Assets

• Cross-assetToday's dominant signal across markets: the AI trade is unwinding in every asset class at once. Published research this week describes tech and semis selling off, AI-linked corporate bonds blowing out, Treasury yields…
• SilverSilver research is split by time horizon, not direction.
• PalladiumPalladium may be sitting on a coiled spring, according to one strand of recently published commentary.
• CopperCopper's bullish case just got a bolder price target from independent research.
• OilOil research skews firmly bullish right now, with one notable exception taking the long view.
• Natural gasPublished research is uniformly bullish on natural gas and LNG this week — across Henry Hub, European TTF, UK gas, and Asian LNG spot, with no dissenting voices on direction.
• US equitiesPublished research this week leans cautious on US equities near-term, with the loudest warnings centered on tech and AI names — but there are pockets of tactical optimism forming underneath.
• European equitiesEuropean equity research is split today, with the bullish and bearish cases landing on different corners of the market.
• US bondsTreasury yields: the published research is split by horizon, not by direction.
• EU bondsPublished research this week leans toward higher Eurozone yields and wider French spreads, with one clear disagreement on where French bonds go next.
• EUR/USDEUR/USD research is split by time horizon, not by conviction — and that distinction matters.

Macro

• Macro themesTwo forces dominated published macro research this week: sticky US inflation colliding with a dovish Fed, and growing cracks in the AI capex story.