Hopes fade for a synchronised global recovery

Better times are coming, though hopes of a synchronised global recovery are fading. That's the main thrust of our comprehensive Monthly Economic Update. We explain what this means for economies and markets around the world. James Smith tells us that it's not all bad news for the UK. And if credit markets are your thing, we've got you covered there too

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Monthly Economic update: Another sequel no one needed

Better times are coming, though hopes of a synchronised global recovery are fading. In our latest update, we explain what this means for economies and…

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United States

US: Waiting for lift-off

The economy will likely continue struggling for the next month or two, but with vaccinations accelerating and households looking cash rich a reopening of…

Eurozone: A delayed recovery

With more stringent lockdowns in the offing and a still underwhelming vaccination campaign, the eurozone economy is likely to shrink again in 1Q. A…

United Kingdom

Smith on Britain, Brexit and better times?

ING's James Smith on three reasons to be vaguely cheerful about the UK economy despite the coronavirus and Brexit gloom

China

China: Impact of muted spring travel

The Chinese New Year is coming and this year is different, as new partial lockdowns reduce domestic travel. We discuss the impact of the change to this…

Asia: Covid catches up

Towards the end of last year, the relatively good performance of most Asian economies in terms of the Covid pandemic started to crack. The deterioration…

CEE: Delayed recovery but no fundamental change to the outlook

The recovery is delayed, but not derailed. Although coming later than expected, we still look for a meaningful rebound from the second quarter. Our…

Cross currency opportunities: EUR spreads to outperform USD counterparts

Credit

Rates

Cross currency opportunities: EUR spreads to outperform USD counterparts

We expect USD spreads to underperform against EUR in 2021. Alongside this, we expect the cross-currency basis swap and 3m vs 6m roll to remain tight. In…

IMF World Economic Outlook: A diverging growth path for emerging markets

The IMF’s latest World Economic Outlook update provides a glimmer of hope. After the 3.5% contraction in 2020, global growth is set to rise by 5.5%…