ING Think

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 ...

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...

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...

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...

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...

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...