20 September 2026

Assets

• Cross-assetThe week's dominant thread: a global bond-yield squeeze is reshaping the outlook across every asset class.
• GoldGold's bull case dominated the week, with structural debasement themes overpowering tactical downside pressure.
• SilverSilver drew a rare unified bullish chorus this week, with published research framing recent pullbacks as long-term entry points rather than trend breaks.
• CopperCopper's week split cleanly: near-term wobble, long-term bull case intact.
• OilOil stayed the dominant macro story this week, with published research overwhelmingly pointing to "higher for longer" crude.
• Natural gasEuropean gas took center stage this week, with published research broadly arguing prices will stay elevated into winter.
• BitcoinBitcoin proved resilient this week, absorbing a regulatory setback and closing on firmer footing above $78,000.
• US equitiesStocks caught between a rate-hike hangover and a still-bullish long-term case.
• European equitiesEuropean equities held a constructive tone through the week, with multiple research threads arguing the region's rerating story still has room to run.
• US bondsBond yields dominated the week as the Fed hiked again and signaled more tightening ahead, with the 10-year pushing toward 5% — a level not seen in nearly two decades.
• EU bondsEuropean bond yields pushed higher across the week, with research pinning the move on energy-driven inflation, hawkish ECB repricing, and mounting fiscal anxiety in France.
• EUR/USDEUR/USD spent the week on the back foot, with published research broadly pointing to more near-term downside after a hawkish Fed.