Assets
- Cross-assetMacro research this week converged on a "higher-for-longer" rates regime clashing with still-bullish risk assets — and a late-week re-escalation in the Middle East that flipped the oil narrative.
- GoldGold's week: near-term wobble, structural bull case intact.
- SilverSilver's week leaned bullish, with published research emphasizing a structural bid despite a bruising recent selloff.
- CopperCopper's week was defined by a widening gap between structural bulls and cyclical bears — and the bulls did most of the talking.
- OilOil traders spent the week whipsawed between geopolitics and glut fears — and finished leaning higher again.
- Natural gasNatural gas told two very different stories this week — Europe tight, US soft.
- BitcoinBitcoin research skewed bearish this week, with tactical downside calls dominating despite loud long-term bull cases.
- US equitiesUS equities enter earnings season with the bull case still dominant — but bubble warnings are growing louder.
- European equitiesEuropean equities drew a more constructive tone across the week, though the picture is far from unanimous.
- US bondsUS Treasuries stayed under pressure this week, with the bulk of published research arguing that "higher for longer" still has room to run.
- EU bondsEuropean bonds sold off across the board this week, with the driving narrative shifting from "ECB easing" to "ECB may actually hike again."
- EUR/USDEUR/USD spent the week caught between a firm dollar and a slow-burn bullish euro thesis — with research leaning more constructive as the week progressed.