Assets

• Cross-assetToday's cross-asset signal is a classic fiscal-debasement trade: long-end US Treasury yields grinding higher on debt supply and sticky inflation, while capital rotates into hard assets — gold, silver, copper, Bitcoin —…
• GoldGold: the published research consensus is firmly bullish, with disagreement limited to short-term tactics rather than direction.
• SilverSilver is drawing a uniformly bullish tone from published research this week, with the case built on both cyclical and near-term drivers.
• CopperCopper: the published research consensus is constructively bullish, with tight inventories and a structural supply deficit as the dominant story — even as some voices warn the recent rally has run ahead of itself.
• OilOil views are split: research published this week leans mildly bullish on a multi-month horizon, but sees near-term downside as geopolitical risk premiums unwind.
• Natural gasEuropean gas prices look set to climb as the continent enters winter with storage tanks running unusually light.
• BitcoinBitcoin: the published research lean is bullish, but a near-term pullback is on the radar.
• US equitiesPublished research on US equities skews constructive — but with sharp splits on timing and one strategic bear standing out.
• European equitiesEuropean equities are drawing a broadly constructive tone in this week's published research, spanning both cyclical and structural angles.
• US bondsPublished research is broadly aligned: US Treasury yields, especially at the long end, are expected to stay elevated or push higher — with disagreement mostly about short-term wobbles, not direction.
• EU bondsEuropean sovereign yields look set to drift lower in the near term, even as one more ECB hike may still be coming — that's the split emerging across recently published research.
• EUR/USDPublished research this week leans toward euro strength against the dollar, though no direct EUR/USD price target is on the table.

Macro

• Macro themesToday's macro conversation centers on two intertwined stories: strains in the US Treasury market and a widening trade and sanctions offensive.