Assets

• GoldGold spent the week caught between a stubborn bid and a hawkish rates backdrop — but the structural bull case dominated the published research.
• SilverSilver's bull case dominated research desks this week, with the lone bearish voice drowned out by a wave of upside calls.
• CopperCopper broke out to fresh all-time highs this week, and published research is broadly aligned: the move has further to run.
• OilOil: research consensus stayed firmly bullish all week, anchored to a closed Strait of Hormuz and an unresolved Iran conflict.
• Natural gasNatural gas research skewed firmly bullish this week, with geopolitics dominating the narrative.
• BitcoinBitcoin entered the week firm above $80,800, with research attributing the bid to short covering on Iran tensions, steady ETF inflows, and improving US regulatory tone.
• US equitiesCaution crept into US equity research this week as rising yields and narrow leadership rattled the AI-led rally.
• European equitiesEuropean equities had a rough week, with an energy-shock narrative increasingly dominating the macro discussion.
• US bondsUS Treasury yields surged this week as sticky inflation, oil-driven geopolitical risk, and fiscal anxiety pushed the bond market into a clear repricing.
• EU bondsEuropean bond yields pushed to fresh cycle — and in some cases multi-decade — highs this week, with published research broadly framing the move as a global repricing rather than a local accident.
• EUR/USDEUR/USD spent the week caught between a bearish near-term tape and a still-constructive multi-year story.

Macro

• Macro themesThe week's dominant thread: an oil-driven inflation shock is rewriting the rates playbook, and bond markets are repricing fast.