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.
Price action in oil had been largely rangebound over the summer months. However a slower than expected demand recovery and returning supply has seen prices wobble more recently. While we still see prices moving higher from current levels, we have revised lower our price expectations due to the demand picture
The dollar is holding on to early-week gains as global risk sentiment fails to fully recover from Monday's blow. So far, Powell's rhetoric this week has been a simple reiteration of the Fed's ultra-accomodative policy commitment, which is now largely in the price and is having limited short-term impact on the dollar. Some more Fedspeak today (Powell, Evans, Rosengren, Bostic, Quarles) may have a similar muted market impact, with investors mostly focussed on assessing the risk and implications of second virus waves/lockdown measures in main developed economies. The reversal of recent USD gains ...
The new season will hardly bring fresh support to the USD, which could rejoin its summer bear-trend next week. This should help the EUR survive the Sept. PMI read as markets move on to the EU summit. Demand for Chinese assets could add fuel to the EM FX rally, while central bank meetings in NZ, Sweden, Switzerland and Norway should have low surprise potential
We expect the CBR to keep the key rate unchanged at 4.25% today given the increased market volatility in RUB assets and the geopolitical uncertainty. Still, the central bank is to confirm the scope for further cuts to 3.5-4.0% in the next 6-12 months, depending on the CPI trajectory. We look for a limited reaction in RUB as (a) such an outcome is expected; (b) the uncertainty associated with geopolitics and the risk of possible sanctions now matter more for RUB and put the CBR guidance to the background. The latter is a limiting factor to the near-term RUB upside despite RUB exerting one of th...
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