- Copper Rallies Above $14,000 a Ton, Nearing Fresh All-Time High
May 12, 2026
(Bloomberg) -- Copper jumped above $14,000 a ton, closing in on a record high as a rebound in Chinese demand and mounting supply risks outweigh concerns about the Iran war’s impact on global growth.
Most Read from Bloomberg
Inside a Year of Chaos and Conflict at Kevin Hart’s Media Company Iran Makes New Offer on Uranium in Response to US, WSJ Says Ambani’s Cola War With Coke, Pepsi Spurs Fridge Bonanza in India Nvidia’s CEO to Miss China Trip After Year of Travels With Trump
Prices rose as much as 1.2% to $14,106.50 a ton on the London Metal Exchange, inching closer to an all-time high above $14,500 a ton set in January. The move came even as the Iran war truce remains fragile, with US President Donald Trump showing signs of frustration at a lack of progress in negotiations.
The bellwether industrial metal has rallied strongly in recent sessions on the back of a host of factors, including a recovery in Chinese demand and a squeeze on Middle Eastern supplies of sulfur, which is used in some forms of copper production. It’s also become highly correlated to US equity markets as artificial intelligence stocks have surged, given its use in electrical wiring.
Explainer: How a Copper Crunch Is Looming Just as AI Boom Hits
“Breaking above $14,000 highlights how tight the copper market has become,” said Ewa Manthey, commodity strategist at ING Groep NV. “Low inventories outside the US and ongoing supply constraints are leaving prices highly sensitive to any incremental demand.”
Copper is up 13% so far this year despite sharp declines in the early weeks of the Iran war amid concern about serious fallout for the global economy. Enthusiasm for technology-related growth and supply disruptions at major copper mines from Africa to Indonesia are among the bullish factors behind the metal’s resilience.
Investors have been betting on copper price gains as they look beyond the threat that the war in the Middle East poses to the global economy. They have been placing large options wagers on further price increases, according to Bart Melek, global head of commodity strategy at TD Securities.
Orest Wowkodaw, mining analyst at Scotiabank, now sees the global copper market in a deficit of 350,000 tons by 2027 due to supply disruptions. Just two months ago, he was expecting a more balanced market.
“It very much is the perfect storm for copper to the upside, in that the supply side is very challenged despite high pricing,” he said at an event in Toronto on Tuesday. “I’ve probably never seen a better environment for global copper demand than we do today. This provides an environment where we could see higher-for-longer copper pricing.”
Story Continues
Copper on the LME gained 0.4% to $ 14,002.00 a ton as of 11:22 a.m. in New York. Other industrial metals were mixed, with zinc up 1.5% while aluminum was down 0.2%.
--With assistance from James Attwood.
Most Read from Bloomberg Businessweek
Behind the Claude Frenzy That Ate Up All the Mac Minis The Tiny, Essential Building Blocks Powering the AI Boom A $400 AI Bet That’s Actually a High-Stakes Wager on the Future of Work America’s Most Infamous Nuclear Site Returns to Fuel the AI Boom Trump Is Losing the Voters He Needs Most
©2026 Bloomberg L.P.
View Comments
- Gold will navigate near-term headwinds to reach $5,000/oz by year-end – ING's Manthey
May 12, 2026 · kitco.com
Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations.
- Progress on share buyback programme
May 12, 2026
ING Group
Progress on share buyback programme
ING announced today that, as part of our €1.0 billion share buyback programme announced on 30 April 2026, in total 2,050,000 shares were repurchased during the week of 4 May up to and including 8 May 2026.
The shares were repurchased at an average price of €25.01 for a total amount of €51,264,590.00. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the updates on the share buyback programme on our website.
In line with the purpose of the programme to reduce the share capital of ING, the total number of shares repurchased under this programme to date is 2,650,000 at an average price of €24.89 for a total consideration of €65,954,510.00. To date approximately 6.60% of the maximum total value of the share buyback programme has been completed.
Note for editors
For more on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.
Press enquiries Investor enquiries ING Group Media Relations ING Group Investor Relations +31 20 576 5000 +31 20 576 6396 Media.Relations@ing.com Investor.Relations@ing.com
ING PROFILE
ING is a global financial institution with a strong European base, offering banking services through its operating company ING bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING's ESG rating by MSCI has been upgraded from 'AA' to 'AAA' in October 2025. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.
IMPORTANT LEGAL INFORMATION
Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).
Story Continues
ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2025 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.
Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and other existing or emerging military conflicts, the risk of further military escalation, geopolitical tensions, trade restrictions and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ing.com.
This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. This document may also discuss one or more specific transactions and/or contain general statements about ING’s ESG approach. The approach and criteria referred to in this document are intended to be applied in accordance with applicable law. Due to the fact that there may be different or even conflicting laws, the approach, criteria or the application thereof, could be different.
Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.
This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.
Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.
This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.
