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.

Rafal Benecki
  • Rafal Benecki

Poland's CPI inflation falls due to lower energy prices

The CPI peak is still ahead but inflation should decline in 2023 on base effects, albeit with persistently high core inflation

Francesco Pesole
  • Francesco Pesole

Norway: Lower FX purchases suggest appetite for stronger NOK

For the second consecutive month, Norges Bank announced lower-than-expected daily FX purchases (NOK1.9bn) for the month ahead. This may at least partly denote appetite for a stronger domestic currency, which would help fight inflation as Norges Bank's room for tightening may be restrained by Norway's economic woes and vulnerable property market

Ewa Manthey ... (+3)
  • Ewa Manthey
  • Thijs Geijer
  • Warren Patterson

2023 Commodities Outlook: Stormy seas ahead

Commodity markets have had an extraordinary year, with supply risks leading to increased volatility and elevated prices. However, demand concerns have taken the driving seat as we approach year-end. 2023 is set to be yet another year of uncertainty, with plenty of volatility

Francesco Pesole
  • Francesco Pesole

Norway: Lower FX purchases suggest appetite for stronger NOK

For the second consecutive month, Norges Bank announced lower-than-expected daily FX purchases (NOK1.9bn) for the month ahead. This may at least partly denote appetite for a stronger domestic currency, which would help fight inflation as Norges Bank's room for tightening may be restrained by Norway's economic woes and vulnerable property market

Piotr Poplawski ... (+2)
  • Piotr Poplawski
  • Rafal Benecki

Poland sees marked slowdown in private spending

In 3Q, Poland's GDP slowed to 3.6% YoY after a very solid first half. This was the result of a significantly lower contribution from private consumption. In contrast, the contribution from inventory changes was unexpectedly high. This could mean that companies were taken by surprise by low demand, or increased inventories as a precautionary measure

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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