2 August 2026

Assets

• GoldGold: research consensus stays structurally bullish, but tactical caution runs through the week.
• SilverSilver's week: bullish long-term chorus, but tactical caution built into the second half.
• CopperCopper's bull case dominated research this week, with structural deficits and AI-driven demand cited as durable tailwinds.
• OilOil in focus this week: geopolitics kept a bid under crude, but late-week research turned more two-sided as Strait of Hormuz flows partially recovered.
• Natural gasNatural gas markets tightened sharply this week, with published research pointing to a global supply squeeze heading into winter.
• US equitiesUS equities spent the week caught between strong earnings and a wobble in the AI trade.
• European equitiesEuropean equities had a genuinely constructive week, with Q2 GDP surprises across France, Germany, Spain and Italy reframing the region as a domestically-driven growth story rather than a laggard.
• US bondsUS Treasury yields dominated the week, with published research broadly arguing the long end is heading higher — though a few late-week voices flagged the move may be overdone.
• EU bondsEuropean bond markets spent the week repricing for an ECB back in tightening mode, with September now seen as near-certain for a hike.
• EUR/USDEUR/USD flipped from defensive to constructive as the week progressed, with published research increasingly pointing to a softer dollar path.