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.

Jesse Norcross
  • Jesse Norcross

Gecina/Spreads still look too tight despite widening

Gecina (GFCFP) is a solid low-A office-focused credit. Fundamentals weakened slightly during 2023, and the LTV ticked up on relatively large valuation declines which may continue further in 2024, albeit this will likely remain manageable for ratings. The outlook for the Office market in France remains mixed, but we think that any weakness will be offset by good disposal progress and stable credit metrics, as shown in 1Q24. We remain comfortable with the name and think that it should trade at ti...

David Szonyi ... (+3)
  • David Szonyi
  • Frantisek Taborsky
  • Peter Virovacz

Monitoring Hungary: An uncertain recovery

In our latest update, we reassess our Hungarian economic and market forecasts at a time when the economy has emerged from stagnation, again, but we still can't be sure this will last. The end of disinflation is near, as is the period of monetary easing

James Knightley
  • James Knightley

Weaker US jobs numbers boost expectations of a September rate cut

Job creation was weaker, unemployment higher and wage growth more subdued than expected in the April employment report. With Fed Chair Powell leaning dovish at Wednesday's press conference this has breathed new life into Federal Reserve interest rate cut calls

Adam Antoniak ... (+7)
  • Adam Antoniak
  • James Knightley
  • James Smith
  • Lynn Song
  • Nicky Mapa
  • Peter Virovacz
  • Rob Carnell

Our view on next week's key events

Discover what ING analysts are looking for next week in our global economic calendars

Marine Leleux ... (+3)
  • Marine Leleux
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/Crédit Agricole earnings, covered bond supply, Standard Ch...

Crédit Agricole reports solid numbers, value in callable Tier 2. Covered bond supply slows in April to reach €14bn. Standard Chartered: Strong revenue growth partly compensates for weaker capital metrics

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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