ING THINK economic and financial analysis

<!doctype html> <html lang="en"> <head> <meta http-equiv="Content-Security-Policy" content=""> <script src="/js/external_selligent.js"></script> <meta charset="utf-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"><script type="text/javascript">(window.NREUM||(NREUM={})).init={ajax:{deny_list:["bam.nr-data.net"]}};(window.NREUM||(NREUM={})).loader_config={licenseKey:"0f426ac7a2",applicationID:"91784084"};;/*! For license information please see nr-loader-rum-1.283.2.min.js.LICENSE.txt */ (()=>{var e,t,r={122:(e,t,r)=>{"use strict";r.d(t,{a:()=>i});var n=r(944);function i(e,t){try{if(!e||"object"!=typeof e)return(0,n.R)(3);if(!t||"object"!=typeof t)return(0,n.R)(4);const r=Object.create(Object.getPrototypeOf(t),Object.getOwnPropertyDescriptors(t)),o=0===Object.keys(r).length?e:r;for(let a in o)if(void 0!==e[a])try{if(null===e[a]){r[a]=null;continue}Array.isArray(e[a])&&Array.isArray(t[a])?r[a]=Array.from(new Set([...e[a],...t[a]])):"object"==typeof e[a]&&"object"==typeof t[a]?r[a]=i(e[a],t[a]):r[a]=e[a]}catch(e){(0,n.R)(1,e)}return r}catch(e){(0,n.R)(2,e)}}},555:(e,t,r)=>{"use strict";r.d(t,{Vp:()=>c,fn:()=>s,x1:()=>u});var n=r(384),i=r(122);const o={beacon:n.NT.beacon,errorBeacon:n.NT.errorBeacon,licenseKey:void 0,applicationID:void 0,sa:void 0,queueTime:void 0,applicationTime:void 0,ttGuid:void 0,user:void 0,account:void 0,product:void 0,extra:void 0,jsAttributes:{},userAttributes:void 0,atts:void 0,transactionName:void 0,tNamePlain:void 0},a={};function s(e){try{const t=c(e);return!!t.licenseKey&&!!t.errorBeacon&&!!t.applicationID}catch(e){return!1}}function c(e){if(!e)throw new Error("All info objects require an agent identifier!");if(!a[e])throw new Error("Info for ".concat(e," was never set"));return a[e]}function u(e,t){if(!e)throw new Error("All info objects require an agent identifier!");a[e]=(0,i.a)(t,o);const r=(0,n.nY)(e);r&&(r.info=a[e])}},217:(e,t,r)=>{"use strict";r.d(t,{D0:()=>m,gD:()=>v,xN:()=>h});r(860).K7.genericEvents;const n="experimental.marks",i="experimental.measures",o="experimental.resources",a=e=>{if(!e||"string"!=typeof e)return!1;try{document.createDocumentFragment().querySelector(e)}catch{return!1}return!0};var s=r(614),c=r(944),u=r(384),l=r(122);const d="[data-nr-mask]",f=()=>{const e={feature_flags:[],experimental:{marks:!1,measures:!1,resources:!1},mask_selector:"*",block_selector:"[data-nr-block]",mask_input_options:{color:!1,date:!1,"datetime-local":!1,email:!1,month:!1,number:!1,range:!1,search:!1,tel:!1,text:!1,time:!1,url:!1,week:!1,textarea:!1,select:!1,password:!0}};return{ajax:{deny_list:void 0,block_internal:!0,enabled:!0,autoStart:!0},distributed_tracing:{enabled:void 0,exclude_newrelic_header:void 0,cors_use_newrelic_header:void 0,cors_use_tracecontext_headers:void 0,allowed_origins:void 0},get feature_flags(){return e.feature_flags},set feature_flags(t){e.feature_flags=t},generic_events:{enabled:!0,autoStart:!0},harvest:{interval:30},jserrors:{enabled:!0,autoStart:!0},logging:{enabled:!0,autoStart:!0},metrics:{enabled:!0,autoStart:!0},obfuscate:void 0,page_action:{enabled:!0},page_view_event:{enabled:!0,autoStart:!0},page_view_timing:{enabled:!0,autoStart:!0},performance:{get capture_marks(){return e.feature_flags.includes(n)||e.experimental.marks},set capture_marks(t){e.experimental.marks=t},get capture_measures(){return e.feature_flags.includes(i)||e.experimental.measures},set capture_measures(t){e.experimental.measures=t},capture_detail:!0,resources:{get enabled(){return e.feature_flags.includes(o)||e.experimental.resources},set enabled(t){e.experimental.resources=t},asset_types:[],first_party_domains:[],ignore_newrelic:!0}},privacy:{cookies_enabled:!0},proxy:{assets:void 0,beacon:void 0},session:{expiresMs:s.wk,inactiveMs:s.BB},session_replay:{autoStart:!0,enabled:!1,preload:!1,sampling_rate:10,error_sampling_rate:100,collect_fonts:!1,inline_images:!1,fix_stylesheets:!0,mask_all_inputs:!0,get mask_text_selector(){return e.mask_selector},set mask_text_selector(t){a(t)?e.mask_selector="".concat(t,",").concat(d):""===t||null===t?e.mask_selector=d:(0,c.R)(5,t)},get block_class(){return"nr-block"},get ignore_class(){return"nr-ignore"},get mask_text_class(){return"nr-mask"},get block_selector(){return e.block_selector},set block_selector(t){a(t)?e.block_selector+=",".concat(t):""!==t&&(0,c.R)(6,t)},get mask_input_options(){return e.mask_input_options},set mask_input_options(t){t&&"object"==typeof t?e.mask_input_options={...t,password:!0}:(0,c.R)(7,t)}},session_trace:{enabled:!0,autoStart:!0},soft_navigations:{enabled:!0,autoStart:!0},spa:{enabled:!0,autoStart:!0},ssl:void 0,user_actions:{enabled:!0,elementAttributes:["id","className","tagName","type"]}}},g={},p="All configuration objects require an agent identifier!";function m(e){if(!e)throw new Error(p);if(!g[e])throw new Error("Configuration for ".concat(e," was never set"));return g[e]}function h(e,t){if(!e)throw new Error(p);g[e]=(0,l.a)(t,f());const r=(0,u.nY)(e);r&&(r.init=g[e])}function v(e,t){if(!e)throw new Error(p);var r=m(e);if(r){for(var n=t.split("."),i=0;i<n.length-1;i++)if("object"!=typeof(r=r[n[i]]))return;r=r[n[n.length-1]]}return r}},371:(e,t,r)=>{"use strict";r.d(t,{V:()=>f,f:()=>d});var n=r(122),i=r(384),o=r(154),a=r(324);let s=0;const c={buildEnv:a.F3,distMethod:a.Xs,version:a.xv,originTime:o.WN},u={customTransaction:void 0,disabled:!1,isolatedBacklog:!1,loaderType:void 0,maxBytes:3e4,onerror:void 0,ptid:void 0,releaseIds:{},appMetadata:{},session:void 0,denyList:void 0,timeKeeper:void 0,obfuscator:void 0,harvester:void 0},l={};function d(e){if(!e)throw new Error("All runtime objects require an agent identifier!");if(!l[e])throw new Error("Runtime for ".concat(e," was never set"));return l[e]}function f(e,t){if(!e)throw new Error("All runtime objects require an agent identifier!");l[e]={...(0,n.a)(t,u),...c},Object.hasOwnProperty.call(l[e],"harvestCount")||Object.defineProperty(l[e],"harvestCount",{get:()=>++s});const r=(0,i.nY)(e);r&&(r.runtime=l[e])}},324:(e,t,r)=>{"use strict";r.d(t,{F3:()=>i,Xs:()=>o,xv:()=>n});const n="1.283.2",i="PROD",o="CDN"},154:(e,t,r)=>{"use strict";r.d(t,{OF:()=>c,RI:()=>i,WN:()=>l,bv:()=>o,gm:()=>a,mw:()=>s,sb:()=>u});var n=r(863);const i="undefined"!=typeof window&&!!window.document,o="undefined"!=typeof WorkerGlobalScope&&("undefined"!=typeof self&&self instanceof WorkerGlobalScope&&self.navigator instanceof WorkerNavigator||"undefined"!=typeof globalThis&&globalThis instanceof WorkerGlobalScope&&globalThis.navigator instanceof WorkerNavigator),a=i?window:"undefined"!=typeof WorkerGlobalScope&&("undefined"!=typeof self&&self instanceof WorkerGlobalScope&&self||"undefined"!=typeof globalThis&&globalThis instanceof WorkerGlobalScope&&globalThis),s=Boolean("hidden"===a?.document?.visibilityState),c=/iPad|iPhone|iPod/.test(a.navigator?.userAgent),u=c&&"undefined"==typeof SharedWorker,l=((()=>{const e=a.navigator?.userAgent?.match(/Firefox[/\s](\d+\.\d+)/);Array.isArray(e)&&e.length>=2&&e[1]})(),Date.now()-(0,n.t)())},687:(e,t,r)=>{"use strict";r.d(t,{Ak:()=>c,Ze:()=>d,x3:()=>u});var n=r(836),i=r(606),o=r(860),a=r(646);const s={};function c(e,t){const r={staged:!1,priority:o.P3[t]||0};l(e),s[e].get(t)||s[e].set(t,r)}function u(e,t){e&&s[e]&&(s[e].get(t)&&s[e].delete(t),g(e,t,!1),s[e].size&&f(e))}function l(e){if(!e)throw new Error("agentIdentifier required");s[e]||(s[e]=new Map)}function d(e="",t="feature",r=!1){if(l(e),!e||!s[e].get(t)||r)return g(e,t);s[e].get(t).staged=!0,f(e)}function f(e){const t=Array.from(s[e]);t.every((([e,t])=>t.staged))&&(t.sort(((e,t)=>e[1].priority-t[1].priority)),t.forEach((([t])=>{s[e].delete(t),g(e,t)})))}function g(e,t,r=!0){const o=e?n.ee.get(e):n.ee,s=i.i.handlers;if(!o.aborted&&o.backlog&&s){if(r){const e=o.backlog[t],r=s[t];if(r){for(let t=0;e&&t<e.length;++t)p(e[t],r);Object.entries(r).forEach((([e,t])=>{Object.values(t||{}).forEach((t=>{t[0]?.on&&t[0]?.context()instanceof a.y&&t[0].on(e,t[1])}))}))}}o.isolatedBacklog||delete s[t],o.backlog[t]=null,o.emit("drain-"+t,[])}}function p(e,t){var r=e[1];Object.values(t[r]||{}).forEach((t=>{var r=e[0];if(t[0]===r){var n=t[1],i=e[3],o=e[2];n.apply(i,o)}}))}},836:(e,t,r)=>{"use strict";r.d(t,{P:()=>c,ee:()=>u});var n=r(384),i=r(990),o=r(371),a=r(646),s=r(607);const c="nr@context:".concat(s.W),u=function e(t,r){var n={},s={},l={},d=!1;try{d=16===r.length&&(0,o.f)(r).isolatedBacklog}catch(e){}var f={on:p,addEventListener:p,removeEventListener:function(e,t){var r=n[e];if(!r)return;for(var i=0;i<r.length;i++)r[i]===t&&r.splice(i,1)},emit:function(e,r,n,i,o){!1!==o&&(o=!0);if(u.aborted&&!i)return;t&&o&&t.emit(e,r,n);for(var a=g(n),c=m(e),l=c.length,d=0;d<l;d++)c[d].apply(a,r);var p=v()[s[e]];p&&p.push([f,e,r,a]);return a},get:h,listeners:m,context:g,buffer:function(e,t){const r=v();if(t=t||"feature",f.aborted)return;Object.entries(e||{}).forEach((([e,n])=>{s[n]=t,t in r||(r[t]=[])}))},abort:function(){f._aborted=!0,Object.keys(f.backlog).forEach((e=>{delete f.backlog[e]}))},isBuffering:function(e){return!!v()[s[e]]},debugId:r,backlog:d?{}:t&&"object"==typeof t.backlog?t.backlog:{},isolatedBacklog:d};return Object.defineProperty(f,"aborted",{get:()=>{let e=f._aborted||!1;return e||(t&&(e=t.aborted),e)}}),f;function g(e){return e&&e instanceof a.y?e:e?(0,i.I)(e,c,(()=>new a.y(c))):new a.y(c)}function p(e,t){n[e]=m(e).concat(t)}function m(e){return n[e]||[]}function h(t){return l[t]=l[t]||e(f,t)}function v(){return f.backlog}}(void 0,"globalEE"),l=(0,n.Zm)();l.ee||(l.ee=u)},646:(e,t,r)=>{"use strict";r.d(t,{y:()=>n});class n{constructor(e){this.contextId=e}}},908:(e,t,r)=>{"use strict";r.d(t,{d:()=>n,p:()=>i});var n=r(836).ee.get("handle");function i(e,t,r,i,o){o?(o.buffer([e],i),o.emit(e,t,r)):(n.buffer([e],i),n.emit(e,t,r))}},606:(e,t,r)=>{"use strict";r.d(t,{i:()=>o});var n=r(908);o.on=a;var i=o.handlers={};function o(e,t,r,o){a(o||n.d,i,e,t,r)}function a(e,t,r,i,o){o||(o="feature"),e||(e=n.d);var a=t[o]=t[o]||{};(a[r]=a[r]||[]).push([e,i])}},878:(e,t,r)=>{"use strict";function n(e,t){return{capture:e,passive:!1,signal:t}}function i(e,t,r=!1,i){window.addEventListener(e,t,n(r,i))}function o(e,t,r=!1,i){document.addEventListener(e,t,n(r,i))}r.d(t,{DD:()=>o,jT:()=>n,sp:()=>i})},607:(e,t,r)=>{"use strict";r.d(t,{W:()=>n});const n=(0,r(566).bz)()},566:(e,t,r)=>{"use strict";r.d(t,{LA:()=>s,bz:()=>a});var n=r(154);const i="xxxxxxxx-xxxx-4xxx-yxxx-xxxxxxxxxxxx";function o(e,t){return e?15&e[t]:16*Math.random()|0}function a(){const e=n.gm?.crypto||n.gm?.msCrypto;let t,r=0;return e&&e.getRandomValues&&(t=e.getRandomValues(new Uint8Array(30))),i.split("").map((e=>"x"===e?o(t,r++).toString(16):"y"===e?(3&o()|8).toString(16):e)).join("")}function s(e){const t=n.gm?.crypto||n.gm?.msCrypto;let r,i=0;t&&t.getRandomValues&&(r=t.getRandomValues(new Uint8Array(e)));const a=[];for(var s=0;s<e;s++)a.push(o(r,i++).toString(16));return a.join("")}},614:(e,t,r)=>{"use strict";r.d(t,{BB:()=>a,H3:()=>n,g:()=>u,iL:()=>c,tS:()=>s,uh:()=>i,wk:()=>o});const n="NRBA",i="SESSION",o=144e5,a=18e5,s={STARTED:"session-started",PAUSE:"session-pause",RESET:"session-reset",RESUME:"session-resume",UPDATE:"session-update"},c={SAME_TAB:"same-tab",CROSS_TAB:"cross-tab"},u={OFF:0,FULL:1,ERROR:2}},863:(e,t,r)=>{"use strict";function n(){return Math.floor(performance.now())}r.d(t,{t:()=>n})},944:(e,t,r)=>{"use strict";function n(e,t){"function"==typeof console.debug&&console.debug("New Relic Warning: https://github.com/newrelic/newrelic-browser-agent/blob/main/docs/warning-codes.md#".concat(e),t)}r.d(t,{R:()=>n})},284:(e,t,r)=>{"use strict";r.d(t,{t:()=>c,B:()=>s});var n=r(836),i=r(154);const o="newrelic";const a=new Set,s={};function c(e,t){const r=n.ee.get(t);s[t]??={},e&&"object"==typeof e&&(a.has(t)||(r.emit("rumresp",[e]),s[t]=e,a.add(t),function(e={}){try{i.gm.dispatchEvent(new CustomEvent(o,{detail:e}))}catch(e){}}({loaded:!0})))}},990:(e,t,r)=>{"use strict";r.d(t,{I:()=>i});var n=Object.prototype.hasOwnProperty;function i(e,t,r){if(n.call(e,t))return e[t];var i=r();if(Object.defineProperty&&Object.keys)try{return Object.defineProperty(e,t,{value:i,writable:!0,enumerable:!1}),i}catch(e){}return e[t]=i,i}},389:(e,t,r)=>{"use strict";function n(e,t=500,r={}){const n=r?.leading||!1;let i;return(...r)=>{n&&void 0===i&&(e.apply(this,r),i=setTimeout((()=>{i=clearTimeout(i)}),t)),n||(clearTimeout(i),i=setTimeout((()=>{e.apply(this,r)}),t))}}function i(e){let t=!1;return(...r)=>{t||(t=!0,e.apply(this,r))}}r.d(t,{J:()=>i,s:()=>n})},289:(e,t,r)=>{"use strict";r.d(t,{GG:()=>o,sB:()=>a});var n=r(878);function i(){return"undefined"==typeof document||"complete"===document.readyState}function o(e,t){if(i())return e();(0,n.sp)("load",e,t)}function a(e){if(i())return e();(0,n.DD)("DOMContentLoaded",e)}},384:(e,t,r)=>{"use strict";r.d(t,{NT:()=>o,US:()=>l,Zm:()=>a,bQ:()=>c,dV:()=>s,nY:()=>u,pV:()=>d});var n=r(154),i=r(863);const o={beacon:"bam.nr-data.net",errorBeacon:"bam.nr-data.net"};function a(){return n.gm.NREUM||(n.gm.NREUM={}),void 0===n.gm.newrelic&&(n.gm.newrelic=n.gm.NREUM),n.gm.NREUM}function s(){let e=a();return e.o||(e.o={ST:n.gm.setTimeout,SI:n.gm.setImmediate,CT:n.gm.clearTimeout,XHR:n.gm.XMLHttpRequest,REQ:n.gm.Request,EV:n.gm.Event,PR:n.gm.Promise,MO:n.gm.MutationObserver,FETCH:n.gm.fetch,WS:n.gm.WebSocket}),e}function c(e,t){let r=a();r.initializedAgents??={},t.initializedAt={ms:(0,i.t)(),date:new Date},r.initializedAgents[e]=t}function u(e){let t=a();return t.initializedAgents?.[e]}function l(e,t){a()[e]=t}function d(){return function(){let e=a();const t=e.info||{};e.info={beacon:o.beacon,errorBeacon:o.errorBeacon,...t}}(),function(){let e=a();const t=e.init||{};e.init={...t}}(),s(),function(){let e=a();const t=e.loader_config||{};e.loader_config={...t}}(),a()}},843:(e,t,r)=>{"use strict";r.d(t,{u:()=>i});var n=r(878);function i(e,t=!1,r,i){(0,n.DD)("visibilitychange",(function(){if(t)return void("hidden"===document.visibilityState&&e());e(document.visibilityState)}),r,i)}},434:(e,t,r)=>{"use strict";r.d(t,{Jt:()=>o,YM:()=>c});var n=r(836),i=r(607);const o="nr@original:".concat(i.W);var a=Object.prototype.hasOwnProperty,s=!1;function c(e,t){return e||(e=n.ee),r.inPlace=function(e,t,n,i,o){n||(n="");const a="-"===n.charAt(0);for(let s=0;s<t.length;s++){const c=t[s],u=e[c];l(u)||(e[c]=r(u,a?c+n:n,i,c,o))}},r.flag=o,r;function r(t,r,n,s,c){return l(t)?t:(r||(r=""),nrWrapper[o]=t,function(e,t,r){if(Object.defineProperty&&Object.keys)try{return Object.keys(e).forEach((function(r){Object.defineProperty(t,r,{get:function(){return e[r]},set:function(t){return e[r]=t,t}})})),t}catch(e){u([e],r)}for(var n in e)a.call(e,n)&&(t[n]=e[n])}(t,nrWrapper,e),nrWrapper);function nrWrapper(){var o,a,l,d;try{a=this,o=[...arguments],l="function"==typeof n?n(o,a):n||{}}catch(t){u([t,"",[o,a,s],l],e)}i(r+"start",[o,a,s],l,c);try{return d=t.apply(a,o)}catch(e){throw i(r+"err",[o,a,e],l,c),e}finally{i(r+"end",[o,a,d],l,c)}}}function i(r,n,i,o){if(!s||t){var a=s;s=!0;try{e.emit(r,n,i,t,o)}catch(t){u([t,r,n,i],e)}s=a}}}function u(e,t){t||(t=n.ee);try{t.emit("internal-error",e)}catch(e){}}function l(e){return!