reports
- Adam Antoniak
- David Havrlant
- James Knightley
- James Smith
- Peter Virovacz
THINK Ahead: Why the Fed's jobs market confidence could prove misplace...
The Fed is becoming more relaxed about the US jobs market. Yet data this week makes that look complacent. And payroll numbers next week will be key. So what's going on beneath the surface? James Smith tells the story in 10 charts as we enter another week dominated by American economic data
- Ewa Manthey
Metals price discovery is shifting east, driving volatility
Recent trading patterns suggest a clear shift in where and how metals prices are being set. While markets remain global, the sequencing of moves increasingly points to China as the centre of gravity for short-term price formation. Fundamentals still matter but this shift means that positioning and momentum play a bigger role, leading to more volatility
- Peter Virovacz
- Zoltán Homolya
Why Hungary's chances of fulfilling its economic potential are growing
December's retail sales and industrial data were disappointing – but we think a potential upturn is closer than ever. Soft data suggests that industry may contribute positively to economic growth, while retail sales could pick up the pace in terms of growth in 2026
- Jesse Norcross
Watch: Why it's all change for Europe's real estate sector
The past few years haven't been easy for Europe's real estate sector, but 2026 looks set to be much more positive. ING's Senior Sector Strategist, Jesse Norcross, tells us why he's becoming increasingly upbeat about its prospects. Read our full report here
- Edse Dantuma
Dutch healthcare sector set to expand further despite supply constrain...
Productivity gains, temporary agency workers and an easing job market are helping to sustain growth in Dutch healthcare provision. These factors partly offset the persistent staffing shortages, which remain a big challenge for healthcare providers as self-employed workers continue to leave the sector. We expect output to rise by 2.5% in 2026
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Frantisek Taborsky
- James Wilson
- Muhammet Mercan
Monitoring Turkey: Turkish policymakers in action
January inflation in Turkey rose to 4.84% month-on-month, but annual inflation eased to 30.7% on base effects. The Turkish central bank is staying cautious, slowing rate cuts amid pricing pressures. The policy rate at year-end is expected to be 28%. Here's a look at Turkey's economy and our forecasts for the month ahead
- David Havrlant
Czech industry comes out of the woods
Industrial output is nearing pre-pandemic peaks, with strength building across sectors. New orders suggest better times ahead, with large deals brightening the outlook. Cheaper energy, also driven by government-subsidised electricity prices for businesses, is starting to kick in
- Roelof-Jan van den Akker
Technical Analysis/Bund future
The weekly chart formed the inside week we anticipated: last week's high at 128.40 stayed below the prior week's high of 128.52, while the low at 127.76 remained above the previous week's low of 127.51. This period of indecision often precedes a stronger move in either direction. This week's opening is relatively muted and does not yet indicate a definitive trend. Based on the daily and hourly charts, a downside break remains the more likely scenario as weakness could resume. However, this is no...
- ING Helpdesk
Benelux Morning Notes
Adyen: Preview 2H25. Aperam: In-line 4Q25, upbeat medium-term outlook balances short-term consensus risk. Ayvens: Fast Car (UCS normalisation). Barco: 4Q25 preview, mixed performance. Lotus Bakeries: Another beat on every line. Orange Belgium: 2H25 EBITDAal beat on lower sales, much better 2026 guidance. Philips: CMD & 4Q25 preview, execution is key. RELX: FY25 preview. Universal Music Group: Peer Warner Music 4% revenue and 11% OIBDA beat
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Chris Turner
- Francesco Pesole
- Frantisek Taborsky
FX Daily: Soft labour data holds back defensive dollar rally
What was noticeable yesterday was that US interest rates did seem to react to some softer labour market data. This week's re-pricing lower of the Fed's terminal rate has therefore taken the sting out of a potential defensive rally in the dollar. This could leave the dollar vulnerable into next week's US jobs data. And the ECB seems comfortable with EUR/USD
- Carsten Brzeski
- Lynn Song
- Min Joo Kang
- Francesca Ferragina
- Michiel Vereycken
Xior Student Housing/Focus on organic growth and developments/BUY
Xior reported solid operational FY25 results. We remain very supportive of the excellent organic trends: LFL rental growth of +5.4% over FY25, which is expected to reach a minimum of +4% over 2026-27F, still outperforming the broader real estate space. The 4% EPS growth guidance for 2026 and 2027 is strong and we think this is a realistic expectation. LTV is at 49.9% and this limits growth options. Over the next two years the group focus will be on rental growth, operational leverage and the exe...
- Jason Kalamboussis
KBC Ancora/Cash accumulation, higher dividend yield/BUY
There was little to expect from this 1H set of results and they are mostly in line with our estimates. Cash was in line as well at €105m, but should come down in 2H, so the cash position will be restored again to pay the bullet loan maturing in May 2027. We expect a share buyback to follow but, in the meantime, KBC Ancora may still decide to lower the 10% that is reserved: if this is lowered to 0%, it would add c.€8 per share on our new target price of €91.0 (previously €85.0). We reiterate our ...
- Benjamin Schroeder
- Michiel Tukker
- Padhraic Garvey
- CFA
- Padhraic Garvey
- CFA
Australia is primed to hike - how to play it
Our Asia Pacific Head of Research, Deepali Bhargava, notes that the latest macro developments strengthen the case for further tightening in Australia. See her commentary here. Here we extrapolate and translate into a view on market rates, and more importantly, what to do
- Padhraic Garvey
- CFA
Australia is primed to hike - how to play it
Our Asia Pacific Head of Research, Deepali Bhargava, notes that the latest macro developments strengthen the case for further tightening in Australia. See her commentary here. Here we extrapolate and translate into a view on market rates, and more importantly, what to do
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