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JPY crumbling as BoJ meets, will they walk the walk or just continue talking >>> results of meeting tomorrow morning very early + JPN CPI (tricky to navigate), META (which was priced to perfection..) lost about $250bn market cap after hours, Boeing & the likes of TSLA burning cash, PCE tomorrow morning as well #META #NVDA too far too fast, back to 2y trend ? chart below the buy the dip crowd will no doubt hump in in short-term, but over time.. Biden propose increasing capital gains tax rates to 44.6%, highest since 1922 Gold is not yet back to its old highs in real terms (for that to happen, gold needs to rise 40%) and gold is inexpensive against other real assets such as equities/UBS Home buying conditions (U.S) have fallen off a cliff Current levels have NEVER been seen since in the last 60+ years China has issued its third once-a-decade policy opinions for the development of its capital markets.  Goldman Sachs notes that the previous two releases of the policy document, in 2004 and 2014, ushered in periods of structural growth in Chinese equities Bloomberg: "After years of fits and starts, Venezuela is setting the stage for one of the largest and most complex debt restructurings in decades — unwinding a $154 billion web of defaulted bonds, loans and legal judgments." Russian Court Freezes JPMorgan Assets Under $440 Million Claim UBS faces new lawsuit by Appaloosa over Credit Suisse $17 bln bond wipeout Biden Capital Gains Rate Proposal: 44.6%? (forbes.com) The source of the 44.6% rate is a footnote from the General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals, and it reads in relevant part: “A separate proposal would first raise the top ordinary rate to 39.6 percent … An additional proposal would increase the net investment income tax rate by 1.2 percentage points above $400,000 … Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.” China’s securities watchdog revising investment-fund laws to boost accountability, confidence in line with 9 guidelines (msn.com) Dozens arrested in US as student protests over Gaza spread across country | US News | Sky News Barclays profits tumble 12% as UK interest rates hit mortgage demand | Barclays | The Guardian The Origins of the 2 Percent Inflation Target | Richmond Fed It took over a decade to build internal consensus. Many considerations that shifted with the changing FOMC composition as well as economic conditions Jamie Dimon is worried the US economy is headed back to the 1970s (yahoo.com) Japan insurers to halve bond purchases, awaiting next BOJ hike - Nikkei Asia Japan Airlines CEO Describes Weak Yen as a ‘Big Problem’ - Bloomberg Anglo American mulls £31.1bn BHP offer in mining mega-deal (msn.com) Louis Curran on X: "Anatomy of Capital Flight in China Over the past few days, people far smarter than me have been opining on whether China would devalue the RMB. I personally think China's Currency Ambitions ( are at the centre of every major policy decision for the last 10-15 years ) and there https://t.co/EiMCuC0hOl" / X (twitter.com) Well put together by LC ! it's a different view from those looking for a CNH deval - well constructed points Michael Pettis on X: "Bloomberg: "After years of fits and starts, Venezuela is setting the stage for one of the largest and most complex debt restructurings in decades — unwinding a $154 billion web of defaulted bonds, loans and legal judgments." https://t.co/MbKy19oggf" / X (twitter.com) UBS faces new lawsuit by Appaloosa over Credit Suisse $17 bln bond wipeout | Reuters Russian Court Freezes JPMorgan Assets Under $440 Million Claim - Bloomberg 'We aren't going anywhere' - TikTok vows court fight as new US law threatens to ban it (msn.com) Boeing burns through cash amid 737 Max and Dreamliner safety concerns (qz.com) Meta’s Metaverse is still losing Mark Zuckerberg's company billions (qz.com) Meta earnings results: shares tumble 17% after hours despite beating estimates; stock down on weak revenue guidance (yahoo.com) Finma arrives at Deutsche Bank's Prime Tower – Inside Paradeplatz Apple looks to Southeast Asia, India as hedge against China difficulties (yahoo.com) #META - too far too fast 400-425$ probably #NVDA - too far too fast, $600-650 probably

