Assets

• Cross-assetAcross markets today, published research is converging on a "yields-up, dollar-up, oil-up" backdrop that tightens global financial conditions all at once: US 10-year yields above 5%, Brent crude in a $100–$110 range,…
• GoldGold's outlook splits cleanly by time horizon: cautious now, constructive once the Fed stops hiking.
• SilverSilver outlook: bullish long-term, bearish right now — and the split is really about timing.
• CopperCopper's structural bull case is getting louder in published research.
• OilPublished research this week is overwhelmingly bullish on oil, with the debate centered on magnitude rather than direction.
• Natural gasNatural gas looks tight heading into winter, according to a wave of recent third-party research on both sides of the Atlantic.
• BitcoinBitcoin bull case is unusually crowded right now — but the timing and conviction differ sharply across published research.
• US equitiesUS equities: the published research consensus is broadly constructive, with disagreement running along sectors and time horizons rather than the overall index.
• European equitiesEuropean equity views this week are directionally mixed, with tactical bounces sitting on top of a more bearish cyclical backdrop.
• US bondsPublished research this week lands heavily on one call: US Treasury yields are going higher across the curve, meaning bond prices lower.
• EU bondsPublished research this week points to upward pressure on euro area sovereign yields, with the French-German bond spread expected to widen further as bets on more ECB rate hikes intensify.
• EUR/USDPublished research is split on the euro-dollar, with a modest bearish lean near-term but real disagreement further out.

Macro

• Macro themesGlobal bond markets are in the middle of a historic repricing, and published research this week argues the pressure isn't done yet.