Markets : Middle East oil exports recover to pre-Iran war levels, US 30-year bond yield just hit 5.7% for the first time since 2002, 10's USt auction last night 'steady' with 30's auction ce soir (follow here : Live US Debt Monitor ), FED minutes 'hawkish unity' >>> Since Bessent made his "I am the house" comment: - Yen ¥153 → ¥158 - US 10yr rates 4.79% → 5.35% - US 30yr rates 5.22% → 5.72%...just can't beat that !.., USD stays firm, risk in general struggling (EU lagging), JPY 'FED used Treasury Funds to support YEN in joint intervention' Debt : The extra interest France pays vs Germany is at its HIGHEST since the euro debt crisis 16 years ago. China now borrows cheaper than America. A lot cheaper. For 2 decades the US 10yr yield sat below China's. That flipped coming out of Covid (chart available), The "AI Big 10" now accounts for a record 42% of US stock market cap (Thread : that's a lot of eggs ion the same basket..!), The 3 companies are seeking blockbuster debt deals to pay for AI Chips. Apollo, Blackstone and Goldman Sachs are among the lenders in talks to finance megadeals worth tens of billions of dollars apiece UK : (here we go...) Welfare review delayed until after budget, Equinor says it may stop investing in UK if oil and gas fields do not get go-ahead France does not need ECB's help at present, says Bank of France head Moulin....humm not the kind thing one CB head should be saying.. The EU is preparing so-called safeguard measures that would limit imports of Chinese hybrid vehicles into the bloc in a bid to improve the trade relationship Back me or face crisis, Meloni warns ahead of secret vote over electoral overhaul-FT For the first time in eight years, military representatives from all 32 NATO member states have arrived in kiev, according to Admiral Giuseppe Cavo Dragone. It's not Ukraine vs. Russia It's NATO vs. Russia Europe is preparing to end veto abuse by future members. New members will temporarily lose their voting rights if they abandon EU values. Bessent now... Bessent downplays worries on rising yields, AI bubble concerns Scott had a message for markets in an interview with Axios, as some benchmark Treasury yields sit at their highest in more than two decades. He said the recent rise in yields was in line with global trends and didn't warrant consternation, and that the key is to keep the long view, you really can't make this up better than he does..!!... Fed Used Treasury Funds to Support Yen in Joint Intervention - Bloomberg US government bonds steady after strong 10-year Treasury auction Barchart on X: "U.S. Debt will rise to 175% of GDP within 30 years, warns the Congressional Budget Office 🚨 🚨 https://t.co/tCkhFEUD5t" / X Fed minutes suggest that more interest rate hikes could be necessary to calm persistent inflation Broadcom, Oracle, and SpaceX pursue blockbuster debt deals amid AI buildout - WSJ Middle East oil exports recover to pre-Iran war levels Meloni’s electoral reform faces final parliamentary hurdle Welfare review delayed until after budget Equinor may stop investing in UK if oil and gas fields do not get go-ahead ...Unusually strong intervention from Norways Equinor - from whom UK buys 50% of its gas Badenoch vows to end inheritance tax on family homes France does not need ECB's help at present, says Bank of France head | Reuters Marcos Agustín on X: "🇪🇺 No new Orbán in the EU. Europe is preparing to end veto abuse by future members. 🔸New members will temporarily lose their voting rights if they abandon EU values. 🔸 The EU also wants greater use of qualified-majority voting, including on sanctions. 🔸 Orbán repeatedly https://t.co/wVfKD1xwwC" / X Golden naked Trump statue unveiled at European Parliament Don't think it' s the kind of gold statue that he likes.. Prince Harry and Meghan Markle handed brutal verdict over UK security | This is Oxfordshire The Kobeissi Letter on X: "BREAKING: The "AI Big 10" now accounts for a record 42% of US stock market cap. This includes Magnificent 7 stocks as well as Broadcom, $AVGO, AMD, $AMD, and Micron, $MU. This figure has more than doubled since the 2022 bear market low. By comparison, during the 2000 Dot-Com https://t.co/F9QzpRkeus" / X

