Assets
- Cross-assetAI infrastructure carried risk assets again this week, but published research grew noticeably more cautious on how far the tech rally can run.
- GoldGold this week: tactical bruises, structural conviction intact.
- SilverSilver: the week's research leaned structurally bullish, even as near-term price action stayed soft.
- CopperCopper's bullish thesis hardened across the week, with research converging on a structural, multi-year bull case rather than a tactical trade.
- OilOil: the week's published research was overwhelmingly skewed to upside risk, even as prices drifted lower into the weekend.
- Natural gasNatural gas spent the week caught between a geopolitical shock and a fragile diplomatic offramp.
- BitcoinBitcoin's week flipped from cautious optimism to outright caution, with research consensus turning bearish in the back half.
- US equitiesUS equities just notched a ninth straight weekly advance, and the published debate has sharpened into a clear split: ride the AI-driven earnings cycle, or brace for a correction inside an intact bull market.
- European equitiesEuropean equities split the week between bulls leaning into structural tailwinds and bears flagging stagflation risk.
- US bondsUS bond research split sharply this week between an inflation-driven "yields higher" camp and a late-week pivot toward yields drifting lower.
- EU bondsEuropean bond markets spent the week torn between a hawkish ECB drumbeat and a late softening in the inflation picture.
- EUR/USDEUR/USD spent the week pulled between weakening European fundamentals and longer-horizon calls for a softer dollar.