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 ... (+3)
  • Adam Antoniak
  • Leszek Kasek
  • Rafal Benecki

Poland's Monetary Policy Council pauses its interest rate cuts

It was no surprise that the National Bank of Poland kept interest rates unchanged, with the reference rate at 4.00%. We expect the next rate cut as early as March with the update of the central bank's inflation projection, and see room for at least three cuts this year

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

Technical analysis/TTF Natural Gas

• The peak near €62.50/MWh at the upper boundary of the long-term weekly trading range around €64.50/MWh in the first half of February 2025 led us to anticipate a decline toward the lower end of the range around €28.30/MWh, extending the broad sideways structure that has been in place since the second half of 2023. In December, prices briefly broke below this lower boundary, setting a new low at €26.38/MWh. However, this move lacked meaningful downside follow-through, and prices did not convinci...

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

A rates opportunity in China

We have a bold call for USD/CNY to fluctuate in the 6.85 to 7.25 range in 2026. If we're right, paying low Chinese rates while receiving higher US dollar rates in the coming year is almost akin to a free lunch. We see a similar appeal for longer tenors up to five years, or at the very least, we like the implied risk/reward profile

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

A rates opportunity in China

We have a bold call for USD/CNY to fluctuate in the 6.85 to 7.25 range in 2026. If we're right, paying low Chinese rates while receiving higher US dollar rates in the coming year is almost akin to a free lunch. We see a similar appeal for longer tenors up to five years, or at the very least, we like the implied risk/reward profile

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

A rates opportunity in China

We have a bold call for USD/CNY to fluctuate in the 6.85 to 7.25 range in 2026. If we're right, paying low Chinese rates while receiving higher US dollar rates in the coming year is almost akin to a free lunch. We see a similar appeal for longer tenors up to five years, or at the very least, we like the implied risk/reward profile

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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