Assets

• Cross-assetMarkets are caught in a soft-landing tug-of-war today: weak US jobs data pulled short-end yields and the dollar lower, sparking a risk-on move in equities and crypto — while Strait of Hormuz tensions keep oil and…
• GoldPublished research on gold is leaning firmly bullish — with the main dissent tied to a specific stress scenario, not a break in the underlying case.
• SilverSilver is a house divided right now, with no clear consensus emerging from this week's research.
• CopperPublished research on copper is running almost uniformly bullish, pointing to a rare alignment of structural demand and stubborn supply constraints.
• OilPublished oil research is leaning bullish, but the split is real — and it hinges on the Strait of Hormuz.
• Natural gasEuropean natural gas prices face sustained upward pressure, according to research published this week, with no offsetting bearish views on the table.
• BitcoinBitcoin's outlook is split by time horizon, according to research crossing the desk this week.
• US equitiesPublished research this week leans firmly bullish on US equities, though a vocal minority is calling for a correction.
• European equitiesPublished research is broadly, if cautiously, constructive on European equities right now.
• US bondsPublished research on US bonds is split — and the split is mostly about time horizon, not direction.
• EU bondsEuropean bond yields look set to keep grinding higher, according to the published research consensus this week. No meaningful case for falling yields showed up in today's analysis.
• EUR/USDPublished research is lining up behind a stronger euro.

Macro

• Macro themesTwo forces are driving macro commentary right now: where the Fed goes after a weak July jobs print, and the geopolitical risk premium building in oil from Strait of Hormuz tensions.