Bundles

6 November 2025

ING Monthly: All the small things are adding up

Despite all the warnings, the global economy has held up better than expected this year. However, we view this as a temporary reprieve rather than a lasting recovery...

In this bundle

All the small things are adding up

There are huge and historic changes happening everywhere

Global trade: respite but no relief

Global trade is not yet in calmer waters

US sanctions on Russia cloud the outlook for the oil market

Commodities, Food & Agri

Energy

US sanctions on Russia cloud the outlook for the oil market

US sanctions on two Russian oil producers has created more supply uncertainty in the oil market

Our major central bank calls this November

What we expect from the Fed, ECB, BoE and BoJ

, and 2 others

Eurozone economy sees glimmers of hope

The eurozone economy shows resilience, justifying the ECB's steady stance

United States

US government shutdown weighs more heavily on growth

Growth has been resilient despite weakness in surveys, yet the government shutdown is an intensifying headwind

China

China's outlook boosted by US trade truce and latest data

China is well on track for its 2025 growth target

Trade tensions ease, but can Asia sustain export growth?

As US tariffs are fully implemented, Asia’s export growth is likely to moderate

Japan

Why we're raising Japan's growth forecasts

Japan's economy is set to recover well

United Kingdom

Why the dip in UK yields may have run its course

Without larger tax hikes, further downside in gilt yields looks limited

CEE: Diverging growth, converging hawks

Poland grows with faster easing, Hungary stagnates and Romania remains weak with delayed cuts

, and 2 others

FX: Dollar bears retreat further

Dollar bears retreat further as the Fed easing cycle is questioned

Rates

Rates: Long ends get some personality

If long end rates are going to test materially higher at all, now is as good a time as ever

Report

All the small things are adding up

Our take on how the global economy is faring