Assets
- Cross-assetThe week's headline: cracks appeared in the semiconductor momentum trade while the dollar lost its grip, and gold quietly rebuilt its bull case.
- GoldGold's brutal week split the research community: tactical bears dominated mid-week as the metal cracked $4,000, but the published tone shifted notably more constructive by Friday.
- CopperCopper's structural bull case dominated research this week, with near-unanimous conviction that the metal sits in a multi-year deficit.
- Natural gasNatural gas research skewed firmly bullish this week, with structural demand themes dominating the conversation.
- BitcoinBitcoin took a beating this week, and the published research turned decisively bearish as price slid from above $65,000 to a 21-month low under $60,000.
- US equitiesUS equities ended the week with a sharper debate over whether the AI trade has run too far.
- European equitiesEuropean equities sent mixed signals this week, with UK income plays and select German names finding support even as broader sentiment stayed cautious.
- EU bondsEU bonds spent the week torn between an ECB still flagging more hikes and a market increasingly skeptical that those hikes will land.
- EUR/USDEUR/USD spent most of the week on the back foot before a tentative late-week turn in tone.