(e&&"function"==typeof e&&e.apply&&!e[o])}},993:(e,t,r)=>{"use strict";r.d(t,{A$:()=>o,ET:()=>a,p_:()=>i});var n=r(860);const i={ERROR:"ERROR",WARN:"WARN",INFO:"INFO",DEBUG:"DEBUG",TRACE:"TRACE"},o={OFF:0,ERROR:1,WARN:2,INFO:3,DEBUG:4,TRACE:5},a="log";n.K7.logging},773:(e,t,r)=>{"use strict";r.d(t,{z_:()=>o,XG:()=>s,TZ:()=>n,rs:()=>i,xV:()=>a});r(154),r(566),r(384);const n=r(860).K7.metrics,i="sm",o="cm",a="storeSupportabilityMetrics",s="storeEventMetrics"},630:(e,t,r)=>{"use strict";r.d(t,{T:()=>n});const n=r(860).K7.pageViewEvent},782:(e,t,r)=>{"use strict";r.d(t,{T:()=>n});const n=r(860).K7.pageViewTiming},344:(e,t,r)=>{"use strict";r.d(t,{G4:()=>i});var n=r(614);r(860).K7.sessionReplay;const i={RECORD:"recordReplay",PAUSE:"pauseReplay",REPLAY_RUNNING:"replayRunning",ERROR_DURING_REPLAY:"errorDuringReplay"};n.g.ERROR,n.g.FULL,n.g.OFF},234:(e,t,r)=>{"use strict";r.d(t,{W:()=>o});var n=r(836),i=r(687);class o{constructor(e,t){this.agentIdentifier=e,this.ee=n.ee.get(e),this.featureName=t,this.blocked=!1}deregisterDrain(){(0,i.x3)(this.agentIdentifier,this.featureName)}}},603:(e,t,r)=>{"use strict";r.d(t,{j:()=>K});var n=r(860),i=r(555),o=r(371),a=r(908),s=r(836),c=r(687),u=r(289),l=r(154),d=r(944),f=r(773),g=r(384),p=r(344);const m=["setErrorHandler","finished","addToTrace","addRelease","recordCustomEvent","addPageAction","setCurrentRouteName","setPageViewName","setCustomAttribute","interaction","noticeError","setUserId","setApplicationVersion","start",p.G4.RECORD,p.G4.PAUSE,"log","wrapLogger"],h=["setErrorHandler","finished","addToTrace","addRelease"];var v=r(863),b=r(614),y=r(993);var w=r(646),R=r(434);const A=new Map;function E(e,t,r,n){if("object"!=typeof t||!t||"string"!=typeof r||!r||"function"!=typeof t[r])return(0,d.R)(29);const i=function(e){return(e||s.ee).get("logger")}(e),o=(0,R.YM)(i),a=new w.y(s.P);a.level=n.level,a.customAttributes=n.customAttributes;const c=t[r]?.[R.Jt]||t[r];return A.set(c,a),o.inPlace(t,[r],"wrap-logger-",(()=>A.get(c))),i}function _(){const e=(0,g.pV)();m.forEach((t=>{e[t]=(...r)=>function(t,...r){let n=[];return Object.values(e.initializedAgents).forEach((e=>{e&&e.api?e.exposed&&e.api[t]&&n.push(e.api[t](...r)):(0,d.R)(38,t)})),n.length>1?n:n[0]}(t,...r)}))}const x={};function N(e,t,g=!1){t||(0,c.Ak)(e,"api");const m={};var w=s.ee.get(e),R=w.get("tracer");x[e]=b.g.OFF,w.on(p.G4.REPLAY_RUNNING,(t=>{x[e]=t}));var A="api-",_=A+"ixn-";function N(t,r,n,o){const a=(0,i.Vp)(e);return null===r?delete a.jsAttributes[t]:(0,i.x1)(e,{...a,jsAttributes:{...a.jsAttributes,[t]:r}}),j(A,n,!0,o||null===r?"session":void 0)(t,r)}function k(){}m.log=function(e,{customAttributes:t={},level:r=y.p_.INFO}={}){(0,a.p)(f.xV,["API/log/called"],void 0,n.K7.metrics,w),function(e,t,r={},i=y.p_.INFO){(0,a.p)(f.xV,["API/logging/".concat(i.toLowerCase(),"/called")],void 0,n.K7.metrics,e),(0,a.p)(y.ET,[(0,v.t)(),t,r,i],void 0,n.K7.logging,e)}(w,e,t,r)},m.wrapLogger=(e,t,{customAttributes:r={},level:i=y.p_.INFO}={})=>{(0,a.p)(f.xV,["API/wrapLogger/called"],void 0,n.K7.metrics,w),E(w,e,t,{customAttributes:r,level:i})},h.forEach((e=>{m[e]=j(A,e,!0,"api")})),m.addPageAction=j(A,"addPageAction",!0,n.K7.genericEvents),m.recordCustomEvent=j(A,"recordCustomEvent",!0,n.K7.genericEvents),m.setPageViewName=function(t,r){if("string"==typeof t)return"/"!==t.charAt(0)&&(t="/"+t),(0,o.f)(e).customTransaction=(r||"http://custom.transaction")+t,j(A,"setPageViewName",!0)()},m.setCustomAttribute=function(e,t,r=!1){if("string"==typeof e){if(["string","number","boolean"].includes(typeof t)||null===t)return N(e,t,"setCustomAttribute",r);(0,d.R)(40,typeof t)}else(0,d.R)(39,typeof e)},m.setUserId=function(e){if("string"==typeof e||null===e)return N("enduser.id",e,"setUserId",!0);(0,d.R)(41,typeof e)},m.setApplicationVersion=function(e){if("string"==typeof e||null===e)return N("application.version",e,"setApplicationVersion",!1);(0,d.R)(42,typeof e)},m.start=()=>{try{(0,a.p)(f.xV,["API/start/called"],void 0,n.K7.metrics,w),w.emit("manual-start-all")}catch(e){(0,d.R)(23,e)}},m[p.G4.RECORD]=function(){(0,a.p)(f.xV,["API/recordReplay/called"],void 0,n.K7.metrics,w),(0,a.p)(p.G4.RECORD,[],void 0,n.K7.sessionReplay,w)},m[p.G4.PAUSE]=function(){(0,a.p)(f.xV,["API/pauseReplay/called"],void 0,n.K7.metrics,w),(0,a.p)(p.G4.PAUSE,[],void 0,n.K7.sessionReplay,w)},m.interaction=function(e){return(new k).get("object"==typeof e?e:{})};const T=k.prototype={createTracer:function(e,t){var r={},i=this,o="function"==typeof t;return(0,a.p)(f.xV,["API/createTracer/called"],void 0,n.K7.metrics,w),g||(0,a.p)(_+"tracer",[(0,v.t)(),e,r],i,n.K7.spa,w),function(){if(R.emit((o?"":"no-")+"fn-start",[(0,v.t)(),i,o],r),o)try{return t.apply(this,arguments)}catch(e){const t="string"==typeof e?new Error(e):e;throw R.emit("fn-err",[arguments,this,t],r),t}finally{R.emit("fn-end",[(0,v.t)()],r)}}}};function j(e,t,r,i){return function(){return(0,a.p)(f.xV,["API/"+t+"/called"],void 0,n.K7.metrics,w),i&&(0,a.p)(e+t,[r?(0,v.t)():performance.now(),...arguments],r?null:this,i,w),r?void 0:this}}function I(){r.e(296).then(r.bind(r,778)).then((({setAPI:t})=>{t(e),(0,c.Ze)(e,"api")})).catch((e=>{(0,d.R)(27,e),w.abort()}))}return["actionText","setName","setAttribute","save","ignore","onEnd","getContext","end","get"].forEach((e=>{T[e]=j(_,e,void 0,g?n.K7.softNav:n.K7.spa)})),m.setCurrentRouteName=g?j(_,"routeName",void 0,n.K7.softNav):j(A,"routeName",!0,n.K7.spa),m.noticeError=function(t,r){"string"==typeof t&&(t=new Error(t)),(0,a.p)(f.xV,["API/noticeError/called"],void 0,n.K7.metrics,w),(0,a.p)("err",[t,(0,v.t)(),!1,r,!!x[e]],void 0,n.K7.jserrors,w)},l.RI?(0,u.GG)((()=>I()),!0):I(),m}var k=r(217),T=r(122);const j={accountID:void 0,trustKey:void 0,agentID:void 0,licenseKey:void 0,applicationID:void 0,xpid:void 0},I={};var O=r(284);const S=e=>{const t=e.startsWith("http");e+="/",r.p=t?e:"https://"+e};let P=!1;function K(e,t={},r,n){let{init:a,info:c,loader_config:u,runtime:d={},exposed:f=!0}=t;d.loaderType=r;const p=(0,g.pV)();c||(a=p.init,c=p.info,u=p.loader_config),(0,k.xN)(e.agentIdentifier,a||{}),function(e,t){if(!e)throw new Error("All loader-config objects require an agent identifier!");I[e]=(0,T.a)(t,j);const r=(0,g.nY)(e);r&&(r.loader_config=I[e])}(e.agentIdentifier,u||{}),c.jsAttributes??={},l.bv&&(c.jsAttributes.isWorker=!0),(0,i.x1)(e.agentIdentifier,c);const m=(0,k.D0)(e.agentIdentifier),h=[c.beacon,c.errorBeacon];P||(m.proxy.assets&&(S(m.proxy.assets),h.push(m.proxy.assets)),m.proxy.beacon&&h.push(m.proxy.beacon),_(),(0,g.US)("activatedFeatures",O.B),e.runSoftNavOverSpa&&=!0===m.soft_navigations.enabled&&m.feature_flags.includes("soft_nav")),d.denyList=[...m.ajax.deny_list||[],...m.ajax.block_internal?h:[]],d.ptid=e.agentIdentifier,(0,o.V)(e.agentIdentifier,d),e.ee=s.ee.get(e.agentIdentifier),void 0===e.api&&(e.api=N(e.agentIdentifier,n,e.runSoftNavOverSpa)),void 0===e.exposed&&(e.exposed=f),P=!0}},374:(e,t,r)=>{r.nc=(()=>{try{return document?.currentScript?.nonce}catch(e){}return""})()},860:(e,t,r)=>{"use strict";r.d(t,{$J:()=>u,K7:()=>s,P3:()=>c,XX:()=>i,qY:()=>n,v4:()=>a});const n="events",i="jserrors",o="browser/blobs",a="rum",s={ajax:"ajax",genericEvents:"generic_events",jserrors:i,logging:"logging",metrics:"metrics",pageAction:"page_action",pageViewEvent:"page_view_event",pageViewTiming:"page_view_timing",sessionReplay:"session_replay",sessionTrace:"session_trace",softNav:"soft_navigations",spa:"spa"},c={[s.pageViewEvent]:1,[s.pageViewTiming]:2,[s.metrics]:3,[s.jserrors]:4,[s.spa]:5,[s.ajax]:6,[s.sessionTrace]:7,[s.softNav]:8,[s.sessionReplay]:9,[s.logging]:10,[s.genericEvents]:11},u={[s.pageViewEvent]:a,[s.pageViewTiming]:n,[s.ajax]:n,[s.spa]:n,[s.softNav]:n,[s.metrics]:i,[s.jserrors]:i,[s.sessionTrace]:o,[s.sessionReplay]:o,[s.logging]:"browser/logs",[s.genericEvents]:"ins"}}},n={};function i(e){var t=n[e];if(void 0!==t)return t.exports;var o=n[e]={exports:{}};return r[e](o,o.exports,i),o.exports}i.m=r,i.d=(e,t)=>{for(var r in t)i.o(t,r)&&!i.o(e,r)&&Object.defineProperty(e,r,{enumerable:!0,get:t[r]})},i.f={},i.e=e=>Promise.all(Object.keys(i.f).reduce(((t,r)=>(i.f[r](e,t),t)),[])),i.u=e=>"nr-rum-1.283.2.min.js",i.o=(e,t)=>Object.prototype.hasOwnProperty.call(e,t),e={},t="NRBA-1.283.2.PROD:",i.l=(r,n,o,a)=>{if(e[r])e[r].push(n);else{var s,c;if(void 0!==o)for(var u=document.getElementsByTagName("script"),l=0;l<u.length;l++){var d=u[l];if(d.getAttribute("src")==r||d.getAttribute("data-webpack")==t+o){s=d;break}}if(!s){c=!0;var f={296:"sha512-2Y8GMAOGF658KnXzOZ/v+DlLch8TBFvV0tTNnOy9wrpvtDa1t5CdZMyX+LubTymBlzPp6NUjllBghMCZqXBPmg=="};(s=document.createElement("script")).charset="utf-8",s.timeout=120,i.nc&&s.setAttribute("nonce",i.nc),s.setAttribute("data-webpack",t+o),s.src=r,0!==s.src.indexOf(window.location.origin+"/")&&(s.crossOrigin="anonymous"),f[a]&&(s.integrity=f[a])}e[r]=[n];var g=(t,n)=>{s.onerror=s.onload=null,clearTimeout(p);var i=e[r];if(delete e[r],s.parentNode&&s.parentNode.removeChild(s),i&&i.forEach((e=>e(n))),t)return t(n)},p=setTimeout(g.bind(null,void 0,{type:"timeout",target:s}),12e4);s.onerror=g.bind(null,s.onerror),s.onload=g.bind(null,s.onload),c&&document.head.appendChild(s)}},i.r=e=>{"undefined"!=typeof Symbol&&Symbol.toStringTag&&Object.defineProperty(e,Symbol.toStringTag,{value:"Module"}),Object.defineProperty(e,"__esModule",{value:!0})},i.p="https://js-agent.newrelic.com/",(()=>{var e={374:0,840:0};i.f.j=(t,r)=>{var n=i.o(e,t)?e[t]:void 0;if(0!==n)if(n)r.push(n[2]);else{var o=new Promise(((r,i)=>n=e[t]=[r,i]));r.push(n[2]=o);var a=i.p+i.u(t),s=new Error;i.l(a,(r=>{if(i.o(e,t)&&(0!==(n=e[t])&&(e[t]=void 0),n)){var o=r&&("load"===r.type?"missing":r.type),a=r&&r.target&&r.target.src;s.message="Loading chunk "+t+" failed.\n("+o+": "+a+")",s.name="ChunkLoadError",s.type=o,s.request=a,n[1](s)}}),"chunk-"+t,t)}};var t=(t,r)=>{var n,o,[a,s,c]=r,u=0;if(a.some((t=>0!==e[t]))){for(n in s)i.o(s,n)&&(i.m[n]=s[n]);if(c)c(i)}for(t&&t(r);u<a.length;u++)o=a[u],i.o(e,o)&&e[o]&&e[o][0](),e[o]=0},r=self["webpackChunk:NRBA-1.283.2.PROD"]=self["webpackChunk:NRBA-1.283.2.PROD"]||[];r.forEach(t.bind(null,0)),r.push=t.bind(null,r.push.bind(r))})(),(()=>{"use strict";i(374);var e=i(944),t=i(344),r=i(566);class n{agentIdentifier;constructor(){this.agentIdentifier=(0,r.LA)(16)}#e(t,...r){if("function"==typeof this.api?.[t])return this.api[t](...r);(0,e.R)(35,t)}addPageAction(e,t){return this.#e("addPageAction",e,t)}recordCustomEvent(e,t){return this.#e("recordCustomEvent",e,t)}setPageViewName(e,t){return this.#e("setPageViewName",e,t)}setCustomAttribute(e,t,r){return this.#e("setCustomAttribute",e,t,r)}noticeError(e,t){return this.#e("noticeError",e,t)}setUserId(e){return this.#e("setUserId",e)}setApplicationVersion(e){return this.#e("setApplicationVersion",e)}setErrorHandler(e){return this.#e("setErrorHandler",e)}addRelease(e,t){return this.#e("addRelease",e,t)}log(e,t){return this.#e("log",e,t)}}class o extends n{#e(t,...r){if("function"==typeof this.api?.[t])return this.api[t](...r);(0,e.R)(35,t)}start(){return this.#e("start")}finished(e){return this.#e("finished",e)}recordReplay(){return this.#e(t.G4.RECORD)}pauseReplay(){return this.#e(t.G4.PAUSE)}addToTrace(e){return this.#e("addToTrace",e)}setCurrentRouteName(e){return this.#e("setCurrentRouteName",e)}interaction(){return this.#e("interaction")}wrapLogger(e,t,r){return this.#e("wrapLogger",e,t,r)}}var a=i(860),s=i(217);const c=Object.values(a.K7);function u(e){const t={};return c.forEach((r=>{t[r]=function(e,t){return!0===(0,s.gD)(t,"".concat(e,".enabled"))}(r,e)})),t}var l=i(603);var d=i(687),f=i(234),g=i(289),p=i(154),m=i(384);const h=e=>p.RI&&!0===(0,s.gD)(e,"privacy.cookies_enabled");function v(e){return!!(0,m.dV)().o.MO&&h(e)&&!0===(0,s.gD)(e,"session_trace.enabled")}var b=i(389);class y extends f.W{constructor(e,t,r=!0){super(e.agentIdentifier,t),this.auto=r,this.abortHandler=void 0,this.featAggregate=void 0,this.onAggregateImported=void 0,!1===e.init[this.featureName].autoStart&&(this.auto=!1),this.auto?(0,d.Ak)(e.agentIdentifier,t):this.ee.on("manual-start-all",(0,b.J)((()=>{(0,d.Ak)(e.agentIdentifier,this.featureName),this.auto=!0,this.importAggregator(e)})))}importAggregator(t,r={}){if(this.featAggregate||!this.auto)return;let n;this.onAggregateImported=new Promise((e=>{n=e}));const o=async()=>{let o;try{if(h(this.agentIdentifier)){const{setupAgentSession:e}=await i.e(296).then(i.bind(i,861));o=e(t)}}catch(t){(0,e.R)(20,t),this.ee.emit("internal-error",[t]),this.featureName===a.K7.sessionReplay&&this.abortHandler?.()}try{if(!this.#t(this.featureName,o))return(0,d.Ze)(this.agentIdentifier,this.featureName),void n(!1);const{lazyFeatureLoader:e}=await i.e(296).then(i.bind(i,103)),{Aggregate:a}=await e(this.featureName,"aggregate");this.featAggregate=new a(t,r),t.runtime.harvester.initializedAggregates.push(this.featAggregate),n(!0)}catch(t){(0,e.R)(34,t),this.abortHandler?.(),(0,d.Ze)(this.agentIdentifier,this.featureName,!0),n(!1),this.ee&&this.ee.abort()}};p.RI?(0,g.GG)((()=>o()),!0):o()}#t(e,t){switch(e){case a.K7.sessionReplay:return v(this.agentIdentifier)&&!!t;case a.K7.sessionTrace:return!!t;default:return!0}}}var w=i(630);class R extends y{static featureName=w.T;constructor(e,t=!0){super(e,w.T,t),this.importAggregator(e)}}var A=i(908),E=i(843),_=i(878),x=i(782),N=i(863);class k extends y{static featureName=x.T;constructor(e,t=!0){super(e,x.T,t),p.RI&&((0,E.u)((()=>(0,A.p)("docHidden",[(0,N.t)()],void 0,x.T,this.ee)),!0),(0,_.sp)("pagehide",(()=>(0,A.p)("winPagehide",[(0,N.t)()],void 0,x.T,this.ee))),this.importAggregator(e))}}var T=i(773);class j extends y{static featureName=T.TZ;constructor(e,t=!0){super(e,T.TZ,t),this.importAggregator(e)}}new class extends o{constructor(t){super(),p.gm?(this.features={},(0,m.bQ)(this.agentIdentifier,this),this.desiredFeatures=new Set(t.features||[]),this.desiredFeatures.add(R),this.runSoftNavOverSpa=[...this.desiredFeatures].some((e=>e.featureName===a.K7.softNav)),(0,l.j)(this,t,t.loaderType||"agent"),this.run()):(0,e.R)(21)}get config(){return{info:this.info,init:this.init,loader_config:this.loader_config,runtime:this.runtime}}run(){try{const t=u(this.agentIdentifier),r=[...this.desiredFeatures];r.sort(((e,t)=>a.P3[e.featureName]-a.P3[t.featureName])),r.forEach((r=>{if(!t[r.featureName]&&r.featureName!