ING Economic and Financial Analysis

Inventories of base metals and steel increased in China over the last week, reflecting slower demand and ample supply in the short termMetals – Global Steel Output FallsSteel inventories at...

We expect an above-consensus 0.4% core PCE read on Thursday, which should support the dollar this week. Eurozone inflation numbers will also be in focus. We expect a decline in the core rate below...

The Nvidia (NASDAQ:NVDA) led equity rally may now have to face the reality of higher rates, and we suspect high-beta currencies are at risk of corrections. Today, the focus will remain on Germany's...

Even if US yields do slip into the weekend, as is quite possible, there are elements next week that will keep the bear phase element to the fore for bonds (watch core PCE carefully). The ECB simply...

US crude oil inventories increased for a fourth consecutive week pushing stocks closer to five-year average levels as domestic demand remains soft. Meanwhile, US natural gas inventory withdrawals...

In a quiet week for the US events calendar, last night's release of the January FOMC meeting minutes served as a reminder that the Fed is in no rush to cut rates. That was not much of a surprise to...

Some unfamiliar strength in Chinese equity markets is providing a little strength to non-dollar currencies. And the FX options market hints that investors may not be that pessimistic on EUR/USD after...

US natural gas prices jumped this morning as a major shale driller announced production cuts for the year. In metals, aluminium surged on speculation the White House is planning fresh sanctions on...

The ingredients for more rangebound trading are all there, especially given an uninspiring US data calendar and no impact of Chinese news. However, the ECB’s negotiated wage growth indicator is...

Yesterday's strong US January CPI release clearly does not provide the Fed with the confidence it needs to start cutting rates. Instead of powering the next leg of the risk rally, the CPI data has...

Yesterday’s stronger-than-expected US CPI print put significant pressure on gold, while oil managed to edge higher with signs of some tightening in the marketEnergy - OPEC Continues to Expect...

Oil prices closed marginally lower yesterday. However, gasoil cracks remain firm, suggesting a tight middle distillate market. Natural gas prices came under pressure on the back of forecasts for...

Gold has been trading in a narrow range so far this year amid a lack of clarity surrounding the timing of the US Federal Reserve's monetary policy easing cycle. Higher borrowing costs are typically...

CPI reports in the US and the UK will be in focus this week. We see a greater risk for a lower-than-expected number in the US even though our estimates match consensus, while UK services inflation and...

The oil market rallied as hopes of a cease-fire between Israel and Hamas fadeEnergy - Oil Rallies as Hopes of a Cease-Fire DisappearOil markets rallied yesterday with ICE (NYSE:ICE) Brent settling a...

By Michiel TukkerThe US economy has surprised to the upside over the past few weeks but yields have not shown much reaction to this narrative. We see this as one of the reasons why US yields may test...