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The yield on the 30-year Treasury is 5.18%, its highest since April 2006. At that time, the U.S. national debt was $8.35 trillion. Now it’s $39.6 trillion, almost five times as large. The U.S. can’t afford these rates, let alone the much higher rates we'll soon be forced to pay Iran updates : Saudis must recognise Israel for nuclear deal, Trump told Axios he is considering a “massive attack” on Iran and later said the US would use frozen Iranian assets to compensate for any future damage to ships or cargo caused by strikes. Tehran rejected a new US-backed ceasefire proposal, the NYT reported. Brent traded above $100, taking its weekly gain to 14%, Iran sent IRGC commanders, military advisers and missile- and drone-related equipment to Yemen this month, according to four sources, in a move that suggests Tehran is seeking to strengthen the Houthis’ ability to threaten Red Sea shipping Markets : US initial jobless claims just came in at the lowest level since 1969 (187K), remember when the UST 10y yield was below 4% at the start of the Iran war? good times...., META borrowing costs (and everyone else..), TSLA, IBM, MAG7 beginning to crack - charts (Thread), REALLY KEY Moment ahead of earnigns next week : S&P 500 and Nasdaq 100 are testing key levels. Microsoft appears to be resuming downtrend, Tesla has broken sharply lower, Nvidia at risk of turning bearish, Apple still holding its uptrend, not only to they blow their cash, incr risk with HUGE CapEx, Google owns $95bn in SpaceX shares, about5% of the company, WHY?... they no doubt planning / want to build data center on Mars ?.. mindboggloing (just supporting artificially this huge bubbly markets IMHO...) >>> TLT is only 3% away from its lowest price in history!!...in FX land CHF softer (USDCHF mainly, and GBPCHF slowly slowly..), El Nino, tariffs and higher crude prices for longer will not help the FED and other CB's, UST 10's 4.7% (alarm bells when we reach 5%, and TECHS valuations to be reassessed ! ), 10's US/ 4.7% - U.S nightmare, higher JGB yield sand weaker JPY is the other nightmare for Japan.. >>> Markets are now pricing in 2 rate hikes this year. Since the Fed's June meeting, interest rate expectations have skyrocketed The US will impose tariffs of between 10% and 12.5% on imports from most major trading partners after finding about 60 economies harmed American workers by failing to prevent forced labor. Donald Trump’s earlier levies were struck down by the Supreme Court. Duties on items from the EU and the UK won’t exceed 10% and products from Switzerland, Japan and South Korea will be broadly capped at 12.5%. Fuel, foods and fertilizers are among imports that will be exempt ECB left rates unchanged as energy prices add to inflation uncertainty Magnificent 7 Cracks Begin to Show as Markets Test Key Support ECB leaves rates unchanged as energy prices add to inflation uncertainty Barchart on X: "JUST IN 🚨: Japan's 2-Year Yield hits highest level in more than 30 years https://t.co/uozkYuFrig" / X Barchart on X: "BREAKING 🚨: France France's 10-Year Yield hits highest level since the Global Financial Crisis 🤯 👀 https://t.co/8u568G3BIa" / X Barchart on X: "S&P 500 $SPY closes below its 50-day moving average by the largest margin since April 🚨 🚨 https://t.co/J5qSi73l6E" / X Barchart on X: "Imagine buying an Alphabet $GOOGL 100-year bond and watching the value plunge 📉 📉 https://t.co/uYkjKzVDLI" / X Historic Yen Slide Poses New Risk to Japan Stocks’ Bull Run - Bloomberg ...Japanese Finance Minister Satsuki Katayama says authorities will take bold steps to counter moves in the currency market decisively as needed, heard this one before.. US warns against excessive yen volatility, calls for BOJ rate hikes | Reuters Defense boom lifts Indra, Thales and Dassault stocks amid strong earnings U.S. jobless claims drop to 187,000, lowest level of 2026 Kazakhstan slows oil output after drone strikes on export port | Reuters Meta faces higher borrowing costs in latest $12bn data centre financing Tesla stock tumbles 10% after profit miss; full-year capex spend of $25 billion confirmed slowing heading back to earth ! Starship Flight 13 delayed again—why did Space X scrub the launch? New launch date and other details Tesla stock suffers double-digit drop on carmaker’s worst day in years | Tesla | The Guardian Signs of El Niño are already appearing in the Atlantic Ocean. Tropical Storm Bertha is more proo Volkswagen profit falls, revises down full-year revenue outlook

