Assets

• Cross-assetHigher-for-longer rates and an oil shock are the story across every asset class right now, according to this week's published research.
• GoldGold research this week splits cleanly by time horizon: tactically bearish, strategically still bullish.
• SilverSilver is quiet in today's research flow, but one strongly bullish strategic call stands out.
• OilPublished research this week is overwhelmingly bullish on oil, with the few bearish takes conditional on a Middle East de-escalation rather than base cases.
• Natural gasNatural gas: published research is uniformly bullish today across US, European, and global LNG markets — a rare alignment.
• BitcoinBitcoin's long-term bull case is getting louder in published research this week — and the arguments are converging from two different angles.
• US equitiesPublished research this week leans bullish on US equities into year-end, even as a strategic bearish camp warns the same forces powering the rally could set up a harder fall later.
• European equitiesEuropean equity research is leaning modestly bullish today, though most of the real recovery story is being pushed out to 2027 rather than the next few quarters.
• US bondsTreasury yields are the fight of the moment: most published research says they head higher from here, but a vocal minority argues the top is already in.
• EU bondsEuropean government bond yields look set to push higher in the near term, according to recently published research, with the pressure broad-based across German Bunds, French OATs, Italian BTPs, and UK Gilts.
• EUR/USDPublished research is leaning bearish on the euro in the near term, but the longer-run picture is more constructive than the tape suggests.

Macro

• Macro themesThree forces are dominating macro research this week: Middle East energy shocks, higher-for-longer central bank policy, and the AI capex boom as both a growth engine and a fresh inflation source.