Assets

• Cross-assetToday's cross-asset story is a geopolitical energy shock rippling through every market. Brent has broken to multi-year highs on US-Iran hostilities, Strait of Hormuz disruptions, and Black Sea infrastructure attacks —…
• GoldGold's outlook is overwhelmingly bullish across published research this week, with the only real dissent being tactical caution about the next few weeks — not the direction of travel.
• SilverSilver's setup is drawing a bullish consensus across published research this week — though the reasoning splits between tactical and structural.
• PlatinumPlatinum's outlook leans bearish, according to research published this week — with prices expected to stay subdued or drift lower over the next year and beyond.
• PalladiumPalladium's structural story keeps tilting to the downside, according to research published this week.
• CopperCopper's bullish case is getting louder in published research, with independent analysts converging on the view that prices have further to run — not as a short-term trade, but as a multi-year structural story.
• OilPublished research on oil is almost uniformly bullish right now — the debate is about how far and how long, not direction.
• Natural gasNatural gas is telling two very different stories depending on where you look.
• US equitiesPublished research this week leans constructively on US equities over the medium term, but a chorus of voices is flagging tactical vulnerability in the index and in crowded trades.
• European equitiesEuropean equities are drawing a broadly bullish consensus in recent third-party research, with several published views overweight the region on both near-term and cyclical horizons.
• US bondsPublished research this week leans heavily toward higher US Treasury yields — but the consensus isn't unanimous.
• EU bondsResearchers see one clear direction for European government bonds: yields grinding higher from here.
• EUR/USDPublished research is lining up bearish on EUR/USD in the near term, with multiple recent notes pointing the same direction.

Macro

• Macro themesMiddle East energy shock is dominating macro right now — and published research is converging on the view that it's paralyzing central banks.