Research

Research Intelligence

Turning structured cross-asset research into clear outlooks, actionable insights and institutional content.

Disciplined research • Actionable insights • Real opportunities • Clarity drives confidence

Monthly outlook

October 2026

Dispersion Is the Regime

Selective participation defines October's cross-asset regime. Broad directional beta carries less strategic value as differentiated transmission mechanisms across FX, commodities and equities raise the importance of identifiable support, quality and disciplined selection.

Dispersion Over Direction
Energy Security
Real Yields

FX outlook

October 2026

Selectivity Over Beta — Policy Divergence Drives FX Dispersion

Higher real yields provide selective support for the dollar, but policy divergence and differentiated domestic conditions prevent universal USD leadership. Bilateral structures remain more informative than broad directional exposure across the major currency pairs.

Policy Divergence
Relative Rates
Bilateral Dispersion

Commodities outlook

October 2026

Dispersion Is Replacing Broad Commodity Beta

Selective physical strength persists despite restrictive financial conditions. Energy, industrial metals, precious metals and agriculture retain differentiated sources of support, reinforcing the importance of commodity selection rather than generalized directional exposure.

Physical Tightness
Financial Conditions
Selective Exposure

Equity outlook

October 2026

Selection Over Broad Beta

Quality leads as higher real yields drive equity dispersion. Selective opportunities remain across cyclical and defensive sectors, while financing sensitivity, market breadth and margin resilience reinforce the need for disciplined sector and company-level selection.

Quality Leadership
Higher Real Yields
Sector Selection

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Single-asset research

Asset-Specific Research for a More Informed Tomorrow

In-depth, institutional research on individual assets, with clear investment insights, key drivers, scenarios and risks.

Not coverage for the sake of coverage. Research when the asset has something worth saying.

FX
October 2026
USD/JPY
Rate Support Meets Rising Yen Normalization Risk
Preview
Commodities
October 2026
WTI Crude Oil
Geopolitical Tightness Meets a Mean-Reverting Forward Curve
Preview
FX
October 2026
EUR/USD
Near-Term Dollar Pressure, Longer-Horizon Euro Stabilisation
Preview
Sectors
October 2026
US Industrials
Structural Leadership Meets a Higher Cost of Capital
Preview
Sectors
October 2026
European Telecom
Defensive Quality Meets Tactical Weakness
Preview
Commodities
October 2026
Gold
Strategic Demand Confronts Real-Yield Pressure
Preview
Commodities
October 2026
Copper
Structural Demand Meets Cyclical Restraint
Preview