Assets
- Cross-assetAcross-asset research this week pivoted hard around a hawkish Fed and a cooling Middle East.
- GoldGold spent the week caught between a hawkish Fed and a still-intact structural bull case — and the published tone turned more cautious as the week progressed.
- SilverSilver's week began bullish and ended bruised — published research turned cautious in the back half.
- PlatinumPlatinum's bullish case held firm this week, with research framing recent weakness as a buyable dip rather than a broken trend.
- CopperCopper's structural bull case dominated the week, even as late-week macro headwinds clouded the near term.
- OilOil's risk premium unwound fast this week after a US–Iran memorandum of understanding reopened the Strait of Hormuz, and the published consensus tilted decisively bearish by week's end.
- Natural gasNatural gas pulled in two directions this week, with researchers split between Middle East risk premiums and normalizing supply.
- BitcoinBitcoin spent the week caught between a hawkish Fed and a debate over whether it still functions as an inflation hedge.
- US equitiesUS equities had a tug-of-war week, with a hawkish Fed and frothy pockets meeting still-resilient AI-driven earnings optimism.
- European equitiesEuropean equities had a whipsaw week: an initial peace-deal relief rally gave way to mounting pressure on autos and a softer DAX into Friday.
- US bondsUS Treasury yields jumped this week after a hawkish debut from new Fed Chair Kevin Warsh, with the short end leading the move.
- EU bondsEuropean rate markets leaned hawkish this week, with research broadly converging on the view that the ECB has more tightening to do before any pivot.
- EUR/USDEUR/USD spent the week pinned near the 1.15 area, and the published research split sharply on what comes next.