Assets

• GoldGold's near-term setup looks heavy, but the published research consensus splits sharply on timeframe rather than direction.
• SilverSilver may have meaningfully more room to run, according to research published this week.
• CopperCopper: published research this week is uniformly bullish, with no dissenting voices in view.
• OilPublished research this week is overwhelmingly bullish on crude, with the near-closure of the Strait of Hormuz cited across analyst notes as the dominant supply shock keeping prices elevated.
• Natural gasNatural gas is a tale of three regions right now, according to recently published research.
• US equitiesPublished research is overwhelmingly bullish on US equities right now, with the S&P 500, Nasdaq, Russell 2000, and tech and semiconductor names all drawing constructive views. The main dissent is a longer-term valuation…
• European equitiesEuropean equities are getting a split verdict from recently published research.
• US bondsPublished research this week leans heavily toward higher US Treasury yields in the near term, with selective opportunities in corporate credit and a quieter strategic case for owning bonds again.
• EU bondsEuropean government bonds are facing broad selling pressure, and recently published research expects the pain to continue into 2027.
• EUR/USDEUR/USD: published research is split — but the split is mostly about timeframe, not direction.

Macro

• Macro themesToday's dominant macro story, according to published research this week: a hot US inflation print is colliding with a Middle East oil supply shock, and together they're forcing a serious rethink of the Fed's path.