Assets

• Cross-assetToday's cross-asset signal from published macro research: a geopolitics-driven energy pivot is reshaping the trade. An anticipated US-Iran ceasefire and Strait of Hormuz reopening is pulling oil sharply lower, which…
• GoldPublished research this week is uniformly bullish on gold, with the only dissent being a short-term tactical caution rather than a real bearish call.
• SilverSilver is being flagged in newly published research as one of the highest-conviction bullish trades into year-end.
• PlatinumPlatinum is drawing fresh attention as a high-conviction long in precious metals.
• CopperCopper is shaping up as one of the most under-owned structural trades of the decade, according to research circulating this week.
• OilOil markets are sharply split right now, according to recently published research.
• Natural gasNatural gas looks set to stay bid, with most published research this week tying the call to the Iran conflict and its ripple effects across global energy markets.
• US equitiesPublished research is leaning strongly bullish on US equities over the medium term, even as a tactical camp warns of a near-term pullback.
• European equitiesEuropean equities are getting a broadly constructive medium-term read from published research, even as specific German names face clear headwinds.
• US bondsPublished research is split on US bonds, but the near-term lean is toward higher yields — with pockets of opportunity in short-dated Treasuries and investment-grade credit.
• EU bondsEuropean bond yields are under upward pressure, and the published research consensus points to ECB tightening as the main driver.
• EUR/USDEUR/USD: published research is genuinely split today, with no clear consensus on direction.

Macro

• Macro themesTwo stories are dominating macro commentary right now: the US-Iran Strait of Hormuz ceasefire and what the June FOMC meeting will signal under new Fed Chair Kevin Warsh.