==a.K7.pageViewEvent)return;if(this.runSoftNavOverSpa&&r.featureName===a.K7.spa)return;if(!this.runSoftNavOverSpa&&r.featureName===a.K7.softNav)return;const n=function(e){switch(e){case a.K7.ajax:return[a.K7.jserrors];case a.K7.sessionTrace:return[a.K7.ajax,a.K7.pageViewEvent];case a.K7.sessionReplay:return[a.K7.sessionTrace];case a.K7.pageViewTiming:return[a.K7.pageViewEvent];default:return[]}}(r.featureName).filter((e=>!(e in this.features)));n.length>0&&(0,e.R)(36,{targetFeature:r.featureName,missingDependencies:n}),this.features[r.featureName]=new r(this)}))}catch(t){(0,e.R)(22,t);for(const e in this.features)this.features[e].abortHandler?.();const r=(0,m.Zm)();delete r.initializedAgents[this.agentIdentifier]?.api,delete r.initializedAgents[this.agentIdentifier]?.features,delete this.sharedAggregator;return r.ee.get(this.agentIdentifier).abort(),!1}}}({features:[R,k,j],loaderType:"lite"})})()})();</script> <meta name="viewport" content="width=device-width, initial-scale=1"> <title>ING THINK economic and financial analysis | ING Think</title> <meta name="description" content="Do your thing with economic and financial analysis from ING Research"> <meta name="date_published" content= "2025-03-06" /> <meta name="copyright" content="© ING Groep N.V. All rights reserved." /> <meta name="generator" content="ING" /> <meta name="author" content="ING"> <link rel="canonical" href="https://think.ing.com/">  <meta property="og:site_name" content="ING Think"> <meta property="og:type" content=""> <meta property="og:url" content="https://think.ing.com/"> <meta property="og:title" content="ING THINK economic and financial analysis"> <meta property="og:description" content="Do your thing with economic and financial analysis from ING Research"> <meta property="og:image" content="https://think.ing.com/uploads/general/ING-THINK.jpg"> <meta property="og:image:url" content="https://think.ing.com/uploads/general/ING-THINK.jpg"> <meta property="og:image:secure_url" content="https://think.ing.com/uploads/general/ING-THINK.jpg"> <meta property="og:image:width" content=""> <meta property="og:image:height" content=""> <meta property="og:ïmage:alt" content=""> <meta property="og:image:type" content="">  <meta property="twitter:card" content="summary_large_image"> <meta property="twitter:site" content="@ING_Economics"> <meta property="twitter:title" content="ING THINK economic and financial analysis"> <meta property="twitter:Do your thing with economic and financial analysis from ING Research"> <meta property="twitter:image" content="https://think.ing.com/uploads/general/ING-THINK.jpg"> <meta name="twitter:widgets:theme" content="light"> <meta name="twitter:widgets:link-color" content="#55acee"> <meta name="twitter:widgets:border-color" content="#55acee"> <meta property="article:author" content="https://www.facebook.com/ING" /> <link rel="apple-touch-icon" sizes="57x57" href="https://think.ing.com/uploads/general/apple-touch-icon-57x57.png"> <link rel="apple-touch-icon" sizes="60x60" href="https://think.ing.com/uploads/general/apple-touch-icon-60x60.png"> <link rel="apple-touch-icon" sizes="72x72" href="https://think.ing.com/uploads/general/apple-touch-icon-72x72.png"> <link rel="apple-touch-icon" sizes="76x76" href="https://think.ing.com/uploads/general/apple-touch-icon-76x76.png"> <link rel="apple-touch-icon" sizes="114x114" href="https://think.ing.com/uploads/general/apple-touch-icon-114x114.png"> <link rel="apple-touch-icon" sizes="120x120" href="https://think.ing.com/uploads/general/apple-touch-icon-120x120.png"> <link rel="icon" type="image/png" href="https://think.ing.com/uploads/general/favicon-32x32.png" sizes="32x32"> <link rel="icon" type="image/png" href="https://think.ing.com/uploads/general/favicon-96x96.png" sizes="96x96"> <link rel="icon" type="image/png" href="https://think.ing.com/uploads/general/favicon-16x16.png" sizes="16x16"> <link rel="shortcut icon" href="https://think.ing.com/uploads/general/favicon.ico" /> <link rel="mask-icon" href="https://think.ing.com/uploads/general/safari-pinned-tab.svg" color="#ff6200" />  <link href="https://cdn.jsdelivr.net/npm/bootstrap@5.3.2/dist/css/bootstrap.min.css" rel="stylesheet" integrity="sha384-T3c6CoIi6uLrA9TneNEoa7RxnatzjcDSCmG1MXxSR1GAsXEV/Dwwykc2MPK8M2HN" crossorigin="anonymous"> <link href="/css/fontawesome-all.css" rel="stylesheet"> <link href="/css/think_main.css?v=4.2.0" rel="stylesheet"> <link href="/css/think_responsive.css?v=4.2.0" rel="stylesheet"> <link rel="stylesheet" href="https://cdn.jsdelivr.net/npm/swiper@11/swiper-bundle.min.css" /> </head> <body> <div class="fixed-top sticky-top-header bg-white shadow-sm d-lg-flex flex-column"> <header class="header-top"> <div class="container"> <div class="d-flex flex-wrap align-items-center justify-content-start w-100"> <a href="/" class="ing-logo" title="THINK homepage" aria-label="ING Logo" tabindex="-1"> <img class="ing-logo" src="/uploads/general/ing-logo.svg" alt="ING Logo"> </a> <form class="search-form col-12 col-lg-auto mx-lg-auto d-none d-lg-block" method="post" action="https://think.ing.com/" > <div class='hiddenFields'> <input type="hidden" name="params" value="eyJyZXF1aXJlZCI6ImtleXdvcmRzIn0" /> <input type="hidden" name="ACT" value="78" /> <input type="hidden" name="site_id" value="1" /> <input type="hidden" name="csrf_token" value="a66e7da4c86cda234521b43a946e49b90bb74f00" data-updated="true" /> </div> <div class="input-group"> <input class="search-think form-control form-control-dark bg-white" type="search" name="keywords" role="search" placeholder="Search on ING THINK" maxlength="128" aria-expanded="false" aria-label="Search" tabindex="1"> <button class="search-think-btn btn bg-white" type="submit" tabindex="2"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M416 208c0 45.9-14.9 88.3-40 122.7L502.6 457.4c12.5 12.5 12.5 32.8 0 45.3s-32.8 12.5-45.3 0L330.7 376c-34.4 25.2-76.8 40-122.7 40C93.1 416 0 322.9 0 208S93.1 0 208 0S416 93.1 416 208zM208 352a144 144 0 1 0 0-288 144 144 0 1 0 0 288z"/></svg> Search</button> </div> </form> <div class="text-end d-none d-lg-flex flex-nowrap align-items-center"> <div class="navbar-name fs-large"><strong class="text-orange">THINK</strong><span class="d-none d-xl-inline"> economic and financial analysis</span></div> </div> </div> </div> </header> <nav class="navbar-main navbar navbar-expand-lg py-1 mt-lg-auto" aria-label="ING THINK navigation"> <div class="container"> <div class="navbar-name position-fixed top-0 end-0 d-lg-none"><strong class="text-orange fs-larger">THINK</strong></div> <button class="navbar-toggler position-fixed top-0 end-0 m-3 border-0 rounded-0" type="button" aria-expanded="false" aria-label="Toggle navigation" data-bs-toggle="offcanvas" data-bs-target="#offcanvasTHINKnavbar" aria-controls="offcanvasTHINKnavbar"> <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 24 24" tabindex="-1" focusable="false"><g fill="#525199" fill-rule="evenodd"><path d="M22 18v2H2v-2zM18 11v2H2v-2zM20 4v2H2V4z"></path></g></svg> </button> <ul class="navbar-nav w-100 mb-2 mb-lg-0 d-none d-lg-flex pb-1"> <li class="nav-item me-4"> <a class="nav-link fs-large py-0" aria-current="page" href="/" tabindex="3">Home</a> </li> <li class="nav-item dropdown position-static me-4"> <a class="nav-link dropdown-toggle fs-large py-0" href="#" data-bs-toggle="dropdown" data-category_name="markets" aria-expanded="false" tabindex="4" data-language="en">Markets</a> <ul class="dropdown-menu w-100 rounded-0 shadow-sm mt-0"> <div class="container-fluid"> <div class="container"> <div class="row"> <div class="col-lg-4 col-xl-3"> <ul class="list-group list-group-flush"> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/market/fx/">FX <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/market/credit/">Credit <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/market/rates/">Rates <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/market/commodities/">Commodities <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </ul> </div> <div class="col d-none d-lg-block"> <div class="ajax_latest_cats" data-category_name="markets" data-language="en">  </div> </div> </div>  </div> </div> </ul> </li> <li class="nav-item dropdown position-static me-4"> <a class="nav-link fs-large dropdown-toggle py-0" href="#" data-bs-toggle="dropdown" aria-expanded="false" data-category_name="economy" tabindex="5" data-language="en">Economy</a> <ul class="dropdown-menu w-100 rounded-0 shadow-sm mt-0"> <div class="container-fluid"> <div class="container"> <div class="row"> <div class="col-lg-4 col-xl-3"> <ul class="list-group list-group-flush"> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/europe/">Europe <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/central-and-eastern-europe/">Central and Eastern Europe <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/north-america/">North America <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/asia-pacific/">Asia/Pacific <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/latin-america/">Latin America <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/middle-east-africa/">Middle East and Africa <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/commonwealth-of-independent-states/">Commonwealth of Independent States <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/trade/">Trade <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/economy/ai/">AI <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </ul> </div> <div class="col-lg-8 col-xl-9"> <div class="ajax_latest_cats" data-category_name="economy" data-language="en">  </div> </div> </div>  </div> </div> </ul> </li> <li class="nav-item dropdown position-static me-4"> <a class="nav-link fs-large dropdown-toggle py-0" href="#" data-bs-toggle="dropdown" data-category_name="sectors" aria-expanded="false" tabindex="6" data-language="en">Sectors</a> <ul class="dropdown-menu w-100 rounded-0 shadow-sm mt-0"> <div class="container-fluid"> <div class="container"> <div class="row"> <div class="col-lg-4 col-xl-3"> <ul class="list-group list-group-flush"> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/commodities-food-agri/">Commodities, Food & Agri <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/energy/">Energy <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/financial-institutions/">Financial Institutions <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/logistics-automotive/">Transport & Logistics <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/real-estate/">Real estate <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/retail-construction-manufacturing/">Corporate Sector Coverage <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/sustainability/">Sustainability <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/tmt/">TMT <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> <a class="list-group-item d-inline-flex align-items-center justify-content-between" href="/sector/healthcare/">Healthcare <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </ul> </div> <div class="col d-none d-lg-block"> <div class="ajax_latest_cats" data-category_name="sectors" data-language="en">  </div> </div> </div>  </div> </div> </ul> </li> <li class="nav-item me-4"> <a class="nav-link fs-large py-0" href="/forecasts/" tabindex="7">Forecasts</a> </li> <li class="nav-item me-4"> <a class="nav-link fs-large py-0 text-nowrap" href="/about/meet-the-team/" tabindex="8">Meet the team</a> </li> <li class="nav-item ms-auto"> <a class="nav-link p-0 ms-auto mt-1 text-nowrap" href="https://research.ing.com/" target="_blank" tabindex="-1">research.ing.com<svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 384 512"><path d="M328 96c13.3 0 24 10.7 24 24V360c0 13.3-10.7 24-24 24s-24-10.7-24-24V177.9L73 409c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l231-231H88c-13.3 0-24-10.7-24-24s10.7-24 24-24H328z"/></svg></a> </li> </ul> </div> </nav> <nav class="offcanvas offcanvas-start" id="offcanvasTHINKnavbar" aria-labelledby="offcanvasTHINKnavbar"> <div class="offcanvas-header border-bottom position-relative" style="min-height: 76px;"> <div class="navbar-name position-absolute top-0 bottom-0 start-0 end-0 d-flex justify-content-start me-0" title="THINK economic and financial analysis" aria-label="THINK economic and financial analysis"> <a class="text-orange text-decoration-none fw-bold fs-larger p-3" href="/" style="outline: none !important;">THINK</a> </div> <button class="btn-close p-3 rounded-0 me-2 position-absolute end-0" type="button" data-bs-dismiss="offcanvas" aria-label="Close"></button> </div> <div class="offcanvas-body"> <form class="" method="post" action="https://think.ing.com/" > <div class='hiddenFields'> <input type="hidden" name="params" value="eyJyZXF1aXJlZCI6ImtleXdvcmRzIn0" /> <input type="hidden" name="ACT" value="78" /> <input type="hidden" name="site_id" value="1" /> <input type="hidden" name="csrf_token" value="a66e7da4c86cda234521b43a946e49b90bb74f00" data-updated="true" /> </div> <div class="input-group"> <input class="search-think form-control form-control-dark bg-white" type="search" name="keywords" role="search" placeholder="Search on ING THINK" maxlength="128" aria-expanded="false" aria-label="Search" tabindex="1"> <button class="search-think-btn btn bg-white" type="submit" tabindex="2"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M416 208c0 45.9-14.9 88.3-40 122.7L502.6 457.4c12.5 12.5 12.5 32.8 0 45.3s-32.8 12.5-45.3 0L330.7 376c-34.4 25.2-76.8 40-122.7 40C93.1 416 0 322.9 0 208S93.1 0 208 0S416 93.1 416 208zM208 352a144 144 0 1 0 0-288 144 144 0 1 0 0 288z"/></svg> Search</button> </div></form> <ul class="list-group list-group-flush mt-3"> <a class="list-group-item fs-large" href="/">Home</a> <a class="list-group-item fs-large" href="/latest/">Our latest</a> <a class="list-group-item fs-large" href="/forecasts/">Forecasts</a> <a class="list-group-item dropdown collapsed fs-large" data-bs-toggle="collapse" data-bs-target="#landing-collapse" aria-expanded="false">Our economic and financial analysis</a> <div class="collapse" id="landing-collapse"> <ul class="list-group list-group-flush border-bottom"> <a class="list-group-item fs-large" href="/snaps/">Snaps</a> <a class="list-group-item