Our research
Access all our publications and columns. Use the filters to easily find what content you are looking for.
Filters
All publications
1761 results
The Week Ahead - 27 - 31 October 2025
- Macro economy
-
These are the Key Macro Events for the upcoming week.
ESG Economist - Global overcapacity slows down the sustainable steel transition
- Sustainability
-
This is the first analysis in a two-part series on the steel industry. With these reports, we aim to provide insights in potential risks and opportunities for companies in the sector and their suppliers. In this first analysis, we focus on the most polluting steel production processes and trends in their associated CO2 emissions. We compare the CO2 emissions from the two main production routes for steel.
Transaction Trends - Cost of living improved despite more expensive groceries
- Macro economy
-
Analysis of 150,000 Dutch households earning a salary provides insight into the development of the cost of living pressures. We examine the extent to which a household’s net income is consumed by fixed expenses and groceries. Grocery prices have increased significantly; households are spending more on them compared to seven years ago. Nevertheless, cost of living is improving because incomes have risen more sharply than fixed expenses and grocery expenses. The percentage of households that spend a large portion of their income on fixed expenses and groceries has decreased.
Housing market monitor - Dutch elections
- Macro economy
-
The housing market is a recurring election topic because there are many conflicts of interest. Building more homes does not necessarily mean prices will fall soon. Many homeowners seem to do well even without the mortgage interest deduction. Expanding the regulated rental market costs a lot of money if we want to keep supply up.
Carbon Market Strategist - Bullish momentum amid changing dynamics
- Natural resources
-
Gas and carbon prices are decoupling due to sufficient gas storage and upcoming LNG capacity in 2026. Industrial demand recovery in Europe has slowed, reflecting weaker demand for EUAs. US tariffs are expected to hinder industrial recovery until late 2025. Anticipation of a market deficit in 2026, tighter emissions caps, phaseout of free allocations, and early positioning by traders are driving the bullish trend in EUA prices. We foresee EUA prices to rise, averaging 80 EUR/tCO2 in Q4 2025 and reaching 100 EUR/tCO2 by end of 2026.
Dutch elections - Post-election climate policy
- Macro economy
-
We have assessed the possibility that climate policy in the Netherlands will be intensified in the next few years by looking at the climate policy plans in the election programmes of the political parties that currently are polling the highest for the election.
China: Chokepoint challenges
- Macro economy
-
US-China: New chokepoint tensions illustrative for ‘fragile equilibrium’. Annual real GDP growth drops below 5% in Q3, as expected. Investment growth negative in September; industrial production strong. CCP to discuss 15th Five Year-Plan (2026-2030) this week.
The Week Ahead - 20 - 24 October 2025
- Macro economy
-
These are the Key Macro Events for the upcoming week.
ESG Strategist – Investigating commonly-cited factors of the greenium
- Sustainability
-
Earlier this year, we wrote about how euro investment grade (IG) green bonds exhibit lower volatility and, in most cases, also offer slightly higher liquidity, the latter based on Bloomberg LQA scores, bid-ask spread relationships and relative trading volumes [1]. Our analysis helps to explain the presence of a greenium over time: that is, why investors might be willing to accept a higher price (lower spread) for green bonds in comparison to non-green bonds. In this note, we delve further into the dynamics of the greenium. More specifically, we are interested in understanding the potential drivers of the greenium and if existing research on the topic is still valid when considering more recent data.
Dutch elections - Consensus for high deficits
- Macro economy
-
The Dutch head to the ballot box on the 29th of October in an important election after a period of political turmoil. Polls signal quite some shifts, with far-right PVV as election winner once again, though it is deemed unlikely they will enter a new coalition. While still very uncertain, with centre parties, such as the CDA, winning, a more centrist government looks increasingly feasible. Party programmes share a consensus for large deficits, putting longer term public finances under pressure. Chances of a coalition with a more constructive stance towards the EU and traditionally sensitive issues, such as joint financing, have increased.
