Global Economy Surprisingly Resilient Amid Summer Shocks

The global economy has shown surprising resilience in the face of unprecedented shocks this summer, according to ING Think's latest report. Despite the turmoil, the economy has barely flinched.

Carsten Brzeski notes that one of the most striking things about this summer is the series of unprecedented shocks it has brought. However, he emphasizes that the global economy has shown surprising resilience in the face of these shocks.

The report highlights several key areas where ING Think expects significant changes and developments. In terms of energy, ING Think has revised its oil and gas forecasts higher due to a lack of breakthrough between the US and Iran. European natural gas remains vulnerable into winter.

ING Think also notes that bond markets are facing pressure for higher long-end yields, with an end-year forecast for the US 10-year bond of 4.90%. The report suggests that this may lead to an overshoot before things calm structurally.