Zurich airport breaks single day passenger record Markets : Fed eyes AI, tariffs, energy for inflation outlook (Axios), BOJ's dovish dissenter signals support for future rate hikes, India hiked 25bps to 5.5%, Trade deficit hits $105.6 billion, widest since just before Trump tariffs enacted last year, The AI Bubble is nearing a bursting point (Dalio), A reversal in the AI trade could be triggered by several factors, including safety concerns that lead to tighter regulation: Temasek, Ireland cuts energy taxes in budget to appease voters >>> rates stay slightly firm(er), USD follows, risk holding up on AI (rates don't matter for now, AI insensitive to rates, will keep raising as returns are far in excess of said rates, but one day the music will stop dead - Grundlach, fwiw very much agree with him..) JPMorgan is marketing a $5B Volta loan at roughly that yield, funding 36,000 Nvidia GPUs and a data centre in Norway Shell CEO Wael Sawan on the new conversation around energy: “I think there's a recognition once again that you cannot have national security without energy security. You cannot have an industrial or an economic strategy that is not underpinned with a solid energy strategy.” >> most definitely correct ! France's appetite for 'magic money' has turned into a debt bomb / WSJ Google is reportedly close to a $1 billion+ deal to buy nuclear power from Constellation Energy, and it could be announced as soon as this week Russia's Finance Ministry announced on October 5 that it will increase FX and gold purchases to five times the September level between October 7 and November 6 China shut down a record 670 banks in 2025, and nearly a quarter of its banking system has disappeared in just four years Federal Reserve watches AI, tariffs, energy for inflation risk BOJ's dovish dissenter signals support for future rate hikes | Reuters Indian central bank hikes rates for first time since 2023 Irish Budget cuts heating oil carbon tax as industry renews VAT challenge | Fuel Oil News Russia's Finance Ministry Increases Foreign Exchange and Gold Purchases Five-Fold on October 5 | Gate News Zurich airport breaks single day passenger record - SWI swissinfo.ch Similar picture globally... In Interview, Vance Says Iran Must Cut Enrichment To End War | HuffPost Latest News Is SpaceX’s $40 billion Nvidia deal the next big test for AI debt markets? - Global Markets News | The Financial Express A 2 page memo with a few pictures, we need $40bn thanks Ray Dalio warns AI bubble is nearing its bursting point as rates rise Singapore's Temasek warns of the ‘biggest risk’ facing markets Traders Reload Bets on Ever Higher Bond Yields After Brief Jolt - Bloomberg Trade deficit hits $105.6 billion, widest since just before Trump tariffs enacted last year India joins global rate-tightening wave with first hike in nearly 4 years | Reuters China closed 670 banks in 2025 in major financial consolidation JPMorgan Dangles 11% Yield on Volta’s $5 Billion AI Loan Sale Why Is War Fever Spreading in Europe? - by Martin Gurri France’s Appetite for ‘Magic Money’ Has Turned Into a Debt Bomb - WSJ Student riots engulf France as Le Pen vows fiscal turnaround Google, Constellation near deal for nuclear power, Bloomberg News reports | Reuters Bull Theory on X: "🚨 THE FED IS NOW GETTING SERIOUSLY WORRIED ABOUT THE PRIVATE CREDIT MARKET. The New York Fed has reportedly gone into JPMorgan, Wells Fargo, Barclays and Morgan Stanley to examine their exposure to private credit firms, including the quality of the collateral backing those https://t.co/D0M750JNM2" / X Gold set for fresh record on strong precious metals sentiment – The Armchair Trader

Markets : Trump just told Time magazine that they'll use INFLATION to deal with their $40T debt problem (good Thread), he also eased 'diesel' limits, $16.75B+ of US debt scheduled to be bought back this month.. (Thread), Citadel Securities says economic strength drives Higher U.S yields, Japan 30-year yield soared to highest level in history 4.26%, Oil is flowing from Hormuz again – Just not the kind the world needs most. The scramble is on for diesel, while damaged refineries and tight fuel supplies keep prices elevated around the world >>> Crude softer, welcome news for Europe (in particular, DAX catch up ??) , USD peak ? hard to pin point why though, watch price action!, rates stay high (across globe), GOLD has held well in face of higher rates globally (bond risk) France: Central Bank Gov sounds the alarm: ‘We’re being strangled by interest rates’, France will 'reassure' bond investors.... ( >> hang on he was Sec General for the President previously..surely not...), big state, massive public sector, enormous taxes, and immigration. Result? Stagnation, discontent, and