Bundles

30 January 2026

ING Monthly: Europe’s Arnold moment – why strategy over spectacle matters

The first month of 2026 has confirmed we’ve entered a new era of political muscle flexing. Europe may have signalled strength in the face of geopolitical tensions lately, but does it have a clear-cut strategy to back it up? As we've learnt from our friend Arnold, flexing without a plan is just posturing

In this bundle

ING Monthly: Europe's Arnold moment – why strategy over spectacle matters

Europe has been signalling strength in the face of geopolitical tensions lately. Could it be all bark and no bite?

Geopolitical environment supports oil as weather sends gas soaring

Commodities have had a strong start to the year, led by a rally in metal and energy prices

United Kingdom

Our view on central banks

ING's house view on the Fed, ECB, BoE and BoJ

, and 2 others

United States

Evolution, not revolution for the Federal Reserve

Changes are coming at the Fed, but they are unlikely to be revolutionary

United States

Robust US growth, but it lacks breadth

Growth is good, but is concentrated in high income consumer spending and tech investment

The eurozone’s cyclical upturn continues

Despite renewed geopolitical uncertainty, the eurozone continues to see a modest recovery

Austria

Belgium

Eurozone countries outlook for 2026

A breakdown of the economic performance of the eurozone’s nine largest member countries

, and 4 others

China

China sees a quiet month ahead with 2025 targets done and dusted

Markets are awaiting the Two Sessions in March for new targets and policy action plans

United Kingdom

Why we expect UK interest rates to fall earlier than markets expect

We're sticking to our call for Bank of England rate cuts in March and June

Australia

India

AI‑driven trade boosts growth in Asia, while Singapore and Australia near policy shifts

Australia has been the stand out performer in Asia, with a strong December labour report shifting expectations towards two rate hikes in 2026

Czech Republic

Hungary

Let's talk about CEE rate cuts again

Our take on Central Europe’s solid but uneven growth paths

, and 3 others

An upbeat start to the year for the CIS-4

Armenia

Azerbaijan

An upbeat start to the year for the CIS-4

Our view on how Armenia, Azerbaijan, Kazakhstan, Uzbekistan are performing so far this year

Dollar weighed down by better alternatives and intervention

The dollar remains vulnerable, but a broader sell-off may come later in the year

Rates

Rates – turning Japanese, I really think so

Japanese rates are snapping higher, but actually just joining the 'normal crew' of the eurozone and US

Report

ING Monthly: Europe’s Arnold moment – why strategy over spectacle matters

The full report of our latest Monthly Update