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.

Francesco Pesole
  • Francesco Pesole

G10 FX valuation round-up

We look at which developed currencies are misvalued according to our medium term real Behavioural Equilibrium Exchange Rate (BEER) model. The yen's undervaluation is currently the biggest standout, arguing for long-term recovery. EUR/USD is moderately cheap (5%) at current levels, but would look stretched on the undervaluation side at parity

Deepali Bhargava ... (+4)
  • Deepali Bhargava
  • Lynn Song
  • Min Joo Kang
  • Rob Carnell

Asia week ahead: Bank of Korea rate decision and regional CPI data

The Bank of Korea meets next week to decide on rates. Meanwhile, we'll get CPI readings from Singapore and Australia

Muhammet Mercan
  • Muhammet Mercan

Why bets are rising on a December rate cut in Turkey

The Central Bank of Turkey kept rates on hold at 50% at its November rate-setting meeting, in line with consensus. The latest MPC statement includes changes that provide additional support to expectations of an easing cycle beginning in December

Egor Fedorov ... (+2)
  • Egor Fedorov
  • James Wilson

EM Credit Spark/Trade ideas update

EM sovereigns have coped well with the volatility and higher rates environment seen from the US but spread levels could be shaken up from near all-time tights by January issuance and more clarity on the impact from Trump's economic policies.

Adam Antoniak ... (+2)
  • Adam Antoniak
  • Rafal Benecki

Polish investment activity remains subdued

The recession in Poland's construction sector worsened in October, indicating that investment activity remained subdued in early 4Q2024. For economic growth to accelerate, a rebound in fixed investment is needed in 2025, as consumption is expected to slow. We see downside risks to our 2025 growth forecast of 3.5%

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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