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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

Iran war update : Ceasefire between Israel and Lebanon for 3 weeks, says Trump, but Oil climbed for a fifth day on a lack of perceived progress between the US and Iran on resuming talks, with the Strait of Hormuz effectively remaining shut. Donald Trump’s social media posts and threats are hindering Tehran’s willingness to engage in peace talks, officials said, Israel and Lebanon will extend their ceasefire by three weeks, Trump said, creating space for broader talks and easing an obstacle to ending the US-Iran war-BBG, “The Strait of Hormuz will remain blocked until $11 trillion in frozen Iranian assets are released. If no proposal is presented within the next 48 hours, the ceasefire may end.” Abbas Araghchi >>> still remains a little shaky.. Markets : confusion, no resolution in Hormuz though for now, but it seems (we hope) they are trying to resolve 'some' issues..., crude prices disagreed yesterday though, equity sold off on some headlines yesterday, but back to where we were most of yesterday-all week, all pretty quiet in FX and bonds, CHF slightly weaker this week (turn?), big MAG7 earnings next week, DeepSeek V4 chatters too Ex-Brexit boss says Britain should rejoin EU after 'failed promises' Saudi Arabia Blocks a Major U.S.–Israeli Regional Project, Tel Aviv in Turmoil DeepSeek unveiled its V4 Flash and V4 Pro AI models, pitching them as its most powerful open-source systems to rival OpenAI and Anthropic Microsoft plans first-ever voluntary employee buyout for up to 7% of U.S. workforce Russia sold 22 tons of gold in Q1 2026 — nearly 40% of all the net gold it bought across the previous six years, as Crude revenues collapsed (no longer in Q2..) GS : This Time is Different (from 2022) — The Impact of Higher Energy Prices on European Manufacturing Industries Trump: “I took a lot of heat for saying drugs were going down 500%, 600%, 700%. But we also say sometimes 50%, 60%, it’s a different kind of calculation, and people understand it better.”....ok then #GBP Ex-Brexit boss says Britain should rejoin EU after 'failed promises' Polish PM questions whether US is ‘loyal’ to Europe’s defence Japan core inflation accelerates after five months as Iran war stokes energy worries Dow CEO says clearing the Strait of Hormuz logjam will take almost a year There you have it : The Tennessee Holler on X: "“Are you concerned about insider trading on these prediction markets re: the war?” TRUMP: “The world is a casino. It is what it is.” 🤷🏼 And there you have it, folks! https://t.co/9fy5Z7T9CV" / X (1) I Flagged Every Trade - by Peter Girnus "$2.1 billion in perfectly timed oil bets across five presidential announcements in six weeks. Every one flagged. Every report filed. Every committee briefed. Bottled water: sparkling. Minutes: distributed. Zero prosecutions in fourteen years Peter Girnus 🦅 on X: "$2.1 billion in perfectly timed oil bets across five presidential announcements in six weeks. Every one flagged. Every report filed. Every committee briefed. Bottled water: sparkling. Minutes: distributed. Zero prosecutions in fourteen years. I pulled the case files. https://t.co/pBjk9rITkY" / X Earnings next week ! Mag 7 Earnings Preview April 2026 | Saxo Bank Switzerland DeepSeek Releases DeepSeek V4-Pro & V4-Flash, Delivers GPT 5.4 & Opus 4.6-Level Performance At Fraction Of The Price Microsoft plans first voluntary retirement program for US employees China pulse 🇨🇳 on X: "UNUSUAL High‑Impact English Translation Saudi Arabia Blocks a Major U.S.–Israeli Regional Project, Tel Aviv in Turmoil Saudi Arabia has effectively halted a massive Israeli‑American trade corridor initiative, triggering intense frustration in Tel Aviv. Riyadh refused to https://t.co/fPyHA7VWU2" / X ...US Treasury Secretary Scott Bessent said a number of allies in the Gulf region and in Asia have requested currency swap lines from the United States to help deal with energy shocks and other fallout from the Middle East war.... Bulgaria’s Kremlin-friendly ex-president wins election in landslide | CNN This Time is Different (from 2022) — The Impact of Higher Energy Prices on European Manufacturing Industries

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 WTI $100 still & SPX500 on all time highs / Semis on a 60x PE / FOMC, ECB and BoE meetings up next, BoJ 'as expected' DeepSeek V4 / MSFT / Trump : 'the world is a casino' / MAG7 earnings next week / Israel-Lebanon ceasefire 3weeks RFK Jr.. / China sold crude / Kevin Warsh : inflation to head lower with AI / UBS cap increase required.! / WTI $95 again 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 250k 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.