Attachment
Progress on share buyback programme (12May26)
View Comments
- Progress on share buyback programme
May 12, 2026
Progress on share buyback programme
ING announced today that, as part of our €1.0 billion share buyback programme announced on 30 April 2026, in total 2,050,000 shares were repurchased during the week of 4 May up to and including 8 May 2026.
The shares were repurchased at an average price of €25.01 for a total amount of €51,264,590.00. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the updates on the share buyback programme on our website.
In line with the purpose of the programme to reduce the share capital of ING, the total number of shares repurchased under this programme to date is 2,650,000 at an average price of €24.89 for a total consideration of €65,954,510.00. To date approximately 6.60% of the maximum total value of the share buyback programme has been completed.
Note for editors
For more on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.
Press enquiries Investor enquiries ING Group Media RelationsING Group Investor Relations+31 20 576 5000+31 20 576 6396Media.Relations@ing.comInvestor.Relations@ing.com
ING PROFILE
ING is a global financial institution with a strong European base, offering banking services through its operating company ING bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING's ESG rating by MSCI has been upgraded from 'AA' to 'AAA' in October 2025. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.
IMPORTANT LEGAL INFORMATION
Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).
ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2025 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.
Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and other existing or emerging military conflicts, the risk of further military escalation, geopolitical tensions, trade restrictions and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ing.com.
This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. This document may also discuss one or more specific transactions and/or contain general statements about ING’s ESG approach. The approach and criteria referred to in this document are intended to be applied in accordance with applicable law. Due to the fact that there may be different or even conflicting laws, the approach, criteria or the application thereof, could be different.
Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.
This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.
Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.
This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.
Attachment
Progress on share buyback programme (12May26)
- U.S. Yields Are Rising Due to Factors Beyond High Oil Prices
May 11, 2026
U.S. Treasury yields could be breaking free from purely oil-driven dynamics and are also being pushed higher by evidence of a robust economy and strong corporate earnings, ING rates strategists said. This is contributing to upward pressure on yields globally, they say.
Continue Reading
- Oil Jumps as Hormuz Stays Shut After Trump Rebuffs Iran’s Offer
May 11, 2026
(Bloomberg) -- Oil surged after US President Donald Trump rejected Iran’s latest response to his proposal to end the war in the Middle East, prolonging the effective closure of the crucial Strait of Hormuz.
Most Read from Bloomberg
Iran Makes New Offer on Uranium in Response to US, WSJ Says Trump Rejects New Iran Peace Offer as ‘Totally Unacceptable’ Inside a Year of Chaos and Conflict at Kevin Hart’s Media Company Drone Hits Ship Near Qatar as US Awaits Iran Peace Plan Response Judge to Review Musk, SEC Settlement Deal in Twitter Stake Case
Brent crude futures advanced as much as 4.5% to $105.80 a barrel, while West Texas Intermediate traded near $100. In a social media post, Trump said the response was “TOTALLY UNACCEPTABLE” as the two sides struggle to maintain a fragile ceasefire following a series of flareups in hostilities.
The near-closure of Hormuz since the start of the war at the end of February has choked off supplies of crude, natural gas and fuels to global customers, driving up energy prices and raising inflation fears. The International Energy Agency says the conflict is causing the biggest supply shock in history.
“Optimism over an imminent deal between the US and Iran has faded, pushing crude higher,” said Warren Patterson, head of commodities strategy for ING Groep NV in Singapore. “Fears will likely grow over the potential for re-escalation once again, leaving further upside to prices.”
Tehran offered to transfer some of its stockpile of highly enriched uranium to a third country, but rejected the idea of dismantling its nuclear facilities, the Wall Street Journal reported. Iran disputed the report, according to the nation’s semi-official news agency Tasnim.
A drone strike on Sunday that briefly set a cargo vessel ablaze off Qatar in the Persian Gulf marked the latest shipping attack in the region since the ceasefire began in early April. The United Arab Emirates and Kuwait said they had intercepted hostile drones.
The market will only normalize in 2027 should shipping through Hormuz remain curtailed for more than a few weeks from now, Saudi Aramco Chief Executive Officer Amin Nasser said on Sunday. The company has redirected some oil flows through its Yanbu port on the west coast to offset lost supplies.
There has been a trickle of supply that has made it through the strait, with the UAE and Saudi Arabia successfully sneaking several tankers out, but total flows remain just a fraction of what they were before the war. Qatar also managed to get a liquefied natural gas shipment out, its first since the conflict began.
Story Continues
Wall Street is growing increasingly convinced that shipping via the Strait of Hormuz will remain impaired into the second half of the year. A majority of respondents to a Goldman Sachs Group Inc. survey expected flows through the narrow waterway to be disrupted beyond the end of June.
In an interview on CBS’s 60 Minutes on Sunday, Israeli Prime Minister Benjamin Netanyahu warned that the war with Iran is “not over.” He said there is more work needed to dismantle the country’s nuclear capability and to remove its stockpile of highly enriched uranium.
