Bundles

10 July 2025

ING Monthly: No holiday respite from this economic heat

As global trade tensions heat up, Europe is also feeling the burn as an intense heatwave sweeps across the continent

In this bundle

No holiday respite from this economic heat

The economic storms will continue to rage this summer

Trade

Letters from America: Trump's tariff saga continues

For global markets and policymakers alike, the tariff saga is far from over

and

Commodities, Food & Agri

Energy

Energy markets quickly discount Middle East supply risks

Energy prices have seen increased volatility over the last month

Our latest views on the major central banks

Central banks and their tricky interest rate decisions

, and 2 others

United States

The Powell-Trump clash is set to escalate

Stagflation fears are overplayed with the Fed set to cut rates from December

United States

How President Trump’s plans will impact the US deficit

Big isn’t beautiful when it comes to government debt

, and

Eurozone economic weakness laid bare as US front-loading effects wane

The underlying trend in the eurozone remains sluggish, and uncertainty is still weighing on domestic demand

United Kingdom

UK tax rises grow ever more likely, boosting case for rate cuts

Political drama in Westminster has made life harder for the UK Chancellor

China

China’s policy focus turns inward, though trade risks still loom

China is still grappling with the economic uncertainty around tariffs

New US tariffs target Asia, but some countries stand to gain

Out of the 14 countries that received tariff letters from US President Donald Trump, nine were in Asia

CEE: Mounting pressure complicates the road to rate cuts

Czech Republic

Hungary

CEE: Mounting pressure complicates the road to rate cuts

CEE growth is being driven by consumption, but diverging inflation paths are what's shaping monetary policy

, and 3 others

Divergent oil and gold prices are shaping the CIS-4’s economic path

Armenia

Azerbaijan

Divergent oil and gold prices are shaping the CIS-4’s economic path

Uzbekistan gains from gold, oil exporters face pressure, and inflation risks remain subdued across the CIS-4

FX markets learn to live with tariff uncertainty

We're looking for a counter-trend dollar bounce in the third quarter as US inflation makes a comeback

Rates

Rates: Upside pressures aren't going away any time soon

Weaker growth and rate cutting usually pulls longer tenor market rates lower but here's why other factors could pull rates higher

Report

ING Monthly: No holiday respite from this economic heat

The economic storms will continue to rage this summer