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.
Output is at the Saudi Aramco oil facility devastated by a drone attack is now reported to be near normal and crude oil prices have retreated below US$60/bbl. The market now appears to be focused on two factors: the more pessimistic demand outlook and the heavy surplus expected in the first half of 2020
The US dollar is not as expensive and the pound is not as cheap as you might think. In trade-weighted terms, the dollar is not screamingly expensive in part due to the decline in fair value of the euro and sterling. EUR/USD screens as fairly valued while the cheapest G10 currency is the Swedish krona. The Swiss franc remains heavily overvalued vs USD and EUR
Even though trade-related risk aversion remains a key driver for LATAM FX, the USD has become the chief catalyst for most currencies in the region. In particular, if this week's market reaction is any indication, the view that weaker US growth should prompt the US Fed to cut rates and avoid a recessionary trend suggests a weaker USD and FX appreciation across LATAM. We see more downside for the USD early next year than right now but, if this relatively benign market assessment continues, it would benefit LATAM currencies that are more sensitive to external drivers and risk aversion generally, ...
The new North America trade agreement is still awaiting ratification in the US and Canada. The IMF estimates that Canada will reap most of the benefits, which suggests the ratification will ultimately support the Canadian dollar more than the Mexican peso and US dollar
Low inflation, subdued activity and continued fiscal consolidation progress bode well for another 50bp policy rate cut this week. An additional 50bp cut that brings the SELIC rate to 5% in October is also likely, but we expect a mid-cycle pause after that. FX concerns would be a primary reason to pause, to better assess policy implications
Unfortunately, this report is not available for the investor type or country you selected.Browse all ResearchPool reports
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.