Assets

• Cross-assetPublished research this week points to an entrenched stagflationary squeeze across markets: Middle East tensions keep energy prices elevated, sticky inflation is pushing the Fed and other major central banks to stay…
• GoldPublished research on gold is leaning bearish in the near term, though the pessimism is largely a horizon story rather than a true split on fundamentals.
• SilverSilver outlook is split along time horizons, not fundamentals, according to research published this week.
• PlatinumPlatinum has a multi-year upside case, according to recently published research.
• OilPublished research is lining up firmly bullish on crude, with Middle East conflict risk now the dominant price driver across both Brent and WTI.
• Natural gasPublished research is split on natural gas by region: bullish on Europe, bearish on US Henry Hub.
• US equitiesUS equities are drawing broadly bullish calls across published research — but a serious minority is warning the AI trade has run too far.
• European equitiesEuropean equities are drawing a broadly constructive cyclical view from published research, though the Eurozone itself remains contested.
• US bondsPublished research this week is overwhelmingly pointing to higher US Treasury yields across the curve — with only a small contrarian camp calling a top.
• EU bondsEuropean government bonds look set for more pressure, according to the bulk of recently published research.
• EUR/USDEUR/USD: the published research is split by time horizon, not by conviction — bearish near-term, more constructive looking out.

Macro

• Macro themesHot US September CPI print is the dominant macro story today — and published research argues it's forcing a rethink of the Fed path, with Middle East oil keeping the pressure on.