Assets

• Cross-assetToday's cross-asset read from published research: hawkish central banks and a stronger dollar on one side, a deflating energy and commodity complex on the other. Real yields are grinding higher even where nominal rates…
• GoldPublished gold research is leaning bearish near-term, with most analysts looking for more downside before any durable recovery.
• SilverSilver outlook is a tale of two timelines, according to recently published research: weak over the next couple of months, then a cyclical recovery running into late 2026 and through 2027.
• PlatinumPlatinum's near-term outlook leans bearish, according to one published research view circulating this week.
• PalladiumPalladium's outlook stays bearish in the latest published research.
• CopperCopper is drawing a notably bullish tone from this week's published research, with multiple independent analyses pointing to structural demand running ahead of supply.
• OilPublished research is leaning bearish on oil as the Strait of Hormuz risk premium fades.
• Natural gasNatural gas: the published research splits sharply by region, with no clean global consensus.
• BitcoinBitcoin: most published research leans bearish near-term, but the long-term structural case is still alive for patient holders.
• US equitiesPublished research on US stocks is mostly constructive into 2026, but a vocal minority is flagging a meaningful correction risk — and the disagreement is sharpest on the S&P 500 itself.
• European equitiesEuropean equities are drawing a notably bullish tilt in published research this week, with one clear dissenting voice.
• US bondsPublished research this week leans heavily toward higher US Treasury yields across the curve, with the Fed more likely to hike than cut.
• EU bondsEuropean bond yields look set to drift higher over the medium term, even as a short-term Bund rally is playing out right now. That's the picture emerging from recently published research on Eurozone rates.
• EUR/USDPublished research is sharply split on EUR/USD — and the divide is by time horizon, not by conviction.

Macro

• Macro themesTwo stories are dominating macro desks this week: a more hawkish Fed under Chair Kevin Warsh, and a fragile ceasefire in the Strait of Hormuz that's pulling oil lower for now.