨 https://t.co/tCkhFEUD5t" / X Fed minutes suggest that more interest rate hikes could be necessary to calm persistent inflation Broadcom, Oracle, and SpaceX pursue blockbuster debt deals amid AI buildout - WSJ Middle East oil exports recover to pre-Iran war levels Meloni’s electoral reform faces final parliamentary hurdle Welfare review delayed until after budget Equinor may stop investing in UK if oil and gas fields do not get go-ahead ...Unusually strong intervention from Norways Equinor - from whom UK buys 50% of its gas Badenoch vows to end inheritance tax on family homes France does not need ECB's help at present, says Bank of France head | Reuters Marcos Agustín on X: "🇪🇺 No new Orbán in the EU. Europe is preparing to end veto abuse by future members. 🔸New members will temporarily lose their voting rights if they abandon EU values. 🔸 The EU also wants greater use of qualified-majority voting, including on sanctions. 🔸 Orbán repeatedly https://t.co/wVfKD1xwwC" / X Golden naked Trump statue unveiled at European Parliament Don't think it' s the kind of gold statue that he likes.. Prince Harry and Meghan Markle handed brutal verdict over UK security | This is Oxfordshire The Kobeissi Letter on X: "BREAKING: The "AI Big 10" now accounts for a record 42% of US stock market cap. This includes Magnificent 7 stocks as well as Broadcom, $AVGO, AMD, $AMD, and Micron, $MU. This figure has more than doubled since the 2022 bear market low. By comparison, during the 2000 Dot-Com https://t.co/F9QzpRkeus" / X

Zurich airport breaks single day passenger record Markets : Fed eyes AI, tariffs, energy for inflation outlook (Axios), BOJ's dovish dissenter signals support for future rate hikes, India hiked 25bps to 5.5%, Trade deficit hits $105.6 billion, widest since just before Trump tariffs enacted last year, The AI Bubble is nearing a bursting point (Dalio), A reversal in the AI trade could be triggered by several factors, including safety concerns that lead to tighter regulation: Temasek, Ireland cuts energy taxes in budget to appease voters >>> rates stay slightly firm(er), USD follows, risk holding up on AI (rates don't matter for now, AI insensitive to rates, will keep raising as returns are far in excess of said rates, but one day the music will stop dead - Grundlach, fwiw very much agree with him..) JPMorgan is marketing a $5B Volta loan at roughly that yield, funding 36,000 Nvidia GPUs and a data centre in Norway Shell CEO Wael Sawan on the new conversation around energy: “I think there's a recognition once again that you cannot have national security without energy security. You cannot have an industrial or an economic strategy that is not underpinned with a solid energy strategy.” >> most definitely correct ! France's appetite for 'magic money' has turned into a debt bomb / WSJ Google is reportedly close to a $1 billion+ deal to buy nuclear power from Constellation Energy, and it could be announced as soon as this week Russia's Finance Ministry announced on October 5 that it will increase FX and gold purchases to five times the September level between October 7 and November 6 China shut down a record 670 banks in 2025, and nearly a quarter of its banking system has disappeared in just four years Federal Reserve watches AI, tariffs, energy for inflation risk BOJ's dovish dissenter signals support for future rate hikes | Reuters Indian central bank hikes rates for first time since 2023 Irish Budget cuts heating oil carbon tax as industry renews VAT challenge | Fuel Oil News Russia's Finance Ministry Increases Foreign Exchange and Gold Purchases Five-Fold on October 5 | Gate News Zurich airport breaks single day passenger record - SWI swissinfo.ch Similar picture globally... In Interview, Vance Says Iran Must Cut Enrichment To End War | HuffPost Latest News Is SpaceX’s $40 billion Nvidia deal the next big test for AI debt markets? - Global Markets News | The Financial Express A 2 page memo with a few pictures, we need $40bn thanks Ray Dalio warns AI bubble is nearing its bursting point as rates rise Singapore's Temasek warns of the ‘biggest risk’ facing markets Traders Reload Bets on Ever Higher Bond Yields After Brief Jolt - Bloomberg Trade deficit hits $105.6 billion, widest since just before Trump tariffs enacted last year India joins global rate-tightening wave with first hike in nearly 4 years | Reuters China closed 670 banks in 2025 in major financial consolidation JPMorgan Dangles 11% Yield on Volta’s $5 Billion AI Loan Sale Why Is War Fever Spreading in Europe? - by Martin Gurri France’s Appetite for ‘Magic Money’ Has Turned Into a Debt Bomb - WSJ Student riots engulf France as Le Pen vows fiscal turnaround Google, Constellation near deal for nuclear power, Bloomberg News reports | Reuters Bull Theory on X: "🚨 THE FED IS NOW GETTING SERIOUSLY WORRIED ABOUT THE PRIVATE CREDIT MARKET. The New York Fed has reportedly gone into JPMorgan, Wells Fargo, Barclays and Morgan Stanley to examine their exposure to private credit firms, including the quality of the collateral backing those https://t.co/D0M750JNM2" / X Gold set for fresh record on strong precious metals sentiment – The Armchair Trader

Relative value asset management for global assets. PVM's Investment Matrix combines balance-sheet analysis with peer comparison to identify entry and exit points. 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 Global Equity Suitable for All Investors Focus Absolute return/low risk Minimum Investment 150k CHF 2025 Performance 2026 Performance (30. Sept) +21% +6.3% Performance since Jan 2016 +109% 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. Sept) + 26% +13.4% Performance since July 2015 +194% 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 is a Global Asset Manager based in Switzerland. We also provide Multi-Family Office Services specializing in Trusts for International investors. Unique Relative Value investing supported by detailed balance sheet analysis Pure Value Metrics Switzerland For Swiss and International Clients, we provide comprehensive tailored asset management and innovative multi-family office services, including trusts. We facilitate multi-generational capital appreciation solutions. 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. Latest Monthly Client Report PVM BITs BLOG Our daily round-up of Global Macro Market Trends and insightful news topics are offered with a free subscription Subscribe Blog Burnham's big EU summit coming up in Nov! #GBP ! / Global bond markets sell-off, credit markets warnings equity world Crude softer=Fixed Income relief 'rally', USD softer, GOLD higher, USDJPY back lower / UK's Burnham open door to EU AI leaders meet Trump, as Anthropic >> OPENAI >> NVDA / JPN-U.S coordinate on JPY / Germany-EU budget ultimatum Media Apperances Please reach out to discuss your requirements Contact us / Visit our office