ING Think

ING Think

Economic and financial analysis from ING’s global team of economists and strategists.

Latest articles from ING Think

Macro Analysis / Russia

Russia: Corporate sector increased foreign debt in 2Q20

CENTRAL AND EASTERN EUROPE: In 2Q20, the Russian corporate sector had the biggest quarterly increase of foreign debt in six years. The still high net private capital outflow over the same period suggests that accumulation of foreign obligations ...
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ING Think 13 July 2020
Macro Analysis / Turkey

Turkish industrial production improves, but still at 2013 levels

Even though the majority of industrial companies restarted production in May, the rebound was not balanced. The breakdown shows there were: 1) strong performers like motor vehicles production, showing a triple-digit jump at 190% (sti...
ING Think
ING Think 13 July 2020
Macro Analysis / Global

FX Positioning: EUR’s primacy solid ahead of key events

The euro remains the biggest bullish bet in the G10, according to CFTC data, as speculative positioning on the other low-yielders, the Japanese yen and Swiss franc dropped in the week 1-7 July. US dollar positioning also flattened, while the two bigg...
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ING Think 13 July 2020
Macro Analysis / Turkey

Turkey’s trade deficit widens further

Accordingly, the deteriorating trend in the 12-month rolling current account balance that started in the last quarter of 2019 has gained pace in recent months and continued in May with US$-8.2 billion vs US$+8.7 billion at e...
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ING Think 13 July 2020
Macro Analysis / Global

The Commodities Feed: OPEC+ JMMC set to meet

Energy The market continues to trade in a fairly boring range, with ICE Brent continuing to trade around the US$43/bbl level. On Friday, the IEA released its monthly oil market report, and whilst the agency revised higher its demand estimat...
ING Think
ING Think 13 July 2020
Macro Analysis / Russia

Russia: Near-zero current account calls for caution on RUB

CENTRAL AND EASTERN EUROPE: The Russian current account surplus of US$0.6bn in 2Q20 underperformed our expectations of US$8bn, mainly due to services imports. OPEC+ commitments, potential recovery in imports of goods and delayed dividends may keep th...
ING Think
ING Think 10 July 2020