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Iran update : Donald Trump said he called off a strike on Iran planned for Tuesday after an appeal by the leaders of Persian Gulf allies, who called for more time to pursue a diplomatic resolution. “I put it off for a little while, hopefully maybe forever, but possibly for a little while, because we’ve had very big discussions with Iran, and we’ll see what they amount to,” Trump said at a White House event on Monday evening, hours after his announcement in a social media post, crude is still 105+.. Trump reportedly paused additional strikes on Iran partly over Pentagon concerns that Tehran was becoming more effective at tracking U.S. air operations and improving its air defenses - NYT... TACO supreme... Markets : and this matters now...'G7 government bond yields at highest levels since 2004', JGB 30's now 4.15, UST's 5.15% (keep spending and increase debt?.. #bondvigilane out in force now.. )..., equity markets rallied again into the close as Trump TACO'ed - what else, WTI still $109 though..., yields now really going to hurt risk overall, let alone if bonds have a 'free fall' Xi Jinping REFUSED to meet with any billionaire CEO’s Trump brought along to China Rubio just said something every investor with global exposure needs to hear. China has a plan. They believe they will surpass the United States and become the world's most powerful country. And they are executing on that plan IMF staff: UK government must stay course on deficit reduction, given market pressures and greater implementation risks Putin is traveling to Beijing for talks with Xi Jinping as the Iran war offers Russia an opportunity to deepen energy links with China. Putin and Xi are due to meet tomorrow Crude : The U.S. injected ~9.9 million barrels of oil from its Strategic Petroleum Reserve into the market last week. That’s a record high flow of >1.4 million barrels a day. It’s the second consecutive SPR record high flow rate And that's really beginning to matter for risk in general dailyspark-2026-05-17.pdf 'G7 government bond yields at highest levels since 2004' / Apollo Driven by : 1) renewed inflationary pressure from elevated energy prices as the Middle East conflict disrupts global oil supply, 2) persistently large government deficits requiring ever-increasing bond issuance, 3) the end of central bank quantitative easing with the Fed balance sheet potentially shrinking, and 4) investors demanding higher term premiums and inflation premiums amid deglobalization and increased geopolitical fragmentation. Trump says he's postponing Iran attack at Middle East leaders' request #JPY Japan ready to act on FX volatility, mindful of US bond market impact | Reuters RBA Minutes: Members see case for rate hike as inflation expectations risk grows Meta Is Reportedly 'Reassigning' 7,000 Employees To AI-Focused Roles Rubio warns America must 'stay ahead of the curve' as China works to surpass the US with stolen tech - AOL Japan economy grows at annualized rate of 2.1% in the first quarter, beating expectations Unemployment back up as UK job vacancies fall US extends sanctions waiver on Russian oil to aid vulnerable countries | Reuters :-) Middle Eastern Affairs on X: "🚨Trump: I think that countries like Japan and China have neither the courage nor the will to open the Strait of Hormuz.” China:The Strait of Hormuz was already open before the war. You are the ones who created the war out of nothing and closed the strait to the rest of the https://t.co/iDpV4d2dj8" / X

Trump - Xi meeting, noting major agreed, yet anyway, on Taiwan, Iran, trade, the next few days-week will be the tell Iran update : Washington's $40 billion Hormuz insurance fix: zero takers, Iran is fully prepared to seize the coastlines of the UAE and Bahrain if the UAE attempts to invade and seize Iranian-controlled islands in the Persian Gulf, Three drones reached the Arab world's only nuclear power plant Sunday, Trump is already openly declaring that the Iranians should fear what is Right now (threats on Truth social), Markets : the 3y high on U.S CPI last week eventually tipped risk over with UST 10y yields breaking well above 4.5% previous tops - now 4.62%, in reality all FI sold off, and equity eventually duly followed, with little or no great news out of China meeting, WTI crude trades $105+ too, China retail sales softer >>> given Iran situation still totally unclear (WTI 105+), Fixed Income breaking down (yields higher), even after the little sell-off in risk late last week, it would not be too surprising risk to