Assets

• Cross-assetMarkets are flashing a synchronized tightening signal — and published research is treating it as a stagflation warning.
• GoldGold: published research this week is uniformly bullish, with no dissenting view in sight.
• CopperCopper is drawing a rare unanimous bull call across published research this week — tactical, cyclical, and strategic horizons all pointing higher.
• OilPublished research this week is overwhelmingly bullish on crude, with Brent pressing the $100/bbl mark and WTI close behind. Across the analyst notes surveyed, there is no meaningful near-term dissent — the only bearish…
• Natural gasNatural gas is the standout directional call today, with two distinct bullish stories on different horizons.
• BitcoinBitcoin's setup looks constructive, with macro and regulatory catalysts pointing the same direction, according to recent published research.
• US equitiesUS equities are caught between a bearish next-few-weeks setup and a still-constructive six-to-twelve month view, according to research published this week.
• European equitiesEuropean equity research this week leans cautiously bearish, but the pessimism comes with big asterisks.
• US bondsPublished research this week points to higher US Treasury yields, with broad agreement that a strong labor market and sticky inflation keep the Fed leaning hawkish — a headwind for bond prices.
• EU bondsEuropean government bonds are under pressure, with most published research pointing to higher yields ahead — and therefore lower bond prices.
• EUR/USDPublished research this week leans bearish on the euro in the near term, but the pessimism has clear limits.

Macro

• Macro themesTwo forces are pulling global markets in opposite directions this week, according to a wide body of published research.