The U.S administration wants to implement a 30% tax on the electricity used by #crypto miners... but wont touch data centers which is expected to consume 5x more electricity by 2026 according to the IEA (they should too..) Why the U.S. government is working on sanctions targeting some Chinese banks US PMIs: downside surprise for Apr, with manuf dropping back into contractionary territory at 49.9 (Consensus was 52.0) and services also dropping to a 5mos lows of 50.9, and services employment subcomponent fell to 47.3, the first negative reading since June 2020, meanwhile : Eurozone PMI signals a pickup in growth and Ifo business-climate index rose for a 3rd month to 89.4 in April from 87.9 in March, beating consensus expectations of 88.8 mainly thx to the service sector Australia Q1 inflation slowdown disappoints, rate cut bets gone for 2024, Australia is “nowhere near” beating its inflation problem US to send weapons and equipment to Ukraine ‘this week’ after Senate aid approval The U.S. economy is unbelievable and booming says JP Morgan CEO Jamie Dimon. A week ago, he said stagflation could be coming, 6 months ago, he said this was the most dangerous time the world has seen in decades (why so much talking?) The correction in stocks isn't over, warns JP Morgan strategist Marko Kolanovic, who still believes that the S&P 500 will finish the year at 4,200, and after being wrong over the last 18 months, Wilson has decided to no longer make bold predictions about the S&P 500, and 'the pullback in U.S. Stocks isn't over warns Goldman Sachs which notes that CTAs are modelled to sell stocks no matter what'... Crude implied vol structure coming off, suggest less geopolitical risk.. (CHF, JPY, not a surprise GOLD had a profit taking dip too-war premium) ''No other advanced economy runs budget deficits as big as the US and no other advanced economy finances its current deficit as aggressively with short-term issuance as the US (red). The US fiscal train is running completely out of control...'' Chinese Corporate Bond Yields fall to lowest level in history >>> CNH pressure coming ? TSLA : negative cash flow of -$2.5bn in Q1, at this rate....2-3years left Cathie Wood’s Popular ARK Funds Experience Rapid Decline BoJ meeting coming up ''BoJ to discuss impact of accelerating YEN weakness, decision meeting to begin on 25th-Nikkei'' .... talk talk not enough, you need to walk Balanced view as always from Ole - to the point What drives the gold and silver correction? | Saxo Group (home.saxo) Australia Q1 inflation slowdown disappoints, rate cut bets gone | Reuters Eurozone PMI signals a pickup in growth | snaps | ING Think Traders Add Bets That Fed to Skip Interest-Rate Cuts This Year - Bloomberg Robin Brooks on X: "No other advanced economy runs budget deficits as big as the US and no other advanced economy finances its current deficit as aggressively with short-term issuance as the US (red). The US fiscal train is running completely out of control... https://t.co/5NSeMbjDJn" / X (twitter.com) ARK Destroyed More Wealth Than Any Asset Manager Over the Previous Decade – MishTalk ARKK team has done well for their bank accounts though.. Cathie Wood on losing $14bn, Trump and where the UK has an edge over the US (msn.com) Cathie Wood’s Popular ARK Funds Experience Rapid Decline (msn.com) #highforlonger ... U.S. Is Preparing To Sanction Chinese Banks Supporting Russia, Report Says (forbes.com) Carl Quintanilla on X: "FT: “.. Two decades ago the US produced about 7mn barrels a day of petroleum .. Now the US produces almost 20mn .. The prolific Permian Basin .. pumps more oil than Kuwait, Iraq or the UAE, three of Opec’s powerhouses.” 🇺🇸 @FT #OOTT @KevRGordon https://t.co/AAEhMR5QDq https://t.co/DrDG2iKMZO" / X (twitter.com) Senate passes aid for Israel, Ukraine, Taiwan, TikTok bill (cnbc.com) As expected Biden is asking Congress to kill the American Bitcoin mining industry (cointelegraph.com) Ex-Trump attorney: Former president’s testimony would ‘significantly increase’ conviction chances | The Hill PBOC Steps Up Rhetoric Over Long-End Government Bond Rally - Bloomberg Gold’s Record-Setting Rally May Have Its Roots in Chinese Frenzy - Bloomberg (archive.ph) of course it does... which also means without china, price action struggles Lombard Odier's Big Bankruptcy with Ex-CS Stars – Inside Paradeplatz overselling kcc-360-tour (glencore.com) Google workers protest AI and cloud contracts with Israel (qz.com) Recap: Tesla stock surges despite plunging profits as Musk talks robotaxis and cheaper cars (yahoo.com) :-) Tesla Sales Plummet as Democrats Stop Buying the Electric Cars Due to Elon Musk (politicalflare.com) Apple iPhone sales in China fall almost 20% in worst quarter since 2020 (qz.com) >>> remember China warnings, banning APPL products, they all buying Huawei now.. and here we are 2 quarters later (APPL shares moved down on this in Q1..one of the easiest hedge-short of the Mag 7 we discussed back then) Switzerland violates right to protest: Amnesty International - SWI swissinfo.ch Russia-Ukraine war live: US to send weapons and equipment to Ukraine ‘this week’ after Senate aid approval (theguardian.com) #NASDAQ Platinum - #XPT - patience

