External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>ABN AMRO is pleased to share the outcome of its annual investor survey</li><li>The survey is aimed at better understanding investors' behaviour, preferences and screening criteria for fixed income ESG investing</li><li>The outcome of the survey will also be presented during a webinar held on Monday, the 20th of October, at 14h CET</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ABN AMRO is pleased to share the outcome of its annual investor surveyThe survey is aimed at better understanding investors' behaviour, preferences and screening criteria for fixed income ESG investingThe outcome of the survey will also be presented during a webinar held on Monday, the 20th of October, at 14h CETContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The Fed did a ‘risk management cut’ of 25 bps as inflation and employment risks approach balance</li><li>Tariffs and the immigration crackdown led to an immediate stagflationary impulse, but the overall picture is nothing like the 1970s yet</li><li>Early Q3 data is actually showing some signs of a modest recovery in consumption and investment</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Fed did a ‘risk management cut’ of 25 bps as inflation and employment risks approach balanceTariffs and the immigration crackdown led to an immediate stagflationary impulse, but the overall picture is nothing like the 1970s yetEarly Q3 data is actually showing some signs of a modest recovery in consumption and investmentContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Even after the announcement of OPEC+ to release additional 0.137 mb/d for October, the geopolitical uncertainty associated to additional sanctions on Russia and Iran, lower interest rates, and strategic stockpiling have been putting a floor on prices.</li><li>Brent prices have been hovering between 65 and 70 $/b since the beginning of August.</li><li>Meanwhile, main agencies have emphasized their expectation for a glut in the coming months driven by a combination of slower demand growth and an increase in supply by both OPEC+ and Non-OPEC+ suppliers. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Even after the announcement of OPEC+ to release additional 0.137 mb/d for October, the geopolitical uncertainty associated to additional sanctions on Russia and Iran, lower interest rates, and strategic stockpiling have been putting a floor on prices.Brent prices have been hovering between 65 and 70 $/b since the beginning of August.Meanwhile, main agencies have emphasized their expectation for a glut in the coming months driven by a combination of slower demand growth and an increase in supply by both OPEC+ and Non-OPEC+ suppliers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Oil market monitor - Glut looms while tensions keep prices afloat

<ul><li>Global growth is slowing, as the US tariff shock drives an unwind of the frontloading of exports that occurred in Q1</li><li>While the tariff hit to growth remains significant, the deals struck over the summer – to the extent that they stick – have limited the downside risks</li><li>Interest rate cuts and other forms of policy support are a cushioning factor in the eurozone and China, while in the eurozone specifically, defence spending, and in Germany new infrastructure spending will support growth in late 2025 and into 2026</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global growth is slowing, as the US tariff shock drives an unwind of the frontloading of exports that occurred in Q1While the tariff hit to growth remains significant, the deals struck over the summer – to the extent that they stick – have limited the downside risksInterest rate cuts and other forms of policy support are a cushioning factor in the eurozone and China, while in the eurozone specifically, defence spending, and in Germany new infrastructure spending will support growth in late 2025 and into 2026Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The US Federal Reserve is coming under unprecedented pressure as an independent institution</li><li>As the central bank standing behind the world’s reserve currency – and the world’s biggest, most liquid bond market – this has implications that reach well beyond US shores</li><li>Our base case sees the Fed turning dovish from next year onwards, but not fully losing its independence</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The US Federal Reserve is coming under unprecedented pressure as an independent institutionAs the central bank standing behind the world’s reserve currency – and the world’s biggest, most liquid bond market – this has implications that reach well beyond US shoresOur base case sees the Fed turning dovish from next year onwards, but not fully losing its independenceContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ECB Watch - A less independent Fed could mean more ECB cuts