a monster debt crisis. Taxpayers in France are fed up, and recipients of subsidies are relegated to a dependent subclass. Von der Leyen: €300 billion in European savings flown overseas every year, primarily to the US, will be invested in Europe from now on. All 27 EU states agreed to establish the S&I Union, a step toward the full Capital Market Union Switzerland is highly sought after by international talent. However, astronomical rents, a housing shortage and the hurdles of integration take their toll Aramco CEO Amin Nasser says nearly 3B barrels of oil supply have been lost, about half of what would normally move through Hormuz, and emergency reserves "may buy us a winter." Gold retains key reserve status despite surging bond yields, central bankers say The battle for one of the world’s most important shipping routes is shifting quickly... Saudi-backed Yemeni forces have seized key positions overlooking the Bab el-Mandeb Strait, The stakes go far beyond Yemen: with Hormuz already restricted, Bab el-Mandeb has become even more critical for global oil and trade flows Felix Nikolas Prehn 🐶 on X: "Trump just told Time magazine that they'll use INFLATION to deal with their $40T debt problem. They've printed about $1T into the ecosystem in 8 months. If your salary hasn't kept up with the new of cost of living, YOU just got poorer. Let me explain what I mean:🧵" / X France: Central Bank Governor sounds the alarm: ‘We’re being strangled by interest rates’ - Il Sole 24 ORE French central bank head warns country at risk of being ‘strangled by interest rates’ France’s fiscal reckoning is a warning, not a model Ukraine war latest: Russian losses soar by 46% during 2026 Saudi-backed Yemeni forces seize Bab el-Mandeb Strait from Houthi rebels | The Independent CNBC Daily Open: 'Red' diesel to hit U.S. highways Separatists win provincial elections in Québec in test for Canada PM Nic on X: "$16.75B+ of US debt scheduled to be bought back this month. - $12B+ targets 10–30yr debt - Long-end buybacks have been doubled - Operations can now reach $4B+ each - 30yr yields remain near their highest level in 2 decades Billions in buybacks. Still no relief in yields. https://t.co/jMsiEDOJNf" / X Gold retains key reserve status despite surging bond yields, central bankers say | Reuters Russian gold floods Hong Kong as Western sanctions redraw bullion trade Marcos Agustín on X: "🇪🇺🇭🇺 The Russian era in Hungary has ended. Hungary will lift its veto on Ukraine and Moldova. 🔸 Ukraine, Moldova, Montenegro and Albania will join the EU in the coming years 🔸 They will gradually integrate into the Single Market before full accession. 🔸 The UK will rejoin," / X Trump approval ratings plummet to new low, polls show | Donald Trump | The Guardian ‘Anyone moving to Switzerland just for the money often ends up disappointed’ - SWI swissinfo.ch Bundesrats-Favoritin Amaudruz, Zögling von Ermotti – Inside Paradeplatz GMO sends stark warning on stock market - TheStreet Nobel Prize 2026 awarded for showing how nerve cells shape feelings GM says hybrid vehicles are coming: 'We're not tone deaf'

Relative value asset management for global assets. PVM's Investment Matrix combines balance-sheet analysis with peer comparison to identify entry and exit points. 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 Global Equity Suitable for All Investors Focus Absolute return/low risk Minimum Investment 150k CHF 2025 Performance 2026 Performance (30. Sept) +21% +6.3% Performance since Jan 2016 +109% 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. Sept) + 26% +13.4% Performance since July 2015 +194% 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."

Pure Value Metrics is a Global Asset Manager based in Switzerland. We also provide Multi-Family Office Services specializing in Trusts for International investors. Unique Relative Value investing supported by detailed balance sheet analysis 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. 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 Burnham's big EU summit coming up in Nov! #GBP ! / Global bond markets sell-off, credit markets warnings equity world Crude softer=Fixed Income relief 'rally', USD softer, GOLD higher, USDJPY back lower / UK's Burnham open door to EU AI leaders meet Trump, as Anthropic >> OPENAI >> NVDA / JPN-U.S coordinate on JPY / Germany-EU budget ultimatum Media Apperances Please reach out to discuss your requirements Contact us / Visit our office