Mega cap earnings coming up #TSLA, $AMZN $META $GOOGL $MSFT and $AAPL and JPN keep talking about JPY interventions, they need to walk the walk UST 10y yields have been above SPX500 earnings yields for 3weeks, 1st time since 2002 (that's when Equity started to come under pressure-no coincidence, grwoth vs value etc) >>> This week, Janet is now selling $70bn of 2's, $70 of 5's tomorrow and $44bn of 7's on Thur - as always well flagged but price action in long-end will be interesting clearly given size EU zone service sector activity is on the rise again (June cut?), be interesting if eventually GDP follows (it should, but we won't know for few months) German Composite PMI Index moved back to >50 growth threshold in Apr for 1st time in 10mths, driven by a buoyant services sector U.S. Takes Aim at Chinese Banks Aiding Russia War Effort. Washington says Beijing’s dual-use trade has helped Moscow rebuild its war machine FTSE100 new all time high....still silly cheap UBS: “.. Investors attribute the run in mega cap stocks to animal spirits and the impact of AI; however, our work indicates that surging earnings momentum .. fueled this upside. Unfortunately, this momentum is collapsing, with Big 6 EPS growth expected to decline from 42% to 16% over the next year ..” [Golub] BofA: Repeat of 1973 or just headline risk? The second inflation wave in the 1970s was fueled by the Yom Kippur War and oil shock Money’s been flowing into HK markets from China. Mainland investors have been net buyers of HK equities nearly everyday since early February, #Jancontrarianchinalong BofA credit investor April survey: "Investor camps are now: 45% soft landing, 40% no landing and 7% hard landing (7% unsure)...Inflation remains the #1 investor worry, and rising....Central bank policy error is the #2 concern." UK (video below) Farm update plus why the National Food Strategy isn't working & higher food prices are on the way Global EV Outlook 2024 - Moving towards increased affordability Strong S&P 500 Earnings Expectations - Apollo Academy Japan and South Korea could coordinate currency intervention, but they may need U.S. support (msn.com) you've got to talk the walk if you mean it...raise rates and get on with it US to take aim at Chinese banks aiding Russia war effort, WSJ reports (msn.com) Israeli Prime Minister Benjamin Netanyahu to face pressure from right-wing coalition on future of Gaza | UK News | Sky News Michael Pettis on X: "1/6 China’s total social financing (the best official measure of debt) rose in the first quarter by 8.8% year on year, to RMB 390.3 trillion. This is the lowest rate of increase in over 20 years, which may at first seem like a good thing from... https://t.co/emrTOVzkBg" / X (twitter.com) Chris Giles on X: "Remarkable ebook published within 10 days of the Bernanke review with contributions from 28 macro economists by @kingsbschool Clearly no productivity crisis in UK economics..... ... not that much love for the review either... https://t.co/X8g9ACML95 https://t.co/qr9F1ot7ht" / X (twitter.com) Switzerland braced for wave of bank staff layoffs - SWI swissinfo.ch Swiss luxury chalet market runs out of steam - SWI swissinfo.ch Migros Zurich with even more loss – bottomless pit – Inside Paradeplatz Rwanda Bill – latest: Rishi Sunak’s asylum plan becomes law after late night row between government and Lords (msn.com) 2years later... Shenzhou XVIII crewed spaceship ready for launch - Chinadaily.com.cn Global EV Outlook 2024 – Analysis - IEA Norway's biggest bank sells Tesla, Apple and Microsoft stock (qz.com) Tesla Announces Plan to Lay Off Over 10% of Workforce (msn.com) Elon Musk slashes price for Tesla’s FSD—the vaunted self-driving tech now costs as much as in 2020 | Fortune Russia sentences Meta executive Andy Stone to 6 years in prison (qz.com) Farm update plus why the National Food Strategy isn't working & higher food prices are on the way (youtube.com) >>>  listen to what he says about wheat prices and food inflation #EURJPY for europeans (and others) its the one chance in a life time to go on holiday to JAPAN

ABOUT US What We Do We provide an extensive range of Relationship Management support services to our clients based around our two main product offerings in Asset Management and Personal Trading in financial markets. This begins with our Daily PVM "Bits" Macro blog, account opening support, assistance with product execution, where required, under a limited power of attorney, help with the transfer of cash and securities positions, and the provision of a tax return for your assets held via Pure Value Metrics at our Banking partner platforms in your name. Who We Are Alison Lazerwitz Non Executive Director Legal & strategy advisor Read More ProCloud AG Information Technology Provider Cloud Services and Cyber Security Read More Richard-Mark Dodds CIO & Chairman Detailed knowledge of fund management portfolio construction, accounting and treasury operations management. Read More SwissComply Compliance ICS Specialising in Finma Compliance Read More Stephan Collet Chief Executive Officer Expert in global macro and derivative products Read More What we believe In Corporate Responsibility As a forward-looking Asset Manager, we understand that the world's resources are finite and so we look for opportunities to invest in companies, which use these efficiently. Values Whether it be from our Management and Performance fees on our managed accounts or the execution pricing on our Self Trading platform to a core principle within our investment process; value for our clients is fundamental to our identity. Transparency You're in control; with our partners you have full access to either trade directly or view your account in 'real-time' at anytime. ​ If your account is managed you will able to view our pending orders; so you can see what we are looking to buy, and at what price. Sustainability An ever present reality is global population expansion and the effects that it will have on the environment in which we live. ​ Therefore, it is essential that the companies behind the stocks in which we invest also share our ethical values to provide positive change to global infrastructure.

MANAGEMENT TEAM ProCloud AG Information Technology Provider Cloud Services and Cyber Security Read More SwissComply Compliance ICS Specialising in Finma Compliance Read More Alison Lazerwitz Non Executive Director Legal & strategy advisor Read More Stephan Collet Chief Executive Officer Expert in global macro and derivative products Read More Richard-Mark Dodds CIO & Chairman Detailed knowledge of fund management portfolio construction, accounting and treasury operations management. Read More

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