Assets

• Cross-assetEnergy-driven inflation is the wrecking ball moving every asset class right now, according to the weight of published research this week.
• GoldPublished research on gold is leaning firmly bullish, with the structural and cyclical case lined up on the same side. The only nuance is a tactical note that a short-term pullback is possible — but not one expected to…
• SilverSilver looks broadly biased higher, with published research this week showing no credible sustained bearish case.
• OilPublished oil research is leaning heavily bullish, with the dominant view being that Strait of Hormuz disruptions have delivered a supply shock large enough to keep crude structurally elevated for months. The main…
• Natural gasPublished research is pointing one direction on natural gas: higher. The trigger is the effective disruption of LNG flows through the Strait of Hormuz, with Asian and European buyers competing for flexible cargoes.
• BitcoinBitcoin outlook splits sharply by time horizon, according to research published this week.
• US equitiesUS equity research is split by time horizon: near-term caution, but constructive longer-term, with AI and semiconductors the dominant bullish thread.
• European equitiesEuropean equities are splitting the research community right now.
• US bondsTreasury yields are caught between competing forces, with published research broadly bearish on the long-term outlook but sharply divided on where yields head in the next few months.
• EU bondsEuropean government bonds face sustained downward pressure as published research converges on a hawkish ECB turn ahead.
• EUR/USDPublished research is split on EUR/USD — but mostly by time horizon, not direction.

Macro

• Macro themesTwo forces are pulling markets in opposite directions right now, according to a wide read of this week's published macro research.