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.
External and domestic developments support the current NBH wait-and-see policy. In fact, the bias may be even for a more cautious NBH stance. In relative terms, HUF benefits from stretched short positioning and should continue to outperform PLN. Following the rally in HUF rates, we now stay on the side-lines.
The July FOMC Minutes reiterated Chair Powell's message from the July meeting; that is an insurance rate cut and no hints at the start of a pronounced easing cycle (although the FOMC was divided with some members looking for 50bp cuts and some for no cuts). While clearly disappointing those hoping for a dovish tilt and translating into weaker cyclical currencies, its effect should be temporary as the price action next week will be largely determined by Chair Powell's speech in Jackson Hole tomorrow. As the global environment has clearly deteriorated since the July FOMC meeting (US imposing mor...
After prime minister Conte's resignation last night, a new majority or snap elections are the two options. But the difference will be implications either limited to Italy or negative spill-over to the broader European sentiment. The balance of risks is likely tilted to the downside and EUR/CHF may be the key underperformer
USD: Back to the Fed - Market focus returns to the Fed over the next few days, where tonight sees the release of the 31 July FOMC minutes and Friday sees Fed Chair Powell's opening speech at Jackson Hole. The minutes should shed some more light on what Powell meant with his comments that the July cut was a ‘mid-cycle adjustment' – comments that were greeted poorly by risk assets. We imagine the minutes will come across as dovish and it will be interesting to see whether we start to see any mention of the dollar here – ie, that a strong dollar is delivering a tightening of monetary conditions, ...
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