Assets

• Cross-assetRates are climbing, credit is cracking a little, and yet equity bulls won't blink. That's the cross-asset tension published research is flagging today.
• GoldPublished research this week is uniformly bullish on gold, though analysts differ on what gets it there.
• SilverSilver is drawing a rare unanimous bullish call in this week's published research — though the reasoning splits along time horizons.
• CopperCopper: the published research is unusually one-sided — every voice tracked this week sees the metal pushing toward all-time highs, with no bearish dissent.
• OilOil forecasts are split, with published research leaning mildly bearish near-term but a competing camp arguing geopolitical supply risks will keep prices elevated.
• BitcoinBitcoin remains a long-term conviction call in the latest published research, framed as a foundational allocation rather than a trade.
• US equitiesPublished research this week leans bullish on US equities, but the disagreement underneath is sharper than the headline suggests.
• European equitiesEuropean equity research is leaning constructively bullish, with the sharpest near-term call pointing to Germany's DAX pushing to fresh record highs.
• US bondsPublished research is lining up behind a bearish view on US bonds: long-end Treasury yields are seen staying elevated or grinding higher, credit spreads under widening pressure, and the yield curve biased steeper.
• EU bondsPublished research is turning decisively bearish on European sovereign bonds — with yields expected to grind higher and gaps between stronger and weaker member states widening.
• EUR/USDResearch published this week leans tactically bullish on EUR/USD, framing the euro as a pro-growth currency that should benefit from the global equity rally and supportive investment backdrop.

Macro

• Macro themesTwo macro stories dominate the tape: a possible US–Iran Strait of Hormuz de-escalation, and a growing debate over the Warsh Fed's communication style.