Assets

• Cross-assetToday's cross-asset picture, as painted by this week's published research: a tug-of-war between geopolitically driven oil strength and a surprise US inflation undershoot, with the medium-term rates path under Fed Chair…
• GoldGold research is split — no clean consensus on the near term, but the longer-run case still leans constructive.
• SilverSilver's long-term setup looks structurally bullish, according to recently published research.
• OilCrude's near-term direction hinges almost entirely on one chokepoint: the Strait of Hormuz.
• Natural gasNatural gas is splitting sharply by region, according to research published this week: Europe pushing higher on winter supply anxiety, while the US faces a storage glut weighing on near-term prices.
• BitcoinBitcoin faces structural downside risk over the next several years, according to a bearish long-term view laid out in recently published research.
• US equitiesUS equities are drawing a broadly constructive read from published research, though a vocal minority sees cyclical and structural risks building — especially for the broad market.
• European equitiesEuropean equities are drawing mostly bullish calls in newly published research, with one prominent dissenter urging underweight positioning — a genuine split worth watching.
• US bondsUS bond research is split right now, and the split is mostly about time horizon, not direction.
• EU bondsPublished research this week points to lower euro area sovereign yields overall — but with an important nuance at the front end of the curve.
• EUR/USDEUR/USD is caught between a softer near-term dollar story and a tougher medium-term one, and the published research is genuinely split right now.

Macro

• Macro themesTwo forces are pulling markets in opposite directions today: a cooler US June CPI print and escalating Middle East energy tensions.