ING’s May Economic Update

Key takeaways from our monthly economic update

In this bundle

Global outlook: Papering over the cracks

As trade tensions mount, is the global economy heading into a storm? Read our latest economic update to see what our economists and strategists are thinking

United States

US: Stormy relations

Growth looks set to pick up again in 2Q18, but geopolitical tensions remain and the Republicans look vulnerable ahead of the mid-term elections

United Kingdom

UK: Carney goes cautious

As Bank of England opts to keep rates on hold this month, have markets interpreted the overall tone of the meeting as more dovish than anticipated?

Eurozone: Reality check

Growth expectations had become too optimistic though weaker 1Q growth is partially due to one-offs

China

China to speed up “Made in China 2025” plan

Possible collapse of trade talks is likely to increase uncertainty for Chinese production. But we've kept our GDP growth forecasts unchanged as we…

FX: Re-connecting with rates

Last month saw the dollar strengthen, dramatically re-connecting with interest rate spreads. But we still think the dollar will weaken come the end of the…

Rates

Rates: EM eyes the dollar

As the dollar whipped into a strengthening mode, emerging markets have been spooked

Japan

Japan: Slow start

It is becoming quite “the thing” to start the year weakly… but with Japan there is genuine room for optimism