struggle further ion days-weeks ahead, valuations etc etc, USDJPY testing BoJ-Bessent up closer to 160JPY again, PM's had a rocky week, selling off with risk on Thursday-Friday again, back to decent levels for new longs Two months after Trump announced that the US would provide insurance to ships seeking to transit the Strait of Hormuz, the programme has not provided a single dollar of cover Japan PM looks to mull extra budget for FY 2026 to ease oil price impact, more debt! UK leadership hopeful Streeting calls Brexit a 'catastrophic mistake', Labour party making a real mess of all this, losing credibility ! Goldman Sachs on a potential large sell-off in stocks soon: "Although we agree that the risks have fallen, the prospect of more adverse outcomes is still very real, and we think that deeper downside tail is underpriced. There is a challenging circularity here too: although markets are looking through any temporary disruptions, it may also be that another bout of market worry is needed to force an agreement that allows oil flows to resume. The longer we go without a clear peace agreement and a convincing reopening of the Strait of Hormuz, the more likely we are to revisit that risk as energy product shortages become clearer." Trump-Xi 2026 Meeting: What Was Really Discussed? UAE reports drone strike near Abu Dhabi nuclear power plant Washington's $40 billion Hormuz insurance fix: zero takers | Insurance Business Large-scale Ukrainian drone barrage kills four in Russia BoE should not be ‘trigger happy’ on rates, says top official Andy Burnham plays down rejoining EU after Wes Streeting advocates Brexit reversal Japan PM looks to mull extra budget for FY 2026 to ease oil price impact China's economy loses steam in April as retail sales hit 40-month low Ryanair CFO warns weaker European carriers may not survive jet fuel crunch Michael Pettis on X: "1/4 NYT: "President Trump departed Beijing on Friday, touting trade deals to sell American-made airplanes, farm goods and other products, the signature outcome of his two-day summit with Xi Jinping, China’s top leader." https://t.co/wxpqCVhfrC" / X Top civil servant held nuclear talks with ‘front’ for Chinese spy agency Why are bond market investors worried about Andy Burnham? – The Armchair Trader Spain’s conservatives lose majority in Andalusia, making far-right deal likely – POLITICO Switzerland-London direct train service gets support from French operators - SWI swissinfo.ch

Iran update : ALL aboard....including Jensen!...Trump on Iran: We're not going to rush anything. "We don't have to rush anything. We have a blockade which allows them no money. It's a very simple thing: we cannot let them have a nuclear weapon — because they'd use it." >>> CHINA will push for Trump to take a deal with Iran (China could guaranty nuclear material removal, 10y pause etc, lifting sanctions, and Iran open the Strait (with charges?)... And Trump wants rare earth, techs etc and many other things with all his CEO's present (see list below, mindboggling..BUT no China political experts..) >>> On the eve of the Xi-Trump summit, the People’s Daily published a commentary titled: “China-US Relations Cannot Return to the Past, but They Can Embrace a Better Future.”... Markets : We are two weeks from oil shortages and demand rationing according to BBG, US House Lawmakers are introducing a bill to ban Chinese vehicles in the US. (just ahead of meeting Xi tomorrow, great idea..), UK political storm, US Treasury Secretary Bessent: The strength of the Japanese economy (NIKKEI..?..)will be reflected in the FX rate, 10y JGB yields 2.58% highest for 25+ years (pushing other yields in Asia EMG higher, and their currencies weaker... >>> soonest Jensen was confirmed going to China, QQQ bounced off lows pretty easily yesterday!, there are reports that China is now selling high-performance solar panels (which use silver) at higher prices, up around 30%!, U.S CPI highest in 3 years (10's UST 4.46% again.. ALL FI softer-yields higher..)