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.

Padhraic Garvey ... (+2)
  • Padhraic Garvey
  • CFA

Fixed:Float Monitor/Discussion on receivers back as the Strait eases

• As overall hike risks ease, 6mth Euribor already fully incorporates a 25bp hike • Even if the ECB were to hike, say by just 25bp, receivers are carry positive plays • In SOFR, market rates are bunched. Fed cuts down the line argue for receivers • That said, we still see risks for higher longer tenor rates as inflation risks remain

Adam Antoniak ... (+6)
  • Adam Antoniak
  • David Havrlant
  • Dmitry Dolgin
  • James Knightley
  • James Smith
  • Muhammet Mercan

THINK Ahead: From 'loads of money' to no cash to splash

Harry Enfield's ‘Loadsamoney' mocked 80s yuppie excess; his catchphrase rang out across the UK. Today, there's no cash to splash, and not just in Britain... high household savings ratios will struggle to spare Europe from an energy-led slowdown. Plus, the confirmation hearing of Fed Chair nominee Kevin Warsh. All to look forward to next week

Chris Turner ... (+11)
  • Chris Turner
  • David Havrlant
  • Deepali Bhargava
  • Dmitry Dolgin
  • Francesco Pesole
  • Lynn Song
  • Mateusz Sutowicz
  • Min Joo Kang
  • Peter Virovacz
  • Rafal Benecki
  • Valentin Tataru

FX Talking: A trip down the de-escalator

Financial markets continue to look for an early resolution to the Middle East crisis, and the dollar is softening. The extent to which central banks protect their economies from the inflation shock will now be a key determinant of currency trends. A June rate hike from the ECB should keep EUR/USD supported and on track to 1.20 later this year

Carsten Brzeski
  • Carsten Brzeski

Carsten: What the Middle East war means for the economy right now

Higher oil prices, higher inflation, lower growth. It's a depressing snapshot of what's in store for the global economy as the war in the Middle East continues. Here's Carsten Brzeski's take on where we are right now. Our global team gives its detailed perspective in our latest ING Monthly

Roelof-Jan van den Akker
  • Roelof-Jan van den Akker

Technical Analysis - EUR/NOK

The longer-term technical picture is deteriorating, which is why the monthly chart is included in this update. Prices have topped in the 12.10–12.22 area over recent years, forming a lower high relative to the spike to around 13.18 in March 2020. That said, the chart still displays a sequence of higher long-term lows originating from the 2013 trough near 7.30. This structure continues to argue for higher prices over the longer term, provided that prices consolidate successfully above the underly...

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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