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.

Adam Antoniak ... (+5)
  • Adam Antoniak
  • David Havrlant
  • Dmitry Dolgin
  • James Knightley
  • James Smith

THINK Ahead: How inflation could surprise us in 2026

It's crystal ball time here at ING towers as we gaze into the foggy mist that is 2026. What if something comes out of nowhere - and what if that thing is a fresh inflation wave? James Smith explains how it all depends on governments. It's a budget-fuelled week ahead, at least for us in the UK, so buckle up as we look at what's to come

Marc Zwartsenburg ... (+3)
  • Marc Zwartsenburg
  • CEFA
  • Tijs Hollestelle

Theon International/No time to waste/BUY (Initiating coverage)

We initiate coverage on Theon International with a BUY rating and a €37.50 target price. Theon is the dominant EU defence night vision and thermal imaging systems player, offering clients a wide range of highly customised products. Long-standing relationships with key EU defence primes and government-related defence agencies position the business well to benefit from the structural rise in defence budgets. Organic growth in the coming years is expected to exceed 15%. Theon recently introduced ne...

Benjamin Schroeder
  • Benjamin Schroeder

Japan's new fiscal stimulus to target inflation as JGB concerns mount

Japan's stimulus package targets inflation stabilisation, strengthening defence and diplomacy, and sustainable growth. It should spur short-term growth and reduce inflation, but may put pressure on JGBs. The BoJ's policy normalisation will likely continue, though it faces challenges and may proceed at a slower pace

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

Bank Brunch/Covered bonds perform as Bund restraints ease

Covered bonds outperform on the liability structure, as Bund asset swap spread constraints ease a tad

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

Bank Brunch/Covered bonds perform as Bund restraints ease

Covered bonds outperform on the liability structure, as Bund asset swap spread constraints ease a tad

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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