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Iran update : Trump's daily TACO ('Project Freedom suspended' after 2days..), mission accomplished of course! (as expected, he is bored of dealing with the problem of his own creation!...) >>> Stocks climbed to a record and Brent declined after Donald Trump signalled progress toward a final agreement with Iran. The president said he would pause a US-led effort to help stranded ships exit the Strait of Hormuz. The naval blockade on Iranian ports will remain in force. Iran’s foreign minister met with China’s top diplomat in Beijing, just days before Trump is due to arrive for an expected summit with Xi Jinping, Top US General Caine: 1,550 ships trapped in the Gulf with 22,500 mariners aboard, Trump walking away 'winning'.., backing away .., achieved absolutely nothing...and now will let EU and China sort out the mess..), Trump and the U.S have long lost all credibility in ME..END of the U.S global dominance.. >>> AND... Counterintuitive perhaps, but the physical oil market appears to be calming. Dated Brent is hovering at ~$115 a barrel, and physical differentials have narrowed massively, with grades offered at ~$3 a barrel premium to the benchmark vs the ~$30 a barrel premium of mid-April Markets : HK reported fastest economic growth in five years at 5.9%!, IMF rules on #USDJPY shows that can only do two more interventions till November.... (so these interventions better count ! or else..), UK 30y gilt hit highest yields since 1998 at 5.8%!, U.S ISM services PMI slightly down at 53.6, JOLTS down slightly to 6.866mio, Carlsberg goes for a hybrid 1'000 year bond ! yeps you read that right!!.., KOSPI continues to trade like a small cap up 7% on the day, HUGE swings this year, another 'likely' intervention from JAPAN overnight in #USDJPY, they need to bring it down to 140 to call it a success.. or else it'll backfire Azerbaijan has begun delivering natural gas to Germany, Italy and Austria China is targeting 70% domestic silicon wafer use by 2026 UK landlords exit rental sector amid regulatory pressures EU's Economy Commissioner Dombrovskis: Europe is facing a stagflationary shock Alphabet to raise at least €9 bln in its record Euro bond sale Gold Manipulation: The 'London Bias' : 1970-2024 UAE media are saying that it was Saudi Arabia that carried out the attack to disrupt oil exports, not Iran. Iran also denied today that it had struck any sites in the UAE." Visioner on X: "🇦🇿 🇦🇹 🇩🇪 BREAKING | Azerbaijan has begun delivering natural gas to Germany and Austria, President Ilham Aliyev announced. The State Oil Company of the Azerbaijan Republic (SOCAR) confirmed that supplies to buyers in both countries started in January 2026 via the Trans Adriatic https://t.co/EpRVZ007zj" / X Iran told Saudi Arabia it planned to 'crush the UAE': Report | Middle East Eye Iran Launches Persian Gulf Strait Authority as Tehran and Washington Battle for Control of Hormuz | IBTimes UK How the Iran war is reshaping Saudi strategy: From Hormuz and Houthis to the UAE’s OPEC exit | Chatham House – International Affairs Think Tank Global oil reserves plunge at record pace as Middle East war strains supplies Meloni and Trump’s cooling relationship marks the failure of an EU-MAGA middle ground Hong Kong Q1 GDP expands at strongest pace in nearly five years - CNA Japan Has Two More Windows for Yen Intervention by IMF Rules - Bloomberg UK landlords exit rental sector amid regulatory pressures - PropertyWire Fitch Rates Carlsberg Breweries A/S's Proposed Hybrid Notes 'BBB-(EXP)' You read that right !... 1'000 year 'hybrid' bond Jeff Bezos shakes up Blue Origin staff incentives ahead of SpaceX IPO | News.az Arnaud Bertrand on X: "Hilarious that the message Rubio is asking China to give Iran during Araghchi's Beijing visit is that Iran is "globally isolated" when the very fact he's invited to China (and that China is now fighting US sanctions on Iran's oil) proves they aren't. https://t.co/UUGmfrL2d1" / X Farrukh on X: "BBC News finally cover Nigel Farage's £5 million gift from a crypto billionaire NF says its within the rules and shouts down at the reporter Then Chris Mason refuses to explain the rules Here's what the rules say @ChrisMasonBBC - shame on you for not explaining this: UK House https://t.co/3ZePbjjxnC" / X Gold Manipulation: The 'London Bias' | Sprott Money Canada American Eagle Gold wrestles for control of Pacific Booker – The Armchair Trader

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

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

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