ING Financial Markets

In FICC (Fixed Income, commodities and Currencies) Research, we offer niche EM expertise, especially in EMEA. We are the go-to bank for Benelux issues, from regulations to rates to a Benelux credit focus. We have developed top notch covered bonds research, and have niche offerings in money markets, rate derivatives and European high yield. We overlay this with a global offering in macro, FX, commodities research and technical analysis. Europe is a key focus for us, but our global sphere extends to the Americas and Asia, in areas where we have selected DM & EM edges. Our analysts provide both written output and conference calls, but also travel the world to provide face-to-face presentations.

ING’s Equity Research team provides in-depth research on over 120 companies in the BeNeLux region, offering both breadth and depth of stock coverage. In addition to investment recommendations, our analysts offer thematic research, proprietary data points. insights into industry trends and unique valuation perspectives. ING’s Equity Research team was ranked the #1 Country Research team in the BeNeLux region in 2017 by the Extel Survey. Next to this, ING is the only bank to have been involved in all the BeNeLux IPOs in 2017. ING has the largest equities team focussed on Benelux listed securities and is the only Benelux broker with sales and research operations in both Amsterdam and Brussels and a sales hub in New York.

Leszek Kasek
  • Leszek Kasek

Poland's current account deficit expands, but external balance remains...

Poland's current account deficit for December widened more than forecasted by market consensus but slightly less than we had projected. We estimate that the 2025 deficit amounted to 0.7% of GDP, switching from a tiny surplus of 0.3% of GDP in 2024. Poland's external balance is still in a good place, in our view

Ewa Manthey
  • Ewa Manthey

Aluminium tariff rollback talk brings little relief

Reports of a potential US aluminium tariff rollback come at a moment when the market is navigating tight fundamentals, low inventories and distorted trade flows. Below, we look at how tariffs have so far shaped aluminium's trade flows and pricing

Adam Antoniak ... (+3)
  • Adam Antoniak
  • Bert Colijn
  • James Smith

THINK Ahead: Green shoots or just weeds? What this week's data signals

Spring may be approaching (even if the cold weather outside says otherwise). 'Green shoots' are once again poking through in the global economy. But which ones will flourish and which will turn to weeds? James Smith sorts optimism from overgrowth in the US jobs market, Germany, and even rainy Britain – all in your guide to the week ahead

Marine Leleux ... (+2)
  • Marine Leleux
  • Timothy Rahill

US Dollar Credit Supply/Primary market shows strong start to 2026

Corporate supply in January totalled US$56bn, in line with that of last year. TMT dominated issuance with US$24bn, accounting for nearly half of all corporate supply for the month. This outsized contribution continues the recent pattern in which large US tech companies have been driving a substantial share of USD supply, consistent with the heavy TMT issuance observed throughout late-2025. Autos (US$5.4bn), Industrials (US$6.4bn), Real Estate (US$1.4bn), Utilities (US$11.5bn), and Oil and Gas (...

David Havrlant
  • David Havrlant

Czech rate cut likely pushed back on sticky services inflation

We assume that Czech inflation will further soften throughout the year, on the back of decelerating food prices. The assumed disinflation in core inflation around the summer is a key element to a potential rate reduction. Given the solid economic performance, the Czech National Bank is in a comfortable position, and is not being pushed into action so far

Hamza Khan ... (+2)
  • Hamza Khan
  • Warren Patterson

The Commodities Feed

Energy • Crude oil speculative position: Speculators continued to increase their net long in ICE Brent over the last reporting week. According to exchange data, speculators increased their position by 4,175 lots to leave them with a record net long of 565,459 lots. Meanwhile for NYMEX WTI speculators reduced their net long by 15,591 lots to leave them with a net long of 396,381 lots. • US oil rig count: Latest data from Baker Hughes shows that over the last week the number of active rigs decreas...

Gustavo Rangel
  • Gustavo Rangel

LATAM: Political risk calls for caution

Presidential elections are scheduled in Mexico, Brazil and Colombia this year. We take a look at what the rise in political uncertainty means for economic policy and currency trading in the region

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