Assets

• Cross-assetToday's cross-asset story is a geopolitics-driven inflation scare, not a clean risk-on or risk-off tape. Middle East tensions and Strait of Hormuz disruption risk are keeping oil above $90, dragging Treasury yields to…
• GoldGold views are splitting sharply — and the disagreement is really about time horizon.
• CopperNo fresh copper research crossed the desk today. We'll be back when the published views on supply, demand, and price action are worth flagging.
• OilPublished research on oil is leaning firmly bullish — with one notable caveat on the longer horizon.
• Natural gasEuropean natural gas may be shifting from "bridge fuel" to permanent backbone of the power system, according to research published this week.
• BitcoinBitcoin bull case is unusually crowded right now — published research this week runs bullish across every time horizon, from a few weeks out to multi-year.
• US equitiesUS equity research is sharply split right now — bullish year-end calls on the S&P 500 sit alongside pointed near-term warnings from the technical and options crowd.
• European equitiesEuropean equities are drawing an unusually broad bullish call from published research this week, with several analyst camps pointing to continued outperformance versus other global regions.
• US bondsPublished research this week leans bearish on US Treasury prices, with long-end yields seen as most exposed — though a notable cluster of analysts expects the Treasury's expanded buyback program to pull yields down…
• EU bondsFrance is emerging as the pressure point in European sovereign debt, according to research published this week.
• EUR/USDPublished research this week makes a bullish case for the euro against the dollar, with analysts arguing EUR/USD has further room to run as the greenback softens.

Macro

• Macro themesThree forces are dominating macro commentary right now, according to this week's published research.