Trump is scheduled to meet President Xi Jinping this week, and US officials said Sunday that he is expected to press the Chinese leader over the Asian nation’s approach to Iran. Revenue that China provides to Iran as well as potential weapons exports would be among topics discussed.
Over 4,000 lots of Brent’s July contract changed hands in the first five minutes, compared with an average of under 1,000 contracts in recent opening sessions. The global benchmark’s prompt spread widened, with the gap above $4 a barrel in backwardation, a bullish structure pointing to tight supply.
Most Read from Bloomberg Businessweek
America’s Most Infamous Nuclear Site Returns to Fuel the AI Boom The Messy, Humiliating Courtroom Drama Between Elon Musk and OpenAI Salmon Farms on Land Take Aim at a $19 Billion Industry America’s Go-To Autism Therapy Is Also the Most Controversial Raising Cane’s Grew From an Idea a College Professor Hated
©2026 Bloomberg L.P.
View Comments
- Oil Jumps as Hormuz Stays Shut After Trump Rebuffs Iran’s Offer
May 10, 2026
(Bloomberg) -- Oil surged after US President Donald Trump rejected Iran’s latest response to his proposal to end the war in the Middle East, prolonging the effective closure of the crucial Strait of Hormuz.
Most Read from Bloomberg
Iran Makes New Offer on Uranium in Response to US, WSJ Says Drone Hits Ship Near Qatar as US Awaits Iran Peace Plan Response Judge to Review Musk, SEC Settlement Deal in Twitter Stake Case Trump Rejects New Iran Peace Offer as ‘Totally Unacceptable’ Online Mob Fuels 6,000% Stock Rally in Obscure SpaceX Rival
Brent crude futures advanced as much as 3.5% to $104.80 a barrel, while West Texas Intermediate climbed to near $99. In a social media post, Trump said the response was “TOTALLY UNACCEPTABLE” as the two sides struggle to maintain a fragile ceasefire following a series of flareups in hostilities.
The near-closure of Hormuz since the start of the war at the end of February has choked off supplies of crude, natural gas and fuels to global customers, driving up energy prices and raising inflation fears. The International Energy Agency says the conflict is causing the biggest supply shock in history.
Tehran offered to transfer some of its stockpile of highly enriched uranium to a third country, but rejected the idea of dismantling its nuclear facilities, the Wall Street Journal reported. Iran disputed the report, according to the nation’s semi-official news agency Tasnim.
A drone strike on Sunday that briefly set a cargo vessel ablaze off Qatar in the Persian Gulf marked the latest shipping attack in the region since the ceasefire began in early April. The United Arab Emirates and Kuwait said they had intercepted hostile drones.
The market will only normalize in 2027 should shipping through Hormuz remain curtailed for more than a few weeks from now, Saudi Aramco Chief Executive Officer Amin Nasser said on Sunday. The company has redirected some oil flows through its Yanbu port on the west coast to offset lost supplies.
Wall Street is growing increasingly convinced that shipping via the Strait of Hormuz will remain impaired into the second half of the year. A majority of respondents to a Goldman Sachs Group Inc. survey expected flows through the narrow waterway to be disrupted beyond the end of June.
There has been a trickle of supply that has made it through the strait, with the UAE and Saudi Arabia successfully sneaking several tankers out, but total flows remain just a fraction of what they were before the war. Qatar also managed to get a liquefied natural gas shipment out, its first since the conflict began.
Story Continues
In an interview on CBS’s 60 Minutes on Sunday, Israeli Prime Minister Benjamin Netanyahu warned that the war with Iran is “not over.” He said there is more work needed to dismantle the country’s nuclear capability and to remove its stockpile of highly enriched uranium.
Trump is scheduled to meet President Xi Jinping this week, and US officials said Sunday that he is expected to press the Chinese leader over the Asian nation’s approach to Iran. Revenue that China provides to Iran as well as potential weapons exports would be among topics discussed.
Over 4,000 lots of Brent’s July contract changed hands in the first five minutes, compared with an average of under 1,000 contracts in recent opening sessions. The global benchmark’s prompt spread widened, with the gap near $4 a barrel in backwardation, a bullish structure pointing to tight supply.
Most Read from Bloomberg Businessweek
America’s Most Infamous Nuclear Site Returns to Fuel the AI Boom The Messy, Humiliating Courtroom Drama Between Elon Musk and OpenAI Salmon Farms on Land Take Aim at a $19 Billion Industry Raising Cane’s Grew From an Idea a College Professor Hated America’s Go-To Autism Therapy Is Also the Most Controversial
©2026 Bloomberg L.P.
View Comments
- Why ING Could Be Europe's Resilient Banking Trade For 2026
May 8, 2026 · benzinga.com
European banks are entering 2026 with a very different setup than they had just a few years ago.
- ING DCF Analysis: Intrinsic Value $37 vs Price $30
May 8, 2026 · gurufocus.com
On May 08, 2026, we