Assets

• Cross-assetRising US real yields are emerging as the dominant cross-asset force, and published research this week argues the repricing has further to run.
• GoldGold's outlook splits cleanly by time horizon: near-term research leans bearish, but the cyclical and strategic published views tilt firmly bullish.
• SilverSilver: the bear and bull cases aren't actually in conflict — they're operating on different clocks.
• CopperCopper's setup looks bullish, according to recently published research — though the case splits cleanly by time horizon.
• OilCrude oil research is leaning bearish, with most published analysis this week pointing to lower prices as Iranian barrels return to the market.
• Natural gasNatural gas is sending two very different signals right now — and both can be true.
• BitcoinPublished research turned uniformly bearish on Bitcoin this week, with no bullish dissent across the views surveyed — only a debate over how fast and how far.
• US equitiesUS equities are caught in a deep tug-of-war, with published research split sharply by time horizon.
• European equitiesEuropean equity research is split today: a cautiously constructive medium-term view on the FTSE 100 sits alongside near-term caution on domestically exposed UK sectors — and one notable technical breakout on the…
• US bondsPublished research is lining up behind one call: US Treasury yields are headed higher across the curve, meaning bond prices fall — tactically, cyclically, and structurally.
• EU bondsEuropean bond yields look biased lower — but not by much, and not without pushback.
• EUR/USDPublished research this week leans bearish on EUR/USD, flagging a near-term test of 1.1400 on the downside.

Macro

• Macro themesThree macro stories are dominating published research today: a US-Iran de-escalation reshaping oil, a hawkish Fed repricing under new Chair Kevin Warsh, and fresh UK political risk after Keir Starmer's resignation.