Assets

• Cross-assetMarkets are caught between a hawkish rates repricing and an energy shock — a stagflation-adjacent setup that is toxic for risk assets.
• GoldGold: published research is leaning bearish across the next few weeks to months, even as longer-horizon bulls say the secular uptrend is intact.
• SilverPublished silver research is leaning firmly bullish right now, with both cyclical and longer-horizon takes pointing the same direction.
• CopperCopper looks bid on both the tactical and structural side, according to research circulating this week — with a bearish case that only triggers under a specific shock scenario.
• OilPublished research this week is overwhelmingly bullish on crude, with most analysts arguing Brent and WTI have materially further to run as the Strait of Hormuz closure drags on.
• Natural gasNatural gas is splitting in two: bearish for US prices, bullish for Europe and Asia — that's the message coming out of recently published research.
• BitcoinBitcoin sentiment in third-party research has turned decisively bearish across short and medium-term horizons, with only a few strategic, multi-year views standing apart.
• US equitiesUS equity research is sharply split, but the bullish camp on indices like the S&P 500 and Nasdaq still outnumbers the bears — with meaningful tactical warnings layered on top.
• European equitiesEuropean equities are getting a split read from third-party research right now: constructive on the cyclical and strategic horizons, but with a clear tactical wobble and one notable tail risk.
• US bondsUS Treasury yields are facing broad upward pressure, and the published research consensus this week leans clearly toward higher yields at the 2Y and 10Y points.
• EU bondsEuropean bond yields look set to grind higher across the curve, according to the published research consensus this week.
• EUR/USDPublished research on EUR/USD is split — and the split is mostly about time horizon, not a clean directional call.

Macro

• Macro themesTwo stories are dominating macro research desks right now: a red-hot US jobs report rewriting the Fed playbook, and an AI mega-cap IPO wave reviving bubble debates.