...and Crude is still over $100 Indian government warns country only has 60 days of crude oil reserves left China completes installation of world’s largest single-rotor floating wind turbine, now this is fabulous, you can literally float it where you need it along the sea.., no land use etc etc sounds great and friendly on the environment Steve Rosenberg : “Something rather unusual is happening right now inside Russia.” Chicago Board of Trade wheat and K.C. wheat futures climbed by their daily trading limits on Tuesday after the U.S. Department of Agriculture projected the nation's harvest will drop to the lowest level since 1972 >>> #inflation Keir Starmer latest: PM to meet Streeting at No 10 ahead of King's Speech - BBC News India hikes bullion import duties to arrest rupee slide Shanghai Macro Strategist on X: "On the eve of the Xi-Trump summit, the People’s Daily published a commentary titled: “China-US Relations Cannot Return to the Past, but They Can Embrace a Better Future.” In my view, this piece reflects Beijing’s current official posture toward the US-China relationship. Key https://t.co/n0eAFEDfyK" / X On the eve of the Trump-Xi summit, some interesting activity in the Strait of Hormuz, with a Chinese-linked oil tanker making the crossing (via the Iranian new lanes). If the Yuan Hua Hu VLCC completes the crossing (she has gone dark now), it would be the 3rd Chinese oil tanker to make it through since the war started. The tanker carries 2m barrels of Iraqi oil. This is absolutely insane. President Trump is currently flying to China with all of the following people to request "deals" with China's President Xi: 1. Elon Musk, Tesla and SpaceX CEO 2. Jensen Huang, Nvidia CEO 3. Tim Cook, Apple CEO 4. Larry Fink, BlackRock CEO 5. Stephen Schwarzman, Blackstone CEO 6. Kelly Ortberg, Boeing CEO 7. Brian Sikes, Cargill CEO 8. Jane Fraser, Citigroup CEO 9. Larry Culp, General Electric CEO 10. David Solomon, Goldman Sachs CEO 11. Sanjay Mehrotra, Micron CEO 12. Cristiano Amon, Qualcomm CEO President >>>>> Trump also says there are "many other" CEOs joining him on the trip who have not yet been disclosed. Never in history has such a trip even remotely near this scale and caliber occurred. This Trump-Xi meeting is far bigger than most realize. Eric Nuttall: We’re weeks away from rationing oil demand as prices rise China completes installation of world’s largest single-rotor floating wind turbine CPI surged in April as inflation soars to highest level in almost 3 years Steve Rosenberg on X: "“Something rather unusual is happening right now inside Russia.” My dispatch for BBC Radio’s From Our Own Correspondent. @BBCRadio4 @BBCSounds @bbcworldservice https://t.co/YU2aeHFuzD" / X STRAIT CLOSURE SHOCK LIMITED: GOLDMAN SEES ONLY MODERATE GLOBAL DAMAGE Goldman Sachs says the 10-week Strait of Hormuz closure has caused only moderate global economic disruption so far. Chief economist Jan Hatzius cites three key reasons: oil prices didn’t spike as feared due to high inventories and policy expectations; fuel shortages were eased by demand shifts like renewables and reduced travel; and strong fiscal support, the AI boom, and easy financial conditions helped cushion the impact. Goldman expects oil to stay stable near term, with Brent potentially easing toward $90 by year-end under a gradual reopening scenario. The bank slightly lowered U.S. recession risk to 25%, but warns risks remain elevated due to weakening consumer support, higher energy costs, slower wage growth, and low savings levels. JP Morgan on oil prices/Strait of Hormuz: "A core assumption of our framework is that the accelerating pace of oil inventory depletion will ultimately force the reopening of the Strait of Hormuz, one way or another. Our base case envisions the Strait reopens in June—anchored on June 1 for simplicity—following a clear and credible announcement ratified and confirmed by both sides, such as a statement from the UN Security Council." Hedge funds bet on biofuels to profit from Iran oil price shock Zack Polanski’s boat, council tax, and electoral law Politics UK on X: "🚨 NEW: Keir Starmer has announced some of the Bills in the King’s Speech tomorrow to end "the status quo" - Legislation to improve UK trade and investment ties with the EU - Energy Independence Bill to speed up clean energy projects and expand grid infrastructure - New" / X Gold Outlook: a volatile journey to a new base – The Armchair Trader

Pure Value Metrics AG is a Global Asset Manager based in Pfäffikon, Switzerland. We also provide Multi-Family Office Services specializing in Trusts for International investors 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 U.S CPI 3y highs, FI weaker, JGB 10y yields highest since '97 / Air Force filled with top CEOs meeting Xi tomorrow Crude higher, ceasefire on 'life support' / Bessent on USDJPY / UK's Starmer in stormy waters / Aramco, GOLD, India.. U.S-Iran fail to agree on terms to end war, Crude up 5% again / UKR-RU update / Xi-Trump meeting key this week 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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