Assets

• Cross-assetToday's cross-asset signal is a risk-on/yields-higher split: equities keep grinding up on AI capex and earnings, while government bond yields stay pressured by heavy supply, sticky inflation, and a more hawkish Fed. The…
• GoldGold's structural bull case is dominating published research this week, though a tactical bear note has entered the mix.
• SilverSilver's bull run still has legs, according to research published this week.
• OilOil outlook is split, with published research leaning modestly bearish near-term on Brent and WTI — but a tanker strike near the Strait of Hormuz is keeping tactical upside scenarios alive.
• Natural gasNatural gas looks bullish across every time horizon, according to recent third-party research — with a physical supply shock anchoring the near term and structural demand doing the heavy lifting long term.
• BitcoinBitcoin views are split today: a bullish cyclical case is running head-on into a cautious near-term technical read.
• US equitiesPublished research is broadly bullish on US stocks over the cyclical horizon — even as a short-term wobble around Q2 chip and AI earnings tempers the mood.
• European equitiesEuropean equities are getting a notably bullish read from recently published research, with one analysis ranking the region at the top of its global performance list.
• US bondsPublished research this week leans bearish on US Treasury prices, with most analysts expecting yields to grind higher — though a notable contrarian voice sees room for a gradual decline.
• EU bondsEuropean government bonds are under pressure, with published research this week pointing to rising yields on German Bunds, French OATs, and UK Gilts.

Macro

• Macro themesThree macro storylines are dominating research desks this week: where the Fed goes next, oil risk from the Strait of Hormuz, and whether the AI capex boom can survive earnings season.