reports
- Peter Virovacz
- Zoltán Homolya
Why we can't ignore Hungary's rate cut-triggering low inflation
Inflation in Hungary came in as expected in January, well below the central bank's target level. The favourable trend continued in the pattern of monthly repricing. The structure also shows some improvement, so the chance of a February rate cut is higher than ever
- Marieke Blom
Marieke Blom: Europe must champion its strengths and develop a clear p...
Davos crystallised the urgency around European competitiveness. Policymakers are 'on it' as we speak. But a key element is missing: confidence. Europe must articulate its strengths, and Europeans must hear its pitch – that Draghi's report overstated US success and that global investors are turning to Europe, writes Marieke Blom
- Muhammet Mercan
Turkish central bank remains constructive on inflation outlook
Turkey's central bank raised its inflation forecast range, bringing the midpoint closer to market expectations, while keeping its official target unchanged. A relatively favourable assessment of the inflation outlook suggests the continuation of gradual rate cuts
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Roelof-Jan van den Akker
Technical Analysis/Bund future
Last week, the weekly chart formed an outside week: the high at 128.54 exceeded the previous week's high of 128.40, while the low at 127.56 dipped below the prior low of 127.65. The market closed 12bp higher at 128.24, finishing slightly below the weekly high of 128.54. This pattern may signal a bullish reversal, implying the potential for further upside if prices move above last week's high of 128.54, thereby confirming the recovery. For a more meaningful advance within the broader consolidatio...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Michiel Tukker
Rates Spark: Domestic drivers more important than US spillovers
While US rates are undergoing some upward pressure from better-than-expected jobs numbers, euro and sterling rates are doing their own thing. The spillover from the US appears to have softened – especially in the UK, where the focus is turning more towards domestic drivers. Today, we'll be listening to EU leaders about joint issuance for defence spending
- ING Helpdesk
Benelux Morning Notes
Company comments AB InBev: Little to disappoint Adyen: 2H25 results – mixed results, soft guidance CVC Capital Partners: Executing well dsm-firmenich: Messy results Fagron: Beat on all lines, confident FY26 outlook to drive c.5% consensus EBITDA upgrade Flow Traders: EMEA saves the day KBC: Good results, opening up “jaws” further to 2028 Kinepolis: Canadian peer Cineplex 4Q25 results below consensus, January 2026 box office revenue up MICC: FX headwind leads to a 50bp margin miss in FY25 Montea:...
ULVR UNILEVER PLC
KBC KBC GROUP N.V.
FAGR FAGRON SA
MONT MONTEA SCA
ONTEX ONTEX GROUP N.V.
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
ADYEN ADYEN NV
WDP WAREHOUSES DE PAUW SCA
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
CVC CVC CAPITAL PARTNERS PLC
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- James Smith
- Chris Turner
- Francesco Pesole
- Frantisek Taborsky
FX Daily: Dollar struggling to catch the tailwind
A set of robust US jobs numbers yesterday prompted a hawkish Fed repricing, but failed to give a significant boost to the dollar. This is – in our view – a signal of lingering strategic bearishness on the greenback, which can only be fought with more good data. We expect some stabilisation in USD crosses today
- Ewa Manthey
- Warren Patterson
- Thymen Rundberg
- Tijs Hollestelle
Alfen/Another transitional year/HOLD
Alfen reported broadly in line 4Q25 results but lowered its FY26 outlook. There is no tangible evidence of a pending volume-driven recovery in the 4Q25 performance of the Smart Grid and the EV Charging division. We increase our FY26 revenue estimate by 0.5% to the mid-point of Alfen's new revenue guidance and cut our FY26F adjusted EBITDA estimate by 6% to €26.1m. This reflects an adjusted EBITDA margin of 5.7%, slightly ahead of the company's mid-point guidance aiming for 5.5%. Management execu...
- James Knightley
Decent January for US jobs, but the sector concentration is a huge con...
The US added more jobs than expected in January, but sizeable downward revisions reveal that – outside of leisure & hospitality, private healthcare, and government – the economy has actually been consistently losing jobs. This suggests the risks remain tilted toward the Fed cutting rates more than the two reductions currently in our forecast
- Roelof-Jan van den Akker
Technical Analysis/US 10-year Treasury Note
We viewed the close below the horizontal support at 112 12/64 in the first half of January as the completion of a top formation, implying lower prices in the following weeks and months. Within this corrective phase, a decline toward the solid horizontal support around 109 29/64 appears to be the maximum downside risk, with intermediate support levels at 111 25/64 and 110 15/64. Prices held above the first horizontal support at 111 25/64, posting a January low at 111 18/64. Last week, the market ...
- Francesco Pesole
SEK Outlook 2026: Slower, more predictable appreciation
We see limited downside room in the next few months for EUR/SEK due to stretched valuation, but still expect a move to 10.30 by year-end on the back of Sweden's attractive growth/fiscal profile and no Riksbank cuts. USD/SEK should continue to have larger downside potential in line with our bearish USD view: we target a drop below 8.50 this year
- Paolo Pizzoli
- Roelof-Jan van den Akker
Technical Analysis/Bund future
Last week, the weekly chart formed an outside week: the high at 128.54 exceeded the previous week's high of 128.40, while the low at 127.56 dipped below the prior low of 127.65. The market closed 12bp higher at 128.24, finishing slightly below the weekly high of 128.54. This pattern may signal a bullish reversal, implying the potential for further upside if prices move above last week's high of 128.54, thereby confirming the recovery. For a more meaningful advance within the broader consolidatio...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
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