Assets
- GoldGold: bulls held the strategic case this week, but the tactical picture darkened as the week wore on.
- SilverSilver's setup turned constructive this week, with most published research framing the recent washout as an entry point rather than the start of deeper losses.
- CopperCopper's week: near-term headwinds, but the structural bull case gained ground.
- OilOil's story this week: it's no longer just crude — it's the barrel of products behind it that's screaming shortage.
- Natural gasNatural gas told two very different stories this week, split by geography.
- US equitiesSemiconductor pain drove the equity story this week — and researchers spent seven days debating whether it's a healthy rotation or the start of something worse.
- European equitiesEuropean equities notched fresh highs early in the week, but late-week softness in tech and chips reintroduced two-way risk.
- US bondsUS bond research split sharply this week on where yields go next, with dovish and hawkish camps both firing.
- EU bondsEuropean bond markets spent the week caught between an ECB that still leans hawkish and a growing case that yields have already priced in the tightening.
- EUR/USDEuro bulls regained the upper hand into week's end, even as energy shocks and Fed-ECB divergence briefly pushed EUR/USD to one-year lows near 1.14.