ING Economic and Financial Analysis

The EU agreed on a 16th sanctions package against Russia, which includes a ban on aluminium imports and additional curbs on Russian vessels Energy – EU Sanctions Russian Vessels Supply uncertainty...

Markets continue to carefully assess the implications of Russia-US talks, but we are observing an emerging trend of euro underperformance linked to Trump’s growing isolationism against EU allies....

Why the latest UK inflation figures are better for the Bank of England than they look at first glance Let’s start with the bad news: UK headline inflation is back at 3%, up from 2.5%, after briefly...

Despite the start of talks between the US and Russia, oil prices edged higher with supply risks dominating the market Energy Supply Uncertainty The Crude oil market appears to have found some support...

The latest jobs data is relatively solid, even if the outlook is looking increasingly shaky. Redundancy levels are low, but the major risk is that begins to change ahead of tax hikes in the spring. A...

Copper Futures retreated from over three-month highs on Monday, while the benchmark cash-to-three-month spread – having moved into backwardation for the first time since June 2023 on Friday – has now...

Should Russia and Ukraine ultimately reach a peace deal, the US dollar is probably due another moderate correction – but for now, markets are lacking tangible bearish USD drivers and we think the...

The US dollar continues to trade on the softer side after Friday's soft US January retail sales questioned the strength of US activity. USD/JPY has been in the vanguard of this dollar correction and...

Oil prices are under pressure this morning with talk of a potential restart in oil exports from Iraq’s Kurdistan region Energy Despite the downward pressure on oil prices through much of last week,...

The threat of tariffs on copper imports to the US has driven the difference between the CME copper contract price and the LME to record highs A Tariff Bost The markets are already pricing in tariffs...

If Thursday was the 'Big Day' for US reciprocal tariffs, you wouldn't have known it by looking at the global equity rally or the slightly softer US dollar. The benign impact on markets of yesterday's...

Oil prices continued to decline in early trading following reports of upcoming negotiations between the US and Russia to end the war in Ukraine. Meanwhile, OPEC has maintained its global oil demand...

European currencies received a lift late yesterday following an update from Donald Trump that he'd had productive discussions with Vladimir Putin about a ceasefire in Ukraine. The rally may have a...

US inflation came in well ahead of expectations, prompting the market to dramatically reprice the prospect of rate cuts. Potential tariffs add upside risk to inflation in coming quarters, but there...

With Trump ordering a 25% import tax on all steel and aluminium entering the US, trade tensions are inching closer to Europe. We take a closer look at how European policymakers could react. Spoiler...

The euro has been doing a little better this week. It is unclear whether this is some re-assessment – helped by the outperformance of eurozone equities – that all the bad news is priced in. However,...