fs-large" href="/articles/">Articles</a> <a class="list-group-item fs-large" href="/reports/">Reports</a> <a class="list-group-item fs-large" href="/opinions/">Opinions</a> <a class="list-group-item fs-large" href="/podcasts/">Podcasts</a> <a class="list-group-item fs-large" href="/bundles/">Bundles</a> <a class="list-group-item fs-large" href="/topics/">Topics</a> </ul> </div> </ul> <ul class="list-group list-group-flush"> <a class="list-group-item dropdown collapsed fs-large" data-bs-toggle="collapse" data-bs-target="#market-collapse" aria-expanded="false">Markets</a> <div class="collapse" id="market-collapse"> <ul class="list-group list-group-flush border-bottom"> <a class="list-group-item ps-4" href="/market/fx/">FX</a> <a class="list-group-item ps-4" href="/market/credit/">Credit</a> <a class="list-group-item ps-4" href="/market/rates/">Rates</a> <a class="list-group-item ps-4" href="/market/commodities/">Commodities</a> </ul> </div> <a class="list-group-item dropdown collapsed fs-large" data-bs-toggle="collapse" data-bs-target="#economy-collapse" aria-expanded="false">Economy</a> <div class="collapse" id="economy-collapse"> <ul class="list-group list-group-flush border-bottom"> <a class="list-group-item ps-4" href="/economy/europe/">Europe</a> <a class="list-group-item ps-4" href="/economy/central-and-eastern-europe/">Central and Eastern Europe</a> <a class="list-group-item ps-4" href="/economy/north-america/">North America</a> <a class="list-group-item ps-4" href="/economy/asia-pacific/">Asia/Pacific</a> <a class="list-group-item ps-4" href="/economy/latin-america/">Latin America</a> <a class="list-group-item ps-4" href="/economy/middle-east-africa/">Middle East and Africa</a> <a class="list-group-item ps-4" href="/economy/commonwealth-of-independent-states/">Commonwealth of Independent States</a> <a class="list-group-item ps-4" href="/economy/trade/">Trade</a> <a class="list-group-item ps-4" href="/economy/ai/">AI</a> </ul> </div> <a class="list-group-item dropdown collapsed fs-large" data-bs-toggle="collapse" data-bs-target="#sector-collapse" aria-expanded="false">Sectors</a> <div class="collapse" id="sector-collapse"> <ul class="list-group list-group-flush border-bottom"> <a class="list-group-item ps-4" href="/sector/commodities-food-agri/">Commodities, Food & Agri</a> <a class="list-group-item ps-4" href="/sector/energy/">Energy</a> <a class="list-group-item ps-4" href="/sector/financial-institutions/">Financial Institutions</a> <a class="list-group-item ps-4" href="/sector/logistics-automotive/">Transport & Logistics</a> <a class="list-group-item ps-4" href="/sector/real-estate/">Real estate</a> <a class="list-group-item ps-4" href="/sector/retail-construction-manufacturing/">Corporate Sector Coverage</a> <a class="list-group-item ps-4" href="/sector/sustainability/">Sustainability</a> <a class="list-group-item ps-4" href="/sector/tmt/">TMT</a> <a class="list-group-item ps-4" href="/sector/healthcare/">Healthcare</a> </ul> </div> </ul> <ul class="list-group list-group-flush border-bottom"> <a class="list-group-item fs-large" href="/about/meet-the-team/">Meet the team</a> </ul> <ul class="list-group list-group-flush border-bottom mt-4"> <a class="list-group-item py-1" href="https://research.ing.com/" target="_blank">research.ing.com <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 384 512"><path d="M328 96c13.3 0 24 10.7 24 24V360c0 13.3-10.7 24-24 24s-24-10.7-24-24V177.9L73 409c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l231-231H88c-13.3 0-24-10.7-24-24s10.7-24 24-24H328z"/></svg></a> </ul> </div> </nav> </div> <div class="nav-padding"></div> <div class="navbar-mobile-wrapper"> <nav class="navbar navbar-mobile fixed-bottom navbar-expand navbar-light bg-light border-top d-sm-none z-index-top"> <div class="container-fluid px-0"> <div class="collapse navbar-collapse" id="navbarCollapse"> <ul class="navbar-nav justify-content-around w-100"> <li class="nav-item"> <button class="nav-link" aria-expanded="false" aria-label="Toggle navigation" data-bs-toggle="offcanvas" data-bs-target="#offcanvasTHINKnavbar" aria-controls="offcanvasTHINKnavbar">Menu <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 24 24" tabindex="-1" focusable="false"><g fill="#525199" fill-rule="evenodd"><path d="M22 18v2H2v-2zM18 11v2H2v-2zM20 4v2H2V4z"></path></g></svg></button> </li> <li class="nav-item"> <a class="nav-link" href="https://think.ing.com/latest/">Our latest</a> </li> <li class="nav-item"> <a class="nav-link" href="https://think.ing.com/forecasts/">Forecasts</a> </li> <li class="nav-item"> <a class="nav-link" href="https://think.ing.com/forecasts/" data-bs-toggle="modal" data-bs-target="#searchModalMobile" id="toggleModalButton"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M416 208c0 45.9-14.9 88.3-40 122.7L502.6 457.4c12.5 12.5 12.5 32.8 0 45.3s-32.8 12.5-45.3 0L330.7 376c-34.4 25.2-76.8 40-122.7 40C93.1 416 0 322.9 0 208S93.1 0 208 0S416 93.1 416 208zM208 352a144 144 0 1 0 0-288 144 144 0 1 0 0 288z"/></svg> Search</a> </li> </ul> </div> </div> </nav> </div> <div class="modal fade searchModalMobile" id="searchModalMobile" tabindex="-1" aria-labelledby="searchModalMobileLabel" aria-hidden="true"> <div class="modal-dialog p-1"> <div class="modal-content bg-ing-orange"> <div class="modal-body"> <form class="" method="post" action="https://think.ing.com/" > <div class='hiddenFields'> <input type="hidden" name="params" value="eyJyZXF1aXJlZCI6ImtleXdvcmRzIn0" /> <input type="hidden" name="ACT" value="78" /> <input type="hidden" name="site_id" value="1" /> <input type="hidden" name="csrf_token" value="a66e7da4c86cda234521b43a946e49b90bb74f00" data-updated="true" /> </div> <div class="input-group"> <input class="search-think form-control form-control-dark bg-white" type="search" name="keywords" role="search" placeholder="Search on ING THINK" maxlength="128" aria-expanded="false" aria-label="Search" tabindex="1"> <button class="search-think-btn btn bg-white" type="submit" tabindex="2"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M416 208c0 45.9-14.9 88.3-40 122.7L502.6 457.4c12.5 12.5 12.5 32.8 0 45.3s-32.8 12.5-45.3 0L330.7 376c-34.4 25.2-76.8 40-122.7 40C93.1 416 0 322.9 0 208S93.1 0 208 0S416 93.1 416 208zM208 352a144 144 0 1 0 0-288 144 144 0 1 0 0 288z"/></svg> Search</button> </div></form> </div> </div> </div> </div> <nav class="banner-snaps container-fluid bg-light d-none d-lg-block"> <div class="container d-flex align-items-center position-relative"> <a class="snaps-btn btn btn-outline-primary text-nowrap me-3" href="https://think.ing.com/snaps/">Latest snap</a> <div class="snaps-wrapper d-flex flex-nowrap align-items-center w-100"> <div class=""> <a class="d-flex align-items-center link-primary fw-bold border-start px-3" href="/snaps/italian-revised-gdp-data-shows-positive-growth-in-the-fourth-quarter/"> Revised Italian GDP data shows positive fourth quarter… </a> </div> <div class=""> <a class="d-flex align-items-center link-primary fw-bold border-start px-3" href="/snaps/france-unexpected-fall-in-industrial-output/"> Unexpected decline in France's industrial output </a> </div> <div class="d-none d-xxl-block"> <a class="d-flex align-items-center link-primary fw-bold border-start px-3" href="/snaps/germany-thinks-big-again/"> Germany thinks big again </a> </div> <div class="d-none d-xxxl-block"> <a class="d-flex align-items-center link-primary fw-bold border-start px-3" href="/snaps/chinas-measured-tariff-retaliation-keeps-negotiation-hopes-alive/"> China's measured tariff response keeps negotiation… </a> </div> </div> <a class="btn btn-orange text-nowrap" href="https://think.ing.com/sign-up/">Sign up now<svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M313.4 32.9c26 5.2 42.9 30.5 37.7 56.5l-2.3 11.4c-5.3 26.7-15.1 52.1-28.8 75.2H464c26.5 0 48 21.5 48 48c0 18.5-10.5 34.6-25.9 42.6C497 275.4 504 288.9 504 304c0 23.4-16.8 42.9-38.9 47.1c4.4 7.3 6.9 15.8 6.9 24.9c0 21.3-13.9 39.4-33.1 45.6c.7 3.3 1.1 6.8 1.1 10.4c0 26.5-21.5 48-48 48H294.5c-19 0-37.5-5.6-53.3-16.1l-38.5-25.7C176 420.4 160 390.4 160 358.3V320 272 247.1c0-29.2 13.3-56.7 36-75l7.4-5.9c26.5-21.2 44.6-51 51.2-84.2l2.3-11.4c5.2-26 30.5-42.9 56.5-37.7zM32 192H96c17.7 0 32 14.3 32 32V448c0 17.7-14.3 32-32 32H32c-17.7 0-32-14.3-32-32V224c0-17.7 14.3-32 32-32z"/></svg></a> </div> </nav> <main class="main"> <div class="container mb-0 my-lg-5"> <div class="d-block d-sm-none mt-3"><div class="sign-up-newsletter border rounded position-relative"> <div class="d-flex d-lg-block align-items-start justify-content-between p-3 px-lg-4 py-lg-5"> <h3 class="text-orange ms-1 me-3 mx-lg-0 my-0 mb-lg-4"><span class="fw-light">Get the latest</span> economic and financial analysis <span class="fw-light">sent straight to your inbox.</span></h3> <a href="https://think.ing.com/sign-up/" class="btn btn-orange btn-sm text-nowrap m-1 m-lg-0 stretched-link">Sign up<span class="d-none d-md-inline"> to ING THINK</span></a> </div> </div></div> <div class="row gx-md-5"> <div class="col-12"> <div class="homeSwiper-wrapper position-relative my-3 mt-lg-0 mb-lg-5"> <div class="swiper homeSwiper"> <div class="swiper-wrapper"> <div class="swiper-slide mb-3 mb-lg-0"> <a href="https://think.ing.com/bundles/trump-tariffs-and-trade-our-predictions-for-the-coming-months/" class="card card_entry card_thumb_hor_large bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter mt-3 mx-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_369100844_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Trump, tariffs, and trade: our predictions for the coming months" loading="lazy"> </div> </div> <div class="col-lg h-100"> <div class="card-body"> <div class="text-grey"> <span class="badge badge-bundle d-none d-lg-inline-block me-2 mb-2">Bundle</span> <span class="entry_category-wrapper lh-sm"></span> </div> <span class="badge badge-bundle d-inline-block d-lg-none mt-3">Bundle</span> <h3 class="card-title d-inline-block my-2 mt-lg-0" tabindex="-1">Trump, tariffs, and trade: our predictions for the coming months</h3><br /> <p class="card-text fs-large">The global trade outlook for 2025 is marked by solid growth amid significant challenges</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1741162882"></span> <hr class="mt-1 mb-3"> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="https://think.ing.com/articles/governments-seek-greater-influence-over-semiconductor-sector/" class="card card_entry card_thumb_hor_large bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter mt-3 mx-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_15177319t_webp_40cd750bba9870f18aada2478b24840a.webp' alt='TSMC pledges $100bn in US investment as governments push for semiconductor influence' loading='lazy'> </div> </div> <div class="col-lg h-100"> <div class="card-body"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">TMT</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <h3 class="card-title d-inline-block my-2 mt-lg-0" tabindex="-1">TSMC pledges $100bn in US investment as governments push for semiconductor influence</h3><br /> <p class="card-text fs-large">Taiwanese chip giant TSMC's recent announcement of a US$100bn investment is a win for the Trump administration</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1741183310"></span> <hr class="mt-1 mb-3"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="https://think.ing.com/author/jan-frederik-slijkerman/" tabindex="-1">Jan Frederik Slijkerman</a></object> </p> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="https://think.ing.com/articles/march-ecb-cheat-sheet-the-restrictive-dilemma/" class="card card_entry card_thumb_hor_large bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter mt-3 mx-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_ECB_CS_0325%28AP%29_webp_40cd750bba9870f18aada2478b24840a.webp' alt='March ECB cheat sheet: The “restrictive” dilemma' loading='lazy'> </div> </div> <div class="col-lg h-100"> <div class="card-body"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"></span> </div> <h3 class="card-title d-inline-block my-2 mt-lg-0" tabindex="-1">March ECB cheat sheet: The “restrictive” dilemma</h3><br /> <p class="card-text fs-large">We look at four different scenarios ahead of Thursday's ECB meeting</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1741020155"></span> <hr class="mt-1 mb-3"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="https://think.ing.com/author/francesco-pesole/" tabindex="-1">Francesco Pesole</a></object> and <object><a href="https://think.ing.com/author/benjamin-schroeder/" tabindex="-1">Benjamin Schroeder</a></object> </p> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="https://think.ing.com/articles/strengthening-us-domestic-clean-energy-production-is-key-to-reducing-tariff-shocks/" class="card card_entry card_thumb_hor_large bg-thumb-hor p-lg-3 card-standout-light"> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter mt-3 mx-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_15105000b_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Strengthening US domestic clean energy production is key to reducing tariff shocks' loading='lazy'> </div> </div> <div class="col-lg h-100"> <div class="card-body"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Energy</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category text">United States</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <h3 class="card-title d-inline-block my-2 mt-lg-0" tabindex="-1">Strengthening US domestic clean energy production is key to reducing tariff shocks</h3><br /> <p class="card-text fs-large">US wind is more likely to feel the impact of the latest tariffs than solar or battery storage</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1741211515"></span> <hr class="mt-1 mb-3"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="https://think.ing.com/author/coco-zhang/" tabindex="-1">Coco Zhang</a></object> </p> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="https://think.ing.com/articles/pathway-to-net-zero-tackling-emissions-in-construction/" class="card card_entry card_thumb_hor_large bg-thumb-hor p-lg-3 card-standout-light"> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter mt-3 mx-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_Constructionnetherlands_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Pathway to net zero: Tackling emissions in construction ' loading='lazy'> </div> </div> <div class="col-lg h-100"> <div