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Iran update : The US and Iran exchanged fire in the Persian Gulf, jolting a fragile four-week-old ceasefire. The American military fought off attacks as it facilitated the passage of two US-flagged vessels through Hormuz. Donald Trump said the war may last another two to three weeks in comments to Salem News Channel, US intelligence indicates limited new damage to Iran's nuclear program, >>> Trump has boxed himself into a corner, blockade doesn't work, operation 'freedom' once again turns into an active war, so is the blockade really.. can't really win from a military point of view... he hasn't got any time, Iran has..same old..as discussed before, risk real shortages are kicking in now slowly but surely Markets : EU will add new goods to the anti-deforestation law, including palm-oil-based soap and soluble coffee, RBA hiked as expected, Chevron’s CEO has just told the world that physical shortages in oil supply will begin appearing, Philippine April inflation print was nasty: 7.2% - highest in 3years, Prime Minister Mark Carney makes a VERY compelling case for a closer union between Canada and Europe >>> AI premium-valuations vs rest of the world in markets continues... looks way overdone (nothing really new!), looking for a correction in Mai though. JPY in play, could well keep USD on soft side too, PM's look relatively cheap again from here, Brent is still 105+ China helps Zimbabwe make history: First lithium sulfate produced on African soil Swiss lawmakers seek to fast-track UBS capital decision as debate begins Yesterday, China ordered its companies to ignore U.S. sanctions on Iranian oil, days before the Xi-Trump summit and in direct defiance of Treasury warnings >>> the era of U.S. financial bullying is over The EU is in talks with Anthropic about getting the bloc’s companies and banks tested for any vulnerabilities identified by the firm’s Mythos AI model Carney : “We are an energy superpower - the 3rd largest oil producer, 4th largest in natural gas, largest hydro renewable base. We’re committed to addressing climate change while providing reliable, affordable energy to our citizens and partners.... We’re here because of the moral and security imperatives of our cooperation...” U.S. launches mission to guide ships through the Strait of Hormuz; Iran threatens attacks US strikes Iranian fast boats as Iran attacks UAE oil facility Attacks on U.S. Warships in Strait Test Trump’s Desire to End Iran War - WSJ Macron casts doubt on Trump’s Hormuz operation as France-US gap grows - AL-MONITOR: The Middle Eastʼs leading independent news source since 2012 (1) Saudi Arabia’s Diplomatic Masterstroke - Global21 Brussels bans Chinese inverters from EU-funded power projects connected to European grid | South China Morning Post Foreclosure Filings Hit Six-Year High as Insurance and Tax Costs Squeeze US Homeowners | the deep dive US Foreclosure filing jump to 6 year high, as more homeowners fall behind on mortgage payments, per WSJ. Foreclosure rates are up 26% YoY with Florida and Texas topping the nation — driven by rising property taxes, insurance costs and debt strain of US homeowners, per ATTOM Australia hikes rates again and warns inflation will stay higher for longer Jane Street employees paid $9.4bn in 2025 Swiss lawmakers seek to fast-track UBS capital decision as debate begins | Reuters China-backed miner makes history as Zimbabwe exports first battery-grade lithium product | Business Insider Africa Politics In The U.K. on X: "Farage’s £5M gift — of which £800k was, by all indications, funnelled through his foreign national girlfriend to fund his Clacton house. https://t.co/UIhirszQpj" / X Depressing but a lot of it is true if not most of it !! a little bit far fetched.. maybe but.. Ricardo on X: "This Wall Street insider just exposed the secret doomsday escape plans of AI billionaires. 1 in 3 billionaires has a fully funded plan to abandon civilization when things collapse. They meet their pilots at Oakland airport, board a Gulfstream 650, fly to New Zealand, and https://t.co/2AObQmLZyX" / X Palantir (PLTR) Q1 earnings report 2026 European Commission is in contact with Anthropic on Mythos, Dombrovskis says | WSAU News/Talk 550 AM · 99.9 FM | Wausau, Stevens Point Mario Nawfal on X: "🇺🇸 🇮🇷 Chevron's CEO just put it bluntly: oil shortages are starting, Europe is canceling flights over jet fuel, the U.S. is next on the price hike list. 77% of Americans already blame Trump for high gas. That number's about to get worse... https://t.co/ekELSxSAxS" / X

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

Pure Value Metrics AG is a Global Equity Asset Manager based in Pfäffikon Switzerland specializing in Trusts Pure Value Metrics: Bespoke Managed Account Solutions Through managed accounts, with the assets held legally in your name at a Swiss bank custodian, we provide comprehensive tailored asset management solutions and innovative multi-family office services, including trusts. 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 US Foreclosure filing jump to 6 year high / China defies US sanctions / Jane Street / UST 30y 5.01% ! / Hormuz still focus 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' Media Apperances PVM CIO on CNBC PVM & Bloomberg on Global Macroeconomics Please reach out to discuss your requirements Contact us / Visit our office

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.