Iran updates : Oil jumped after the Houthis said they attacked two Saudi Arabian tankers in the Red Sea, opening a new front in the conflict that has already snarled traffic through the Strait of Hormuz. The US military used a B-1 long-range bomber to strike targets in Iran, US signs deal with Saudi Arabia that could allow kingdom to enrich nuclear fuel Russia forced to import fuel from India as Ukrainian strikes damage refineries. Shipment underlines crisis facing Moscow after drone attacks cut supplies and led to widespread shortages Low Rhine water levels are raising cargo transport costs (some up 50% lately..) and disrupting logistics, with ships often running only partially loaded Markets : Japan's long-term borrowing costs are now at the highest levels this century (JPY languishes near 4 decade lows), Alphabet lifts spending (Google burning through cash for the first time since going public decades ago as it raised its spending forecast for AI infrastructure, blows its cashflows on a bet), TSLA lower after earnings, crude 6 week highs, Brent $96 again!, UST yields higher 10's 4.67% (Chinese Holdings of U.S. Treasuries plunge to lowest level since the Global Financial Crisis), US officials threaten to sanction Chinese AI startups after Moonshot release, the ECB will probably pause from hiking rates further today as it weighs the impact of re-escalation in the war, Nasdaq 100 #QQQ has now closed below its 50-day moving average for 6 straight days, the longest stretch since early April, #GOOG just closed below its 100-day moving average for only the 2nd time since early April, #SILVER chats looking bullish again (GOLD, XPTUSD all been forming a base last 6weeks or so, #URA Trump approves nuclear agreement that may allow Saudi Arabia to enrich uranium >> The timing of the announcement is, to put it mildly, interesting Jamie Dimon is skeptical the massive AI boom will pay off as quickly as expected. Still, he isn't ruling out wild solutions, saying SpaceX’s data centers in space could actually work Iran war latest: UK withdraws staff from Iran - as Houthis target Saudi oil tankers | World News | Sky News Houthis claim attack on Saudi tankers in Red Sea US signs deal with Saudi Arabia that could allow kingdom to enrich nuclear fuel Low Rhine water levels pose cost and logistics threat to German industry, analysts say | Reuters Google nearly doubles AI infrastructure spending as Q2 tops estimates By Investing.com Another take on Google from Bob Elliott: “Since 1Q24 Google has generated ~30bln in excess earnings in their cloud unit, but has paid ~140bln in capex to get it, not a particularly compelling return, certainly not good enough to blow all their free cashflow on the bet.”!! Trump approves nuclear agreement with Saudi Arabia | AP News Russia forced to import fuel from India as Ukrainian strikes damage refineries Jamie Dimon throws caution on the AI frenzy but sees promise in space data centers US threatens sanctions against Chinese AI models over IP theft | TechCrunch Jeffrey Epstein met with Bill Gates and and his charity's staff around 30 times, report finds | US News | Sky News Barchart on X: "Go Time for Silver $SLV? 🚀 https://t.co/eQsRESnwcv" / X Barchart on X: "Chinese Holdings of U.S. Treasuries plunge to lowest level since the Global Financial Crisis 🚨 🚨 https://t.co/NJwXyjEujL" / X

The Treasury is walking a tightrope on U.S. debt by relying so much on short-term rates that are at the mercy of a suddenly very hawkish Fed >>> "Therefore, the biggest risk to the debt burden would be a sharp rise in short-dated yields if the Fed were to hike rates by more than expected in the coming year.", TLT 82.53 all time (24 year) low for this ETF fwiw... (chart below) OpenAI said its advanced AI models inadvertently hacked Hugging Face in an “unprecedented” incident, prompting renewed calls for curbs Iran update : Brent climbed for a fourth day as risks to global supply spread beyond the Strait of Hormuz, with Tehran-backed Houthi rebels in Yemen threatening disruptions in the Red Sea. The war has cost the US $37.5 billion, according to Pete Hegseth, as US strikes on Iran continued Markets : crude stays high(er) as U.S strikes Iran for 11th consecutive night, 10's USt uncomfortable high (breaking up???) at 4.64%, PM's trying to rally off base built over last few weeks, equity rotation back into energy, oil related names, QQQ continues to struggle, #AI bubble top, #Space top etc..., in FX land, USDJPY 163+ where is BoJ ?, CHF slightly softer, USDCHF beginning to like life 0.80/0.8100+.. Business professor Scott Galloway says China is flooding the world with dirt-cheap AI models on purpose, and it’s wrecking American AI companies faster than cheap Japanese cars ever wrecked Detroit..“What the Chinese automobile industry did to Detroit in about three decades, it feels like Beijing is doing to us in AI frontier models in about three months.” Donald Trump prepares fresh tariff barrage with 10% levies set to expire. US president to renew trade war after Supreme Court threw out reciprocal duties ''The digital euro would give Europe its own public payment infrastructure and weaken a strategic American monopoly'' Equinor CFO says that even if Straits are open today for the rest of the year Europe will have a gas problem this winter as dependence on Russia phases out too >>> basically Norway is running the show gas wise for Europe Powerful AI model goes rogue in 'unprecedented' incident US renews strikes on Iran as Trump threatens to attack Pickaxe Mountain Treasury walks a tightrope on US debt by relying on short-term rates that are at the Fed's mercy | Fortune >>>>> Andy Constan on X: "$TLT 82.53 all time (24 year) low for this ETF fwiw https://t.co/HLMx9lySvw" / X Donald Trump prepares fresh tariff barrage with 10% levies set to expire Is UK facing drought for second summer in a row? - BBC Weather Japan exports and imports grow at fastest pace in June since November 2022 European gas prices surge amid fears US-Iran war will cause winter shortages | Energy industry | The Guardian Samsung in talks to invest in Mistral at €20bn valuation ECB selects 36 payment providers for digital euro pilot as the project moves ahead | Euronews The fear campaign against the digital euro protects foreign financial dominance over Europe. The digital euro would not pay interest and would be free for basic consumer use. It explicitly rejects programmable money. It could not be restricted by product, shop, place or date. Visa and Mastercard process around 65% of euro-area card payments. The digital euro would give Europe its own public payment infrastructure and weaken a strategic American monopoly. That is why foreign financial interests want Europeans to fear it. Samsung in talks to invest in Mistral AI at $29.5 billion valuation: Report | The Straits Times

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 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. Unique Relative Value investing supported 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. 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 Brent tops $100 / Tech side : MAG7 beginning to crack / GOOG & SpaceX, why? / #TLT price ! - yields UP NASDAQ <50dma / 12th night of bombing, Brent $96, 6week highs / JGB's, UST's / GOOG's cashflows! / Rhein water levels Crude higher / UST 10's 4.64% / OpenAi's model goes rogue ! / U.S Treasury walking a tightrope on U.S debt / #TLT 24y low! 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. June) +21% +2.8% Performance over 10 years +103% 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. June) + 26% +4.8% 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.