27 September 2026

Assets

• GoldGold's week: a tug-of-war between near-term rate pressure and a strengthening structural bull case.
• SilverSilver drew a broadly constructive tone this week, with researchers framing it as both an industrial and monetary play — though a late-week bearish note complicated the picture.
• CopperCopper research this week: the bull case got louder, not quieter, as prices pushed to fresh record highs.
• OilOil stayed bid this week, with published research broadly pointing higher on geopolitics and refined product tightness.
• Natural gasNatural gas dominated energy commentary this week, with researchers broadly leaning bullish into winter across both sides of the Atlantic.
• US equitiesUS equities held near record highs this week, but researchers were increasingly split on whether the rally's narrow leadership is a strength or a warning.
• European equitiesEuropean equities spent the week caught between political noise, bond-market pressure, and a few genuine bright spots.
• US bondsTreasuries buckled again this week, and published research is nearly unanimous that the pain isn't over.
• EU bondsEuropean bond yields pushed sharply higher this week as researchers coalesced around a hawkish ECB path and a broad developed-market repricing.
• EUR/USDEUR/USD spent the week under pressure, with published research broadly pointing to a test of the 1.13–1.14 support zone as US yields and eurozone political risk did the heavy lifting.