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French Prime Minister Michel Barnier's government was ousted in a no-confidence vote, marking a significant political crisis as left and far-right parties united against him. Analysts predict ongoing instability, with a high likelihood of fresh parliamentary elections next year and a provisional budget likely to roll over from 2024, delaying urgent fiscal reforms. President Macron faces pressure to quickly appoint a successor amid a divided National Assembly, complicating efforts to address France's fiscal challenges.
The European Central Bank may consider implementing yield-curve control to manage rising government borrowing costs that could undermine the effectiveness of interest-rate cuts. Carsten Brzeski, chief euro-zone economist at ING, noted that this strategy has been previously used in Japan and Australia.
SMI is up in pre-market trading as US futures rise following the holiday break, while the dollar weakens against the franc. The yen surged to a six-week high of 150 per dollar after Tokyo's inflation data exceeded expectations, increasing speculation of a Bank of Japan interest rate hike next month. Analysts note that rising inflation and strong monthly activity bolster the likelihood of this move in December.
China's yuan is projected to weaken to record lows as U.S. tariff threats escalate, with major investment banks forecasting an average of 7.51 per dollar by the end of 2025. The yuan's depreciation poses challenges for Chinese authorities, who aim to stabilize the currency while reviving the economy. The People's Bank of China is expected to implement measures to prevent excessive declines, balancing currency control with economic growth.
UBS has raised its target price for ING shares to €21, citing underestimated growth potential in Germany, particularly through expanding services for SMEs. The new target indicates a 45% upside, with expectations that Germany will contribute a third of ING's growth by 2027. In Q3 2024, ING reported a net income of €1,880 million, down from €1,982 million in the previous quarter.
UBS has raised its target price for ING shares to €21, citing underestimated growth potential in Germany, particularly through expanding services to SMEs. The new target suggests a 45% upside, with expectations that Germany will contribute a third of ING's growth by 2027. In Q3 2024, ING reported a net income of €1.88 billion, down from €1.98 billion in the previous quarter.
The potential for significant currency market volatility looms as President-elect Trump threatens to impose tariffs on Mexico, Canada, and China, with strategists warning that these moves may serve more as negotiation tactics than actual policy. Analysts predict that such tariffs could lead to a stronger U.S. dollar and increased pressure on foreign currencies, particularly the Mexican peso, which could see dramatic shifts in response to tariff announcements. The market anticipates a prolonged negotiation process, with the possibility of retaliatory measures complicating the landscape further.
Global trade dynamics have shifted significantly post-COVID-19, with rising protectionism and tariffs becoming central to national policies. While President-elect Donald Trump’s anticipated tariffs may raise concerns, they are unlikely to disrupt global trade entirely, depending on their implementation. Economists suggest that companies can mitigate inflationary impacts by rerouting goods through other countries.
Germany's government collapsed amid disputes over the debt brake, a constitutional fiscal rule limiting government debt. Chancellor Olaf Scholz's push for reform clashed with former Finance Minister Christian Lindner's strict adherence to the rule, leading to early elections in February. As the new coalition forms, debates on the future of the debt brake and potential fiscal reforms are expected, with varying opinions on the necessity and extent of changes.
ING Switzerland is expanding its services for corporate clients, particularly in the healthcare and pharmaceutical sectors, to enhance its relevance and market position. The bank aims to provide customized financial solutions, including treasury and risk management, as it seeks to fill the gap left by Credit Suisse in the Swiss corporate market. With over 300 employees, ING is also strengthening its local presence and has opened a new office in Zurich.
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08:40 22.11.2024
ing expands services for corporate clients in switzerland targeting key sectors
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