Assets

• Cross-assetAcross markets today, one theme dominates: a debasement trade. Treasury buyback expansion is pushing long-end yields lower, weighing on the dollar, and lifting gold, Bitcoin, oil, and energy equities all at once.
• GoldGold: published research is almost uniformly bullish, with the only bearish note being a conditional call for a sharp pullback during a future deflationary bust — itself framed inside a multi-year uptrend.
• SilverSilver is drawing an unusually unified bullish view from third-party research this week, positioned as a direct beneficiary of loose policy and heavy fiscal issuance alongside gold.
• PlatinumPlatinum's setup looks constructive over a strategic horizon, according to research published this week — but the case is far from unconditional.
• CopperCopper: published research this week is uniformly bullish, with tactical, strategic, and long-cycle views all pointing higher.
• OilPublished research this week leans firmly bullish on oil, with the debate centered on how far and how fast — not direction.
• Natural gasNatural gas and LNG have a structurally bullish setup, according to recently published research arguing both benefit from energy-security realignments and a slower-than-expected energy transition.
• BitcoinBitcoin's bull case is getting louder in published research this week, and the throughline is policy — not price action.
• US equitiesPublished research this week leans constructively bullish on US stocks over the cyclical horizon, even as a soft open is expected for the major indices and tactical caution runs alongside the optimism.
• European equitiesEuropean equity signals are thin today, but a few threads stand out: a tactical pop in Dior after a strong earnings beat, a likely profit-taking pullback in Nemetschek, and a structurally constructive view on European…
• US bondsPublished research is sharply divided on where US Treasury yields go from here, and the split comes down to fiscal reality versus policy intervention.
• EU bondsEuropean bond research is converging on a striking split: sovereign yields grinding higher, but high-quality corporate credit looking increasingly attractive.
• EUR/USDPublished research this week leans bullish on the euro, with analysts pointing to a move toward 1.17 against the dollar over the coming weeks and potentially further on a longer horizon.

Macro

• Macro themesTwo stories are dominating macro research desks right now: the US Treasury's surprise decision to double long-end bond buybacks, and escalating US-Iran tensions pushing oil higher.