Assets
- GoldGold's week: a $4,000 line in the sand, with researchers mostly calling the recent drop a shakeout rather than a trend change.
- SilverSilver Weekly: Washout, then a Fight to Hold $50
- CopperCopper spent the week caught between a tight physical market and softening demand narratives.
- OilOil whipsawed this week as the midterm result scrambled the Iran war narrative, and research opinion split sharply on whether the drop has further to run.
- Natural gasNatural gas told two very different stories this week — bearish at Henry Hub, bullish in Europe and Asia.
- US equitiesUS equities wobbled this week, but most published research is framing the pullback as a buying opportunity rather than the start of something worse.
- European equitiesEuropean equities caught a tailwind this week as published research leaned into the "rotate out of US tech, into everything else" trade.
- US bondsTreasuries caught a bid this week, with much of the published research reading the midterm result as a bond-friendly event — though the long-end call is far from unanimous.
- EU bondsEU bond markets spent the week bracing for another ECB hike as inflation jumped and French political risk refused to fade.
- EUR/USDEUR/USD spent the week pinned near 1.12, with published research split on whether the pair can break higher into year-end.
Macro
- Macro themesMarkets had a violent week, and published research is fairly united on why: the US midterms reshaped the AI trade overnight.
- Policy makersCentral banks moved into tightening mode this week as an energy-driven inflation pulse from the Middle East conflict rippled across advanced economies.
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Every morning, what published research argued the day before: the cross-asset and macro read in full, then every market in a line.