Assets
- GoldGold spent the week caught between a near-term squeeze and an intact long-term bull case.
- SilverSilver's wild week: a sharp technical reversal early, then a rebuild of the structural bull case by week's end.
- CopperCopper's bull case reasserted itself this week, with research voices coalescing around a structural supply-demand squeeze.
- OilOil dominated the macro conversation this week, with the Strait of Hormuz disruption keeping the published consensus tilted bullish — though cracks emerged late in the window.
- Natural gasNatural gas spent the week pulled between a Middle East shock and a longer-run oversupply story.
- BitcoinBitcoin had a rough week, with research leaning bearish on the tape but split on the longer arc.
- US equitiesUS equities held near record highs this week, but published research grew visibly more divided on whether the AI-led rally can keep going.
- European equitiesEuropean equities drew an unusually bullish chorus this week, even as growth signals wobbled.
- US bondsUS Treasury yields dominated the conversation this week, with most published research leaning toward "higher for longer" — though a notable contrarian camp emerged late in the window arguing yields have overshot.
- EU bondsEuropean bond yields drifted higher this week as published research coalesced around a hawkish ECB path, even as growth signals weakened.
- EUR/USDEUR/USD spent the week on the back foot, with the published research consensus leaning bearish near term even as longer-horizon calls stayed constructive.