Assets

• Cross-assetCross-asset markets are being pulled in two directions today: a geopolitics-driven energy shock in the near term, and a very different structural picture over the longer horizon.
• GoldGold outlook is split, with published research leaning modestly bullish on structural grounds while flagging real near-term headwinds from high yields and a stronger dollar.
• SilverSilver is caught between two published research scenarios this week — and the split is about timing, not fundamentals.
• CopperPublished research this week leans bearish on copper, with the directional consensus pointing lower on both tactical and structural grounds.
• OilOil's split screen: near-term bullish on Middle East risk, longer-term bearish on oversupply.
• Natural gasPublished research this week leans modestly bullish on natural gas, with European and Asian LNG prices facing the clearest near-term upward pressure.
• BitcoinBitcoin views are splitting along time horizons — bearish for the next year, bullish over several years, with no consensus on near-term direction.
• US equitiesPublished research on US equities is leaning bullish, with a few sharp pockets of caution worth flagging.
• European equitiesEuropean equities are pulling analysts in three directions right now — and the split is more about time horizon than genuine disagreement, with one real structural bear in the mix.
• US bondsPublished research this week leans heavily toward higher US Treasury yields — but the consensus isn't unanimous, and near-term CPI data could shift the front end.
• EU bondsEuropean bond research is leaning hawkish near-term, but the long end is where the real debate sits.
• EUR/USDPublished research this week leans firmly bullish on EUR/USD, with no outright bearish calls in the mix.

Macro

• Macro themesTwo stories are driving the macro conversation today, and published research links them tightly together.