class="card-body"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Real estate</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Corporate Sector Coverage</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <h3 class="card-title d-inline-block my-2 mt-lg-0" tabindex="-1">Pathway to net zero: Tackling emissions in construction </h3><br /> <p class="card-text fs-large"> If construction companies want to be climate neutral by 2050 they will need to address emissions from the entire value chain</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1740993197"></span> <hr class="mt-1 mb-3"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="https://think.ing.com/author/maurice-van-sante/" tabindex="-1">Maurice van Sante</a></object> </p> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="https://think.ing.com/bundles/shipping-trade-and-tariff-uncertainty-blight-outlook/" class="card card_entry card_thumb_hor_large bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter mt-3 mx-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_2480262027_webp_40cd750bba9870f18aada2478b24840a.webp" alt="Shipping: trade and tariff uncertainty blight outlook" loading="lazy"> </div> </div> <div class="col-lg h-100"> <div class="card-body"> <div class="text-grey"> <span class="badge badge-bundle d-none d-lg-inline-block me-2 mb-2">Bundle</span> <span class="entry_category-wrapper lh-sm"></span> </div> <span class="badge badge-bundle d-inline-block d-lg-none mt-3">Bundle</span> <h3 class="card-title d-inline-block my-2 mt-lg-0" tabindex="-1">Shipping: trade and tariff uncertainty blight outlook</h3><br /> <p class="card-text fs-large">Geopolitics will heavily influence the outlook for shipping this year</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1740997213"></span> <hr class="mt-1 mb-3"> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="https://think.ing.com/bundles/ing-monthly-its-a-mad-world/" class="card card_entry card_thumb_hor_large bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter mt-3 mx-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class="w-100" src="https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_14198794c_webp_40cd750bba9870f18aada2478b24840a.webp" alt="ING Monthly: It's a mad world" loading="lazy"> </div> </div> <div class="col-lg h-100"> <div class="card-body"> <div class="text-grey"> <span class="badge badge-bundle d-none d-lg-inline-block me-2 mb-2">Bundle</span> <span class="entry_category-wrapper lh-sm"><span class="entry_category">FX</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Rates</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <span class="badge badge-bundle d-inline-block d-lg-none mt-3">Bundle</span> <h3 class="card-title d-inline-block my-2 mt-lg-0" tabindex="-1">ING Monthly: It's a mad world</h3><br /> <p class="card-text fs-large">The cult song Mad World by Tears for Fears is an apt description for the current state of the global economy</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1740659371"></span> <hr class="mt-1 mb-3"> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="https://think.ing.com/articles/what-to-watch-for-at-chinas-two-sessions-this-year-2025/" class="card card_entry card_thumb_hor_large bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter mt-3 mx-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_14384688aa_webp_40cd750bba9870f18aada2478b24840a.webp' alt='What to watch for at the 2025 China Two Sessions' loading='lazy'> </div> </div> <div class="col-lg h-100"> <div class="card-body"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category text">China</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <h3 class="card-title d-inline-block my-2 mt-lg-0" tabindex="-1">What to watch for at the 2025 China Two Sessions</h3><br /> <p class="card-text fs-large">Growth target and fiscal priorities will likely be in focus this year</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1740619349"></span> <hr class="mt-1 mb-3"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="https://think.ing.com/author/lynn-song/" tabindex="-1">Lynn Song </a></object> </p> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="https://think.ing.com/articles/north-american-construction-outlook-us-trump-boost-comes-at-a-cost-for-canada-and-mexico/" class="card card_entry card_thumb_hor_large bg-thumb-hor p-lg-3 "> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter mt-3 mx-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_170481326_cropped_webp_40cd750bba9870f18aada2478b24840a.webp' alt='North American construction outlook: US Trump boost comes at a cost for Canada and Mexico' loading='lazy'> </div> </div> <div class="col-lg h-100"> <div class="card-body"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Real estate</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category text">Mexico</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category text">Canada</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category text">United States</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <h3 class="card-title d-inline-block my-2 mt-lg-0" tabindex="-1">North American construction outlook: US Trump boost comes at a cost for Canada and Mexico</h3><br /> <p class="card-text fs-large">We see the US as the clear winner as President Trump's reshoring agenda puts Mexico and Canada on the back foot</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1740666294"></span> <hr class="mt-1 mb-3"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="https://think.ing.com/author/james-knightley/" tabindex="-1">James Knightley</a></object> and <object><a href="https://think.ing.com/author/coco-zhang/" tabindex="-1">Coco Zhang</a></object> </p> </div> </div> </div> </a> </div> <div class="swiper-slide mb-3 mb-lg-0"> <a href="https://think.ing.com/articles/carsten-dont-expect-economic-miracles-in-germany/" class="card card_entry card_thumb_hor_large bg-thumb-hor p-lg-3 card-standout-dark"> <div class="row g-0"> <div class="col-lg-6 order-lg-last position-relative"> <div class="card-frame ms-halfgutter mt-3 mx-3 ms-lg-0 me-lg-3 my-lg-3 bg-light"> <div class="icon-on-card end-0 m-3"> </div>  <img loading="lazy" src="/uploads/youtube/the-massive-challenges-now-facing-germany-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"> </div> </div> <div class="col-lg h-100"> <div class="card-body"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category text">Germany</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <h3 class="card-title d-inline-block my-2 mt-lg-0" tabindex="-1">Carsten: No economic miracle for Germany's ailing economy</h3><br /> <p class="card-text fs-large">What the German elections mean for the country's economy</p> </div> <div class="card-footer d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1740479622"></span> <hr class="mt-1 mb-3"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="https://think.ing.com/author/carsten-brzeski/" tabindex="-1">Carsten Brzeski</a></object> </p> </div> </div> </div> </a> </div> </div> </div> <div class="swiper-pagination"></div> <div class="swiper-button-next"></div> <div class="swiper-button-prev"></div> </div> </div> </div> <div class="row gx-md-5 mb-0 mb-lg-5"> <div class="col-lg-6 mb-md-4"> <a href="https://think.ing.com/topics/ing-2025-outlooks/" class="card card_topic text-bg-dark w-100 h-100 mb-3 mb-md-5 rounded shadow-sm"> <div class="card-frame"> <img src="https://think.ing.com/uploads/topics/_webp/w1296h729_shutterstock_2320704435_webp_40cd750bba9870f18aada2478b24840a.webp" class="card-img" alt="Our top calls for the global economy in 2025" loading="lazy"> </div> <div class="d-flex align-content-center flex-wrap px-3 py-2 h-100 z-1"> <div class="row"> <div class="col-lg-11"> <div class="card-text small-header text-light"></div> <h3 class="every-line mb-3"><span>Our top calls for the global economy in 2025</span></h3> </div> <div class="col-lg-10"> <p class="card-text text-white fs-large bg-black-50 px-3 py-2 rounded mb-0">All of the latest from our team on what 2025 could bring for markets across the globe</p> </div> </div>  </div> </a> </div> <div class="col-lg-3 mb-3 mb-md-4 d-none d-lg-flex"> <div class="h-100 bg-ing-fuchsia-tint3 position-relative p-4 mb-3 mb-md-4 rounded"> <img src="/uploads/general/illu-globe.svg" class="position-absolute bottom-0 end-0 w-25 m-lg-4"> <div class="fw-bold mb-4">Regions</div> <h3 class="fw-light position-relative me-5 pe-5 me-md-0 pe-md-0" style="min-height: 11rem;">All over the world our analysts write about their <a href="https://think.ing.com/economy/regions/" class="text-orange text-wrap" style="color: #ff6200 !important;">dedicated region.</a></h3> </div> </div> <div class="col-lg-3 mb-3 mb-md-4 d-none d-lg-flex"> <div class="sign-up-newsletter border rounded position-relative"> <div class="d-flex d-lg-block align-items-start justify-content-between p-3 px-lg-4 py-lg-5"> <h3 class="text-orange ms-1 me-3 mx-lg-0 my-0 mb-lg-4"><span class="fw-light">Get the latest</span> economic and financial analysis <span class="fw-light">sent straight to your inbox.</span></h3> <a href="https://think.ing.com/sign-up/" class="btn btn-orange btn-sm text-nowrap m-1 m-lg-0 stretched-link">Sign up<span class="d-none d-md-inline"> to ING THINK</span></a> </div> </div> </div> <div class="col-12 order-lg-first"> <div class="row gx-md-5 mb-0 mt-3 mt-lg-0 mb-lg-5"> <div class="col-12"> <div class="d-flex align-items-center justify-content-between mb-3"> <h3 class="text-orange mb-0">Our latest</h3> <a class="btn btn-outline-primary text-nowrap" href="https://think.ing.com/articles/">More articles <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </div> </div> <div class="col-sm-6 col-lg-4 d-lg-flex align-items-stretch mb-0 mb-lg-5"> <a href="https://think.ing.com/articles/fx-daily-dont-rush-to-pick-the-eur-usd-top/" class="card card_entry card_thumb_large bg-white mb-3 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">FX</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_2570716597_webp_40cd750bba9870f18aada2478b24840a.webp' alt='FX Daily: Don't rush to pick the EUR/USD top' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">FX Daily: Don't rush to pick the EUR/USD top</h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0">EUR/USD at 1.08 is not that expensive</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1741247745"></span> </div> </a> </div> <div class="col-sm-6 col-lg-4 d-lg-flex align-items-stretch mb-0 mb-lg-5 card_downscale"> <a href="https://think.ing.com/articles/the-commodities-feel-brent-below-70060325/" class="card card_entry card_thumb_large bg-white mb-3 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Commodities daily</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_2283367131_webp_40cd750bba9870f18aada2478b24840a.webp' alt='The Commodities Feed: Brent below $70 on demand concerns' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">The Commodities Feed: Brent below $70 on demand concerns</h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0">Energy prices remain under pressure amid demand concerns, while copper prices get a boost from tariff uncertainty</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1741227396"></span> </div> </a> </div> <div class="col-sm-6 col-lg-4 d-lg-flex align-items-stretch mb-0 mb-lg-5 card_downscale"> <a href="https://think.ing.com/articles/rates-spark-a-fiscal-earthquake-and-oh-year-theres-an-ecb-meeting/" class="card card_entry card_thumb_large bg-white mb-3 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Rates</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Rates Spark</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_Rates_eurozone_and_US_050325_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Rates Spark: A fiscal earthquake, and oh yeah, there's an ECB meeting' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">Rates Spark: A fiscal earthquake, and oh yeah, there's an ECB meeting</h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0">European markets are turning more optimistic on the structural economic outlook whilst in the US the mood remains more downbeat</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1741213463"></span> </div> </a> </div> <div class="col-sm-6 col-lg-3 d-md-flex align-items-stretch mb-0 mb-md-4"> <a href="https://think.ing.com/articles/governments-seek-greater-influence-over-semiconductor-sector/" class="card card_entry card_thumb_medium bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row gx-0"> <div class="col-12 pt-2 px-0 px-lg-3 d-none d-lg-block"> <div class="text-grey mt-lg-1"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">TMT</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first my-3 me-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_15177319t_webp_40cd750bba9870f18aada2478b24840a.webp' alt='TSMC pledges $100bn in US investment as governments push for semiconductor influence' loading='lazy'> </div> </div> <div class="col col-lg-12 px-0 pt-0 pb-2 px-lg-3 pt-lg-0 pb-lg-2"> <strong class="card-title d-block fs-large mt-2 mt-lg-0 pt-1">TSMC pledges $100bn in US investment as governments push for semiconductor influence</strong> <span class="last_updated p-0" data-edit-date="1741183310"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 d-md-flex align-items-stretch mb-0 mb-md-4"> <a href="https://think.ing.com/snaps/italian-revised-gdp-data-shows-positive-growth-in-the-fourth-quarter/" class="card card_entry card_thumb_medium bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row gx-0"> <div class="col-12 pt-2 px-0 px-lg-3 d-none d-lg-block"> <div class="text-grey mt-lg-1"> <span class="entry_category-wrapper lh-sm"><span class="entry_category text">Italy</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first my-3 me-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_2253623477_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Revised Italian GDP data shows positive fourth quarter growth' loading='lazy'> </div> </div> <div class="col col-lg-12 px-0 pt-0 pb-2 px-lg-3 pt-lg-0 pb-lg-2"> <strong class="card-title d-block fs-large mt-2 mt-lg-0 pt-1">Revised Italian GDP data shows positive fourth quarter growth</strong> <span class="last_updated p-0" data-edit-date="1741172563"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 d-md-flex align-items-stretch mb-0 mb-md-4"> <a href="https://think.ing.com/snaps/france-unexpected-fall-in-industrial-output/" class="card card_entry card_thumb_medium bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row gx-0"> <div class="col-12 pt-2 px-0 px-lg-3 d-none d-lg-block"> <div class="text-grey mt-lg-1"> <span class="entry_category-wrapper lh-sm"><span class="entry_category text">France</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first my-3 me-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_2384325757_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Unexpected decline in France's industrial output' loading='lazy'> </div> </div> <div class="col col-lg-12 px-0 pt-0 pb-2 px-lg-3 pt-lg-0 pb-lg-2"> <strong class="card-title d-block fs-large mt-2 mt-lg-0 pt-1">Unexpected decline in France's industrial output</strong> <span class="last_updated p-0" data-edit-date="1741166756"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 d-md-flex align-items-stretch mb-0 mb-md-4"> <a href="https://think.ing.com/articles/strengthening-us-domestic-clean-energy-production-is-key-to-reducing-tariff-shocks/" class="card card_entry card_thumb_medium bg-light w-100 mb-3 mb-lg-4 card-standout-light"> <div class="card-body py-0 p-lg-0"> <div class="row gx-0"> <div class="col-12 pt-2 px-0 px-lg-3 d-none d-lg-block"> <div class="text-grey mt-lg-1"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Energy</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category text">United States</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first my-3 me-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_15105000b_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Strengthening US domestic clean energy production is key to reducing tariff shocks' loading='lazy'> </div> </div> <div class="col col-lg-12 px-0 pt-0 pb-2 px-lg-3 pt-lg-0 pb-lg-2"> <strong class="card-title d-block fs-large mt-2 mt-lg-0 pt-1">Strengthening US domestic clean energy production is key to reducing tariff shocks</strong> <span class="last_updated p-0" data-edit-date="1741211515"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 d-md-flex align-items-stretch mb-0 mb-md-4"> <a href="https://think.ing.com/articles/what-lies-ahead-in-global-trade-solid-growth-despite-trump-tariffs/" class="card card_entry card_thumb_medium bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row gx-0"> <div class="col-12 pt-2 px-0 px-lg-3 d-none d-lg-block"> <div class="text-grey mt-lg-1"> <span class="entry_category-wrapper lh-sm"><span class="entry_category text">Trade</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first my-3 me-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_2551753513_webp_40cd750bba9870f18aada2478b24840a.webp' alt='What lies ahead in global trade: solid growth despite Trump's tariffs' loading='lazy'> </div> </div> <div class="col col-lg-12 px-0 pt-0 pb-2 px-lg-3 pt-lg-0 pb-lg-2"> <strong class="card-title d-block fs-large mt-2 mt-lg-0 pt-1">What lies ahead in global trade: solid growth despite Trump's tariffs</strong> <span class="last_updated p-0" data-edit-date="1741162839"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 d-md-flex align-items-stretch mb-0 mb-md-4"> <a href="https://think.ing.com/articles/exploring-new-trade-deals-amid-rising-protectionism/" class="card card_entry card_thumb_medium bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row gx-0"> <div class="col-12 pt-2 px-0 px-lg-3 d-none d-lg-block"> <div class="text-grey mt-lg-1"> <span class="entry_category-wrapper lh-sm"><span class="entry_category text">Trade</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first my-3 me-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_369100844_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Exploring new trade deals amid rising protectionism' loading='lazy'> </div> </div> <div class="col col-lg-12 px-0 pt-0 pb-2 px-lg-3 pt-lg-0 pb-lg-2"> <strong class="card-title d-block fs-large mt-2 mt-lg-0 pt-1">Exploring new trade deals amid rising protectionism</strong> <span class="last_updated p-0" data-edit-date="1741162779"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 d-md-flex align-items-stretch mb-0 mb-md-4"> <a href="https://think.ing.com/articles/soaring-services-trade-why-service-trade-barriers-are-a-potential-retaliation-tool/" class="card card_entry card_thumb_medium bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row gx-0"> <div class="col-12 pt-2 px-0 px-lg-3 d-none d-lg-block"> <div class="text-grey mt-lg-1"> <span class="entry_category-wrapper lh-sm"><span class="entry_category text">Trade</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first my-3 me-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_2495143773_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Soaring services trade: why service trade barriers are a potential retaliation tool' loading='lazy'> </div> </div> <div class="col col-lg-12 px-0 pt-0 pb-2 px-lg-3 pt-lg-0 pb-lg-2"> <strong class="card-title d-block fs-large mt-2 mt-lg-0 pt-1">Soaring services trade: why service trade barriers are a potential retaliation tool</strong> <span class="last_updated p-0" data-edit-date="1741162740"></span> </div> </div>  </div> </a> </div> <div class="col-sm-6 col-lg-3 d-md-flex align-items-stretch mb-0 mb-md-4"> <a href="https://think.ing.com/articles/fx-daily-rearming-the-euro/" class="card card_entry card_thumb_medium bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row gx-0"> <div class="col-12 pt-2 px-0 px-lg-3 d-none d-lg-block"> <div class="text-grey mt-lg-1"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">FX</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first my-3 me-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_15177910c_webp_40cd750bba9870f18aada2478b24840a.webp' alt='FX Daily: ReArming the euro' loading='lazy'> </div> </div> <div class="col col-lg-12 px-0 pt-0 pb-2 px-lg-3 pt-lg-0 pb-lg-2"> <strong class="card-title d-block fs-large mt-2 mt-lg-0 pt-1">FX Daily: ReArming the euro</strong> <span class="last_updated p-0" data-edit-date="1741166198"></span> </div> </div>  </div> </a> </div> <div id="js-load-more-container"></div> <div class="col-12 text-center my-4 my-lg-0 d-none d-sm-block"> <button id="js-load-more" class="btn btn-primary load" data-js="loadMoreCardsChannel" data-ee-offset="11" data-ee-limit="4" data-ee-channel="snap|article" data-ee-lang="en">Load more</button> </div> </div>  </div> </div>  </div>  <div class="featurebox container-fluid bg-ing-indigo-tint3 d-flex align-items-center mb-5"> <div class="container position-relative"> <div class="row gx-md-5 py-3 py-lg-5"> <div class="col-12 col-lg-3 position-relative"> <div class="position-relative mb-3 mb-lg-5"> <h2 class="display-5 fw-light"><span>March Economic Update</span></h2> </div> </div> <div class="col-12 col-lg-3 d-flex flex-column flex-wrap"> <a href="https://think.ing.com/articles/its-a-mad-world/" class="card card_entry card_thumb_medium bg-light w-100 mb-3 mb-lg-4 "> <div class="card-body py-0 p-lg-0"> <div class="row gx-0"> <div class="col-12 pt-2 px-0 px-lg-3 d-none d-lg-block"> <div class="text-grey mt-lg-1"> <span class="entry_category-wrapper lh-sm"></span> </div> </div> <div class="col-4 col-lg-12 order-lg-first my-3 me-2 m-lg-0"> <div class="icon-on-card end-0 m-3 d-none d-lg-block"> </div> <div class="rounded-top pb-2 pb-lg-0 ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_14198794c_webp_40cd750bba9870f18aada2478b24840a.webp' alt='It's a mad world' loading='lazy'> </div> </div> <div class="col col-lg-12 px-0 pt-0 pb-2 px-lg-3 pt-lg-0 pb-lg-2"> <strong class="card-title d-block fs-large mt-2 mt-lg-0 pt-1">It's a mad world</strong> <span class="last_updated p-0" data-edit-date="1740659197"></span> </div> </div>  </div> </a> </div> <div class="col-12 col-lg-6"> <div class="row gx-md-5 h-100"> <div class="col-12 col-lg-6 d-flex flex-column flex-wrap mb-0 mb-lg-4"> <a href="https://think.ing.com/articles/monthly-upside-and-downside-risks-march-25/" class="card card_entry bg-light mb-3 mb-md-4 "> <div class="card-body pt-2 pb-0"> <div class="card-text small text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Rates</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category text">Trade</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <strong class="card-title d-block fs-large">The latest upside and downside risks to our global outlook</strong> </div> <div class="card-footer"> <span class="last_updated p-0" data-edit-date="1740659149"></span> </div> </a> </div> <div class="col-12 col-lg-6 d-flex flex-column flex-wrap mb-0 mb-lg-4"> <a href="https://think.ing.com/articles/optimism-about-trump-exceptionalism-fades-amid-subdued-start-to-2025/" class="card card_entry bg-light mb-3 mb-md-4 "> <div class="card-body pt-2 pb-0"> <div class="card-text small text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category text">United States</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <strong class="card-title d-block fs-large">Optimism about Trump exceptionalism fades amid subdued start to 2025</strong> </div> <div class="card-footer"> <span class="last_updated p-0" data-edit-date="1740658705"></span> </div> </a> </div> <div class="col-12 col-lg-6 d-flex flex-column flex-wrap"> <a href="https://think.ing.com/articles/eurozone-geopolitics-to-the-fore-eurozone/" class="card card_entry bg-light mb-3 mb-md-4 "> <div class="card-body pt-2 pb-0"> <div class="card-text small text-grey"> <span class="entry_category-wrapper lh-sm"></span> </div> <strong class="card-title d-block fs-large">Geopolitics take centre stage for the eurozone</strong> </div> <div class="card-footer"> <span class="last_updated p-0" data-edit-date="1740658609"></span> </div> </a> </div> <div class="col-12 col-lg-6 d-flex flex-column flex-wrap"> <a href="https://think.ing.com/articles/uk-dont-overdo-the-gloom-just-yet/" class="card card_entry bg-light mb-3 mb-md-4 "> <div class="card-body pt-2 pb-0"> <div class="card-text small text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category text">United Kingdom</span><div class="vr mx-1 mx-lg-2"></div></span> </div> <strong class="card-title d-block fs-large">UK: Don’t overdo the gloom just yet</strong> </div> <div class="card-footer"> <span class="last_updated p-0" data-edit-date="1740658448"></span> </div> </a> </div> </div>  </div> </div>  </div> </div>  <div class="container"> <div class="row"> <div class="col-12"> <hr class="hr-2"> <div class="d-flex align-items-start justify-content-between mb-3"> <h3 class="text-orange mb-0">Sustainability matters</h3> <a class="btn btn-outline-primary text-nowrap" href="https://think.ing.com/sector/sustainability/">More sustainability <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </div> </div> </div>  <div class="row gx-md-5"> <div class="col-12"> <div class="homeSustSwiper-wrapper position-relative mt-lg-0 mb-lg-5 pb-3"> <div class="swiper homeSustSwiper"> <div class="swiper-wrapper d-md-flex align-items-stretch h-100"> <div class="swiper-slide mb-0 mb-md-4"> <a href="https://think.ing.com/articles/strengthening-us-domestic-clean-energy-production-is-key-to-reducing-tariff-shocks/" class="card card_entry card_thumb_large bg-white mb-3 card-standout-light"> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Energy</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category text">United States</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_15105000b_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Strengthening US domestic clean energy production is key to reducing tariff shocks' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">Strengthening US domestic clean energy production is key to reducing tariff shocks</h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0">US wind is more likely to feel the impact of the latest tariffs than solar or battery storage</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1741211515"></span> </div> </a> </div> <div class="swiper-slide mb-0 mb-md-4"> <a href="https://think.ing.com/articles/pathway-to-net-zero-tackling-emissions-in-construction/" class="card card_entry card_thumb_large bg-white mb-3 card-standout-light"> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Real estate</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Corporate Sector Coverage</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_Constructionnetherlands_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Pathway to net zero: Tackling emissions in construction ' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">Pathway to net zero: Tackling emissions in construction </h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0"> If construction companies want to be climate neutral by 2050 they will need to address emissions from the entire value chain</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1740993197"></span> </div> </a> </div> <div class="swiper-slide mb-0 mb-md-4"> <a href="https://think.ing.com/articles/sustainable-finance-paint-it-green/" class="card card_entry card_thumb_large bg-white mb-3 card-standout-light"> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Credit</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_greenfinance_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Sustainable Finance: Paint it Green ' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">Sustainable Finance: Paint it Green </h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0">Growth in the sustainable finance market is expected in 2025</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1740567789"></span> </div> </a> </div> <div class="swiper-slide mb-0 mb-md-4"> <a href="https://think.ing.com/articles/europe-eu-vision-food-agri-2040/" class="card card_entry card_thumb_large bg-white mb-3 card-standout-light"> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Commodities, Food & Agri</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_14006903m_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Why the EU's new agri-focused Vision matters for the food industry' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">Why the EU's new agri-focused Vision matters for the food industry</h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0">Our take on the latest insights into the EU's policy direction heading towards 2040</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1740068238"></span> </div> </a> </div> <div class="swiper-slide mb-0 mb-md-4 d-lg-none"> <a href="https://think.ing.com/articles/eu-food-agri-vision-2025-sustainability/" class="card card_entry card_thumb_large bg-white mb-3 card-standout-light"> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Commodities, Food & Agri</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_15013927cv_webp_40cd750bba9870f18aada2478b24840a.webp' alt='How the EU's new food and agri Vision could reignite the sustainability target debate' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">How the EU's new food and agri Vision could reignite the sustainability target debate</h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0">Our take on how the EU's new roadmap could once again spark questions over the feasibility of corporate sustainability goals</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1738761373"></span> </div> </a> </div> <div class="swiper-slide mb-0 mb-md-4 d-lg-none"> <a href="https://think.ing.com/articles/renewable-power-growth-calls-for-system-improvement/" class="card card_entry card_thumb_large bg-white mb-3 card-standout-light"> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Energy</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_editorial_15091869a_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Renewable Power: Growth calls for system improvement ' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">Renewable Power: Growth calls for system improvement </h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0">The demand for renewable power is set to climb, driving more project development</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1737539586"></span> </div> </a> </div> </div> </div> <div class="swiper-pagination"></div> </div> </div> </div> <div class="row"> <div class="col-12"> <hr class="hr-2"> <div class="d-flex align-items-start justify-content-between mb-3"> <h3 class="text-orange mb-0">Full PDF reports</h3> <a class="btn btn-outline-primary text-nowrap" href="https://think.ing.com/reports/">More reports <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </div> </div> </div>  <div class="row gx-md-5"> <div class="col-lg-4 d-md-flex align-items-stretch mb-0 mb-md-4"> <a href="https://think.ing.com/reports/euro-credit-supply-strong-supply-set-to-continue/" class="card card_entry card_thumb_large bg-white mb-3 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <span class="badge badge-report d-none d-lg-inline-block me-2 mb-2">Report</span> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Credit</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> <svg xmlns="http://www.w3.org/2000/svg" height="2em" viewBox="0 0 512 512"><path d="M0 0H224V160H384V304H112V512H0V0zM384 128H256V0L384 128zM176 352h32c30.9 0 56 25.1 56 56s-25.1 56-56 56H192v32 16H160V496 448 368 352h16zm32 80c13.3 0 24-10.7 24-24s-10.7-24-24-24H192v48h16zm96-80h32c26.5 0 48 21.5 48 48v64c0 26.5-21.5 48-48 48H304 288V496 368 352h16zm32 128c8.8 0 16-7.2 16-16V400c0-8.8-7.2-16-16-16H320v96h16zm80-128h16 48 16v32H480 448v32h32 16v32H480 448v48 16H416V496 432 368 352z"/></svg> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_1937905573_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Euro Credit Supply: Strong supply set to continue' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <span class="badge badge-report d-inline-block d-lg-none mt-3">Report</span> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">Euro Credit Supply: Strong supply set to continue</h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0">Corporate supply continues to be plentiful</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1741164818"></span> <hr class="my-2"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="https://think.ing.com/author/tim-rahill/" tabindex="-1">Timothy Rahill</a></object> and <object><a href="https://think.ing.com/author/marine-leleux-2/" tabindex="-1">Marine Leleux</a></object> </p> <p class="card-text my-2"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M64 464H96v48H64c-35.3 0-64-28.7-64-64V64C0 28.7 28.7 0 64 0H229.5c17 0 33.3 6.7 45.3 18.7l90.5 90.5c12 12 18.7 28.3 18.7 45.3V288H336V160H256c-17.7 0-32-14.3-32-32V48H64c-8.8 0-16 7.2-16 16V448c0 8.8 7.2 16 16 16zM176 352h32c30.9 0 56 25.1 56 56s-25.1 56-56 56H192v32c0 8.8-7.2 16-16 16s-16-7.2-16-16V448 368c0-8.8 7.2-16 16-16zm32 80c13.3 0 24-10.7 24-24s-10.7-24-24-24H192v48h16zm96-80h32c26.5 0 48 21.5 48 48v64c0 26.5-21.5 48-48 48H304c-8.8 0-16-7.2-16-16V368c0-8.8 7.2-16 16-16zm32 128c8.8 0 16-7.2 16-16V400c0-8.8-7.2-16-16-16H320v96h16zm80-112c0-8.8 7.2-16 16-16h48c8.8 0 16 7.2 16 16s-7.2 16-16 16H448v32h32c8.8 0 16 7.2 16 16s-7.2 16-16 16H448v48c0 8.8-7.2 16-16 16s-16-7.2-16-16V432 368z"/></svg> <object><a class="d-inline-flex" href="https://think.ing.com/uploads/reports/Euro_Credit_Supply_Update_Feb.pdf" download><span class="text-nowrap">Download PDF</span></a></object></p> </div> </a> </div> <div class="col-lg-4 d-md-flex align-items-stretch mb-0 mb-md-4 card_downscale"> <a href="https://think.ing.com/reports/us-dollar-credit-supply-reverse-yankee-supply-set-to-increase/" class="card card_entry card_thumb_large bg-white mb-3 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <span class="badge badge-report d-none d-lg-inline-block me-2 mb-2">Report</span> <span class="entry_category-wrapper lh-sm"><span class="entry_category">Credit</span><div class="vr mx-1 mx-lg-2"></div></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> <svg xmlns="http://www.w3.org/2000/svg" height="2em" viewBox="0 0 512 512"><path d="M0 0H224V160H384V304H112V512H0V0zM384 128H256V0L384 128zM176 352h32c30.9 0 56 25.1 56 56s-25.1 56-56 56H192v32 16H160V496 448 368 352h16zm32 80c13.3 0 24-10.7 24-24s-10.7-24-24-24H192v48h16zm96-80h32c26.5 0 48 21.5 48 48v64c0 26.5-21.5 48-48 48H304 288V496 368 352h16zm32 128c8.8 0 16-7.2 16-16V400c0-8.8-7.2-16-16-16H320v96h16zm80-128h16 48 16v32H480 448v32h32 16v32H480 448v48 16H416V496 432 368 352z"/></svg> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_shutterstock_2471959991_%281%29_webp_40cd750bba9870f18aada2478b24840a.webp' alt='US Dollar Credit Supply: Reverse Yankee supply set to increase' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <span class="badge badge-report d-inline-block d-lg-none mt-3">Report</span> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">US Dollar Credit Supply: Reverse Yankee supply set to increase</h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0">Corporate Reverse Yankee supply increased in February, with a considerable €16bn coming to the market</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1741164359"></span> <hr class="my-2"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="https://think.ing.com/author/tim-rahill/" tabindex="-1">Timothy Rahill</a></object> and <object><a href="https://think.ing.com/author/marine-leleux-2/" tabindex="-1">Marine Leleux</a></object> </p> <p class="card-text my-2"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M64 464H96v48H64c-35.3 0-64-28.7-64-64V64C0 28.7 28.7 0 64 0H229.5c17 0 33.3 6.7 45.3 18.7l90.5 90.5c12 12 18.7 28.3 18.7 45.3V288H336V160H256c-17.7 0-32-14.3-32-32V48H64c-8.8 0-16 7.2-16 16V448c0 8.8 7.2 16 16 16zM176 352h32c30.9 0 56 25.1 56 56s-25.1 56-56 56H192v32c0 8.8-7.2 16-16 16s-16-7.2-16-16V448 368c0-8.8 7.2-16 16-16zm32 80c13.3 0 24-10.7 24-24s-10.7-24-24-24H192v48h16zm96-80h32c26.5 0 48 21.5 48 48v64c0 26.5-21.5 48-48 48H304c-8.8 0-16-7.2-16-16V368c0-8.8 7.2-16 16-16zm32 128c8.8 0 16-7.2 16-16V400c0-8.8-7.2-16-16-16H320v96h16zm80-112c0-8.8 7.2-16 16-16h48c8.8 0 16 7.2 16 16s-7.2 16-16 16H448v32h32c8.8 0 16 7.2 16 16s-7.2 16-16 16H448v48c0 8.8-7.2 16-16 16s-16-7.2-16-16V432 368z"/></svg> <object><a class="d-inline-flex" href="https://think.ing.com/uploads/reports/USD_Credit_Supply_Update_Feb.pdf" download><span class="text-nowrap">Download PDF</span></a></object></p> </div> </a> </div> <div class="col-lg-4 d-md-flex align-items-stretch mb-0 mb-md-4 card_downscale"> <a href="https://think.ing.com/reports/ing-monthly-its-a-mad-world-report/" class="card card_entry card_thumb_large bg-white mb-3 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <span class="badge badge-report d-none d-lg-inline-block me-2 mb-2">Report</span> <span class="entry_category-wrapper lh-sm"></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> <svg xmlns="http://www.w3.org/2000/svg" height="2em" viewBox="0 0 512 512"><path d="M0 0H224V160H384V304H112V512H0V0zM384 128H256V0L384 128zM176 352h32c30.9 0 56 25.1 56 56s-25.1 56-56 56H192v32 16H160V496 448 368 352h16zm32 80c13.3 0 24-10.7 24-24s-10.7-24-24-24H192v48h16zm96-80h32c26.5 0 48 21.5 48 48v64c0 26.5-21.5 48-48 48H304 288V496 368 352h16zm32 128c8.8 0 16-7.2 16-16V400c0-8.8-7.2-16-16-16H320v96h16zm80-128h16 48 16v32H480 448v32h32 16v32H480 448v48 16H416V496 432 368 352z"/></svg> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_March_monthly_cropped_webp_40cd750bba9870f18aada2478b24840a.webp' alt='ING Monthly: It's a mad world' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <span class="badge badge-report d-inline-block d-lg-none mt-3">Report</span> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">ING Monthly: It's a mad world</h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0">Is there a better description of the current state of the global economy?</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1740658213"></span> <hr class="my-2"> <p class="card-text"><span class="text-muted"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M500.7 36.7L475.3 11.3C468.1 4.1 458.2 0 448 0s-20.1 4.1-27.3 11.3L389.5 42.5c-4.3-1.6-8.9-2.5-13.5-2.5c-10.2 0-20.1 4.1-27.3 11.3L317 83 287.6 53.7c-21.9-21.9-57.3-21.9-79.2 0L103 159c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0L242.3 87.6c3.1-3.1 8.2-3.1 11.3 0L283 117 72.8 327.2C67 333 62.8 340.1 60.6 348L32.8 445.3 7 471c-9.4 9.4-9.4 24.6 0 33.9s24.6 9.4 33.9 0l25.7-25.7L164 451.4c7.8-2.2 15-6.4 20.8-12.2L460.7 163.3c7.2-7.2 11.3-17.1 11.3-27.3c0-4.7-.8-9.3-2.5-13.5l31.1-31.1C507.9 84.1 512 74.2 512 64s-4.1-20.1-11.3-27.3zM376 91.9L420.1 136 183 373.1 138.9 329 376 91.9zM89.1 422.9l16.9-59 42.2 42.2-59 16.9z"/></svg></span> <object><a href="https://think.ing.com/author/carsten-brzeski/" tabindex="-1">Carsten Brzeski</a></object> </p> <p class="card-text my-2"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M64 464H96v48H64c-35.3 0-64-28.7-64-64V64C0 28.7 28.7 0 64 0H229.5c17 0 33.3 6.7 45.3 18.7l90.5 90.5c12 12 18.7 28.3 18.7 45.3V288H336V160H256c-17.7 0-32-14.3-32-32V48H64c-8.8 0-16 7.2-16 16V448c0 8.8 7.2 16 16 16zM176 352h32c30.9 0 56 25.1 56 56s-25.1 56-56 56H192v32c0 8.8-7.2 16-16 16s-16-7.2-16-16V448 368c0-8.8 7.2-16 16-16zm32 80c13.3 0 24-10.7 24-24s-10.7-24-24-24H192v48h16zm96-80h32c26.5 0 48 21.5 48 48v64c0 26.5-21.5 48-48 48H304c-8.8 0-16-7.2-16-16V368c0-8.8 7.2-16 16-16zm32 128c8.8 0 16-7.2 16-16V400c0-8.8-7.2-16-16-16H320v96h16zm80-112c0-8.8 7.2-16 16-16h48c8.8 0 16 7.2 16 16s-7.2 16-16 16H448v32h32c8.8 0 16 7.2 16 16s-7.2 16-16 16H448v48c0 8.8-7.2 16-16 16s-16-7.2-16-16V432 368z"/></svg> <object><a class="d-inline-flex" href="https://think.ing.com/uploads/reports/Monthly_Economic_Update_March_2025.pdf" download><span class="text-nowrap">Download PDF</span></a></object></p> </div> </a> </div> </div>  </div>  <div class="container-fluid bg-dark p-3 pt-lg-4 pb-lg-5 my-md-5"> <div class="container"> <div class="d-flex align-items-start justify-content-between mt-lg-3"> <h3 class="text-orange mb-lg-0">THINK Vision</h3> </div> <div class="row gx-5"> <div class="col-lg-8"> <a href="https://www.youtube.com/watch?v=cRtCypOFmjI" class="card card_video mb-2 mb-lg-0 mt-lg-3" data-toggle="lightbox" alt="Key themes for the month ahead: trade, Europe, and central banks"> <div class="row"> <div class="col-lg order-lg-last"> <div class="rounded mt-2"> <img loading="lazy" src="/uploads/youtube/key-themes-for-the-month-ahead-trade-europe-and-central-banks-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg-4 d-flex flex-column"> <div class="card-title h3 d-block mb-lg-5">Key themes for the month ahead: trade, Europe, and central banks</div> <div class="card-text fw-bold"><span class="entry_category-wrapper lh-sm"></span></div> </div> </div>  </a> </div> <div class="col-lg d-flex flex-align-stretch position-relative overflow-auto scroll-window mx-lg-4"> <div class="position-absolute mt-2 me-lg-4"> <a href="https://youtu.be/OG2fhLallxQ" class="card card_video mb-4" data-toggle="lightbox" alt="The massive challenges now facing Germany"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">The massive challenges now facing Germany</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/the-massive-challenges-now-facing-germany-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-sm"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/Qd-KsgjXNwU" class="card card_video mb-4" data-toggle="lightbox" alt="Trump, the Fed, and the uneasy path ahead"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">Trump, the Fed, and the uneasy path ahead</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/trump-the-fed-and-the-uneasy-path-ahead-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-sm"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/Wz_CDzg6Fgo" class="card card_video mb-4" data-toggle="lightbox" alt="Europe has some serious questions to answer"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">Europe has some serious questions to answer</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/europe-has-some-serious-questions-to-answer-carsten-abcdef-d8646f8d0558e21ca2cc37852cb7bbf9497da9d0.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-sm"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/9cDAgS5q7PI" class="card card_video mb-4" data-toggle="lightbox" alt="Trump's currency, your problem!"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">Trump’s currency, your problem!</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/trumps-currency-your-problem-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-sm"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/GQaxnwYlGp4" class="card card_video mb-4" data-toggle="lightbox" alt="Brace yourself, 2025 is going to be 'exciting'"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">Brace yourself, 2025 is going to be ‘exciting’</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/brace-yourself-2025-is-going-to-be-exciting-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-sm"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://www.youtube.com/watch?v=zCRpnEHUdRY" class="card card_video mb-4" data-toggle="lightbox" alt="Back to the future for rates "> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">Back to the future for rates </div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/watch-back-to-the-future-for-rates-abcdef-d8646f8d0558e21ca2cc37852cb7bbf9497da9d0.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-sm"><span class="entry_category">Rates</span><div class="vr mx-1 mx-lg-2"></div></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/bP25rhgNMsE" class="card card_video mb-4" data-toggle="lightbox" alt="Our top calls for the global economy in 2025"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">Our top calls for the global economy in 2025</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/our-top-calls-for-the-global-economy-in-2025-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-sm"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/LsUZE-icNZQ" class="card card_video mb-4" data-toggle="lightbox" alt="The FX fallout from Trump's tariff tirade "> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">The FX fallout from Trump’s tariff tirade </div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/the-fx-fallout-from-trumps-tariff-tirade-abcdef-d8646f8d0558e21ca2cc37852cb7bbf9497da9d0.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-sm"></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://www.youtube.com/watch?v=Ckws476d0eY" class="card card_video mb-4" data-toggle="lightbox" alt="What COP29's dramatic closing chapter could mean for corporates"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">What COP29’s dramatic closing chapter could mean for corporates</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/what-cop29s-dramatic-closing-chapter-could-mean-for-corporates-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-sm"><span class="entry_category">Energy</span><div class="vr mx-1 mx-lg-2"></div><span class="entry_category">Sustainability</span><div class="vr mx-1 mx-lg-2"></div></span></div> </div> </div>  </a> <hr class="text-white mb-2"> <a href="https://youtu.be/ML9lQR0cgWg" class="card card_video mb-4" data-toggle="lightbox" alt="Europe's problems just got bigger with Trump's election victory"> <div class="row"> <div class="col-12"> <div class="card-title fs-larger fw-regular d-block mb-2">Europe’s problems just got bigger with Trump’s election victory</div> </div> <div class="col-lg-6"> <div class="rounded mt-2 w-100"> <img loading="lazy" src="/uploads/youtube/europes-problems-just-got-bigger-with-trumps-election-victory-abcdef-831f78b82107defd733bd16ab0f503fe3c5fd41e.webp" class="w-100"></div> </div> <div class="col-lg"> <div class="card-text small fw-bold"><span class="entry_category-wrapper lh-sm"></span></div> </div> </div>  </a> </div>  </div>  </div>  </div> </div> <div class="container mb-5"> <div class="row gx-md-5"> <div class="col-lg-8"> <hr class="hr-2"> <div class="d-flex align-items-start justify-content-between mb-3"> <h3 class="text-orange mb-0 position-relative">Podcasts</h3> <a class="btn btn-outline-primary text-nowrap" href="https://think.ing.com/podcasts/">More podcasts <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 320 512"><path d="M305 239c9.4 9.4 9.4 24.6 0 33.9L113 465c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l175-175L79 81c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0L305 239z"/></svg></a> </div> <div class="row gx-md-5"> <div class="col-sm-6 d-md-flex align-items-stretch mb-0 mb-md-4"> <a href="https://think.ing.com/podcasts/listen-how-trump-russian-sanctions-and-china-will-shape-commodities/" class="card card_entry card_thumb_large bg-white mb-3 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <img class="icon-podcast d-none d-lg-block w-50 my-2" src="/uploads/general/icon-podcast.svg" alt="Icon Podcast"> <span class="entry_category-wrapper lh-sm"></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_THINK-aloud-podcast_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Listen: How Trump, Russian sanctions, and China's slowdown will shape commodities in 2025' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">Listen: How Trump, Russian sanctions, and China's slowdown will shape commodities in 2025</h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0">In this podcast, ING's Warren Patterson and Ewa Manthey share their views on the outlook for commodities markets this year</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1737718655"></span> </div> </a> </div> <div class="col-sm-6 d-md-flex align-items-stretch mb-0 mb-md-4 card_downscale"> <a href="https://think.ing.com/podcasts/listen-trump-trade-wars-and-tense-politics-how-2025-could-unfold/" class="card card_entry card_thumb_large bg-white mb-3 "> <div class="card-body py-0 p-lg-0"> <div class="row g-0"> <div class="card-title-top col-12 pt-2 d-none d-lg-block"> <div class="text-grey"> <img class="icon-podcast d-none d-lg-block w-50 my-2" src="/uploads/general/icon-podcast.svg" alt="Icon Podcast"> <span class="entry_category-wrapper lh-sm"></span> </div> </div> <div class="card-image col-12 order-first mt-3 me-2 mb-0 m-lg-0"> <div class="icon-on-card end-0 d-none d-lg-block m-3"> </div> <div class="rounded-top ratio ratio-16x9"> <img class='w-100' src='https://think.ing.com/uploads/hero/_webp/w800h450_THINK-aloud-podcast_webp_40cd750bba9870f18aada2478b24840a.webp' alt='Listen: Trump, Trade Wars, and Tense Politics - How 2025 could unfold' loading='lazy'> </div> </div> <div class="card-title col col-lg-12 flex-wrap"> <h4 class="d-inline-block pt-1 mt-2 my-lg-0">Listen: Trump, Trade Wars, and Tense Politics - How 2025 could unfold</h4> </div> <div class="card-text col-12 pb-3 pb-sm-2"> <p class="fs-large mb-lg-0">In this podcast, ING's James Knightley, Carsten Brzeski, and James Smith discuss the themes that will shape the economy, inflation and interest rates…</p> </div> </div>  </div> <div class="card-footer ps-3 px-lg-0 border-bottom d-none d-lg-block"> <span class="last_updated p-0" data-edit-date="1733905354"></span> </div> </a> </div> </div>  </div> <div class="col-lg-4"> <hr class="hr-2 mt-0 mt-lg-3"> <div class="d-flex align-items-start justify-content-between mb-3"> <h3 class="text-orange mb-0">Twitter</h3> <a class="btn btn-outline-primary text-nowrap" href="https://twitter.com/ING_Economics" target="_blank">Follow <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 384 512"><path d="M328 96c13.3 0 24 10.7 24 24V360c0 13.3-10.7 24-24 24s-24-10.7-24-24V177.9L73 409c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l231-231H88c-13.3 0-24-10.7-24-24s10.7-24 24-24H328z"/></svg></a> </div> <a class="twitter-timeline" data-lang="en" data-link-color="#ff6200" data-tweet-limit="10" data-chrome="nofooter noheader noborders transparent" href="https://twitter.com/ING_Economics?ref_src=twsrc%5Etfw" data-dnt="true" target="_blank">Tweets by ING_Economics</a> </div> </div>  </div> </main> <footer class="container-fluid bg-light py-3 py-lg-5"> <div class="container"> <div class="row mb-lg-4"> <div class="col-6 col-xl-4 order-sm-1"> <div class="row"> <div class="col-lg-12"> <p class="small-header d-none d-lg-block">Our economic and financial analysis</p> </div> <div class="col-sm-6"> <ul class="list-unstyled lh-lg mb-0"> <li><a href="/articles/">Articles</a></li> <li><a href="/reports/">Reports</a></li> <li><a href="/opinions/">Opinions</a></li> <li><a href="/podcasts/">Podcasts</a></li> </ul> </div> <div class="col-sm-6"> <ul class="list-unstyled lh-lg"> <li><a href="/bundles/">Bundles</a></li> <li><a href="/topics/">Topics</a></li> <li><a href="/about/meet-the-team/">Authors</a></li> <li><a href="/about/about-us/">About us</a></li> </ul> </div> </div> </div> <div class="col-6 col-lg-12 col-xl-6 order-sm-last"> <ul class="list-unstyled lh-lg d-md-flex flex-1"> <li class="me-md-5"><a class="text-nowrap" href="/about/disclaimer/">Disclaimer</a></li> <li class="me-md-5"><a class="text-nowrap" href="/about/terms-of-use/">Terms of use</a></li> <li class="me-md-5"><a class="text-nowrap" href="/about/cookie-statement/">Cookie statement</a></li> <li class="me-md-5"><a class="text-nowrap" href="/about/security/">Security</a></li> <li class="me-md-5"><a class="text-nowrap d-inline-flex align-items-center" href="/about/privacy-statement/" target="_blank">Privacy statement <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 384 512"><path d="M328 96c13.3 0 24 10.7 24 24V360c0 13.3-10.7 24-24 24s-24-10.7-24-24V177.9L73 409c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l231-231H88c-13.3 0-24-10.7-24-24s10.7-24 24-24H328z"/></svg></a></li> </ul> </div> <div class="col-xl-6 order-sm-3"> <div class="row"> <div class="col-12 col-lg-6"> <hr class="d-lg-none mt-0 mb-2"> <p class="small-header d-none d-sm-block">Stay up-to-date</p> <p>Stay up to date with all of ING’s latest economic and financial analysis.</p> <a href="/sign-up/" class="btn btn-orange">Sign up to ING THINK</a> <hr class="d-lg-none"> </div> <div class="col-12 col-lg-6"> <div class="d-none d-sm-block"> <p class="small-header">ING Global Markets Research</p> <p>If you are acting in a professional capacity and look for investment research, visit <a href="https://research.ing.com/" class="text-nowrap d-inline-flex align-items-center" target="_blank">research.ing.com <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 384 512"><path d="M328 96c13.3 0 24 10.7 24 24V360c0 13.3-10.7 24-24 24s-24-10.7-24-24V177.9L73 409c-9.4 9.4-24.6 9.4-33.9 0s-9.4-24.6 0-33.9l231-231H88c-13.3 0-24-10.7-24-24s10.7-24 24-24H328z"/></svg></a></p> </div> </div> </div> </div> <div class="col-sm-3 col-lg-3 col-xl-2 py-3 py-sm-0 order-sm-2"> <p class="small-header mt-1 mt-lg-0 d-none d-sm-block">Follow us</p> <ul class="list-unstyled d-inline-flex d-sm-block lh-lg social-media-icons justify-content-between w-75"> <li><a class="d-inline-flex align-items-center text-nowrap" href="https://twitter.com/ING_Economics?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M389.2 48h70.6L305.6 224.2 487 464H345L233.7 318.6 106.5 464H35.8L200.7 275.5 26.8 48H172.4L272.9 180.9 389.2 48zM364.4 421.8h39.1L151.1 88h-42L364.4 421.8z"/></svg><span class="d-none d-sm-inline"> X</span></a></li> <li><a class="d-inline-flex align-items-center text-nowrap" href="https://open.spotify.com/show/7BM9azKb2bhkuICTkmSVkS" target="_blank" rel="nofollow"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 496 512"><path d="M248 8C111.1 8 0 119.1 0 256s111.1 248 248 248 248-111.1 248-248S384.9 8 248 8zm100.7 364.9c-4.2 0-6.8-1.3-10.7-3.6-62.4-37.6-135-39.2-206.7-24.5-3.9 1-9 2.6-11.9 2.6-9.7 0-15.8-7.7-15.8-15.8 0-10.3 6.1-15.2 13.6-16.8 81.9-18.1 165.6-16.5 237 26.2 6.1 3.9 9.7 7.4 9.7 16.5s-7.1 15.4-15.2 15.4zm26.9-65.6c-5.2 0-8.7-2.3-12.3-4.2-62.5-37-155.7-51.9-238.6-29.4-4.8 1.3-7.4 2.6-11.9 2.6-10.7 0-19.4-8.7-19.4-19.4s5.2-17.8 15.5-20.7c27.8-7.8 56.2-13.6 97.8-13.6 64.9 0 127.6 16.1 177 45.5 8.1 4.8 11.3 11 11.3 19.7-.1 10.8-8.5 19.5-19.4 19.5zm31-76.2c-5.2 0-8.4-1.3-12.9-3.9-71.2-42.5-198.5-52.7-280.9-29.7-3.6 1-8.1 2.6-12.9 2.6-13.2 0-23.3-10.3-23.3-23.6 0-13.6 8.4-21.3 17.4-23.9 35.2-10.3 74.6-15.2 117.5-15.2 73 0 149.5 15.2 205.4 47.8 7.8 4.5 12.9 10.7 12.9 22.6 0 13.6-11 23.3-23.2 23.3z"/></svg><span class="d-none d-sm-inline"> Spotify</span></a></li> <li><a class="d-inline-flex align-items-center text-nowrap" href="https://www.linkedin.com/showcase/ingwb/" target="_blank" rel="nofollow"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 448 512"><path d="M100.28 448H7.4V148.9h92.88zM53.79 108.1C24.09 108.1 0 83.5 0 53.8a53.79 53.79 0 0 1 107.58 0c0 29.7-24.1 54.3-53.79 54.3zM447.9 448h-92.68V302.4c0-34.7-.7-79.2-48.29-79.2-48.29 0-55.69 37.7-55.69 76.7V448h-92.78V148.9h89.08v40.8h1.3c12.4-23.5 42.69-48.3 87.88-48.3 94 0 111.28 61.9 111.28 142.3V448z"/></svg><span class="d-none d-sm-inline"> LinkedIn</span></a></li> <li><a class="d-inline-flex align-items-center text-nowrap" href="https://www.youtube.com/channel/UCpw_YoZWMaKkNQv0T_Kr67A/" target="_blank" rel="nofollow"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 576 512"><path d="M549.655 124.083c-6.281-23.65-24.787-42.276-48.284-48.597C458.781 64 288 64 288 64S117.22 64 74.629 75.486c-23.497 6.322-42.003 24.947-48.284 48.597-11.412 42.867-11.412 132.305-11.412 132.305s0 89.438 11.412 132.305c6.281 23.65 24.787 41.5 48.284 47.821C117.22 448 288 448 288 448s170.78 0 213.371-11.486c23.497-6.321 42.003-24.171 48.284-47.821 11.412-42.867 11.412-132.305 11.412-132.305s0-89.438-11.412-132.305zm-317.51 213.508V175.185l142.739 81.205-142.739 81.201z"/></svg><span class="d-none d-sm-inline"> YouTube</span></a></li> <li><a class="d-inline-flex align-items-center text-nowrap" href="{root_url}rss/" target="_blank" rel="nofollow"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 448 512"><path d="M0 64C0 46.3 14.3 32 32 32c229.8 0 416 186.2 416 416c0 17.7-14.3 32-32 32s-32-14.3-32-32C384 253.6 226.4 96 32 96C14.3 96 0 81.7 0 64zM0 416a64 64 0 1 1 128 0A64 64 0 1 1 0 416zM32 160c159.1 0 288 128.9 288 288c0 17.7-14.3 32-32 32s-32-14.3-32-32c0-123.7-100.3-224-224-224c-17.7 0-32-14.3-32-32s14.3-32 32-32z"/></svg><span class="d-none d-sm-inline"> RSS</span></a></li> </ul> </div> <div class="col-12 d-none d-sm-block order-sm-5"> <hr class="mt-0 mt-lg-3"> </div> <div class="col-12 col-xl-6 d-xl-flex align-items-start justify-content-end order-last"> <div class="col-xl text-lg-end text-muted text-nowrap mt-1">® 2025 ING Bank N.V.<div class="vr mx-1 mx-lg-2"></div>All rights reserved</div> </div> </div>  </div>  </footer> <script src="https://cdn.jsdelivr.net/npm/bootstrap@5.3.2/dist/js/bootstrap.bundle.min.js" integrity="sha384-C6RzsynM9kWDrMNeT87bh95OGNyZPhcTNXj1NW7RuBCsyN/o0jlpcV8Qyq46cDfL" crossorigin="anonymous"></script> <script src="https://cdn.jsdelivr.net/npm/bs5-lightbox@1.8.2/dist/index.bundle.min.js"></script> <script src="https://cdn.jsdelivr.net/npm/dayjs@1/dayjs.min.js"></script> <script src="/js/think_main.js?v=4.2.0"></script> <script src="/js/ajax_loadmore_cards.js?v=4.2.0"></script> <script src="/js/ajax_load_related.js?v=4.2.0"></script> <script src="https://cdn.jsdelivr.net/npm/swiper@11/swiper-bundle.min.js"></script> <script src="/js/think_initalize_swiper.js"></script> <script type="text/javascript">window.NREUM||(NREUM={});NREUM.info={"beacon":"bam.nr-data.net","licenseKey":"0f426ac7a2","applicationID":"91784084","transactionName":"YF0BYkFQWUQFVURYWVkXNkRaHl5ZAFNIbkRSXApFbFhZUDtCWFhYXBYTXkM=","queueTime":0,"applicationTime":1,"atts":"TBoCFAlKSko=","errorBeacon":"bam.nr-data.net","agent":""}</script></body> </html>

CINXE.COM

ING THINK economic and financial analysis | ING Think