Assets

• Cross-assetThe dominant signal across markets right now is a global rates-up, energy-up regime, with the Middle East conflict shock pushing sovereign yields higher worldwide while central banks in the US, UK, euro area, Australia,…
• GoldGold's story right now depends entirely on your time horizon, according to a review of recently published research.
• SilverSilver could be the standout trade in the next global downturn, according to a strategic view circulating in recent research.
• OilPublished research is overwhelmingly bullish on oil, with most analysts expecting crude and refined product prices to stay elevated or climb higher — though a minority sees near-term relief for Brent as some supply…
• Natural gasEuropean and UK natural gas look set to stay expensive, according to a strongly bullish consensus in recently published research.
• US equitiesUS equity research is split down the middle right now, with no clean consensus.
• European equitiesEuropean equity ideas are thin on the ground today, but two long-term bullish calls on individual names stand out in recently published research.
• US bondsPublished research this week leans firmly bearish on US Treasury bond prices, with most analysts expecting yields to grind higher across the curve in the near term.
• EU bondsEuropean bond prices face broad downward pressure, according to this week's published research — with sovereign yields, French debt, and intra-eurozone spreads all seen widening.
• EUR/USDEUR/USD: the published research consensus is tilting firmly bearish, with the pair already pushing through summer lows.

Macro

• Macro themesTwo forces are dominating the macro conversation right now: an energy price shock tied to the US-Iran conflict and disruption around the Strait of Hormuz, and central banks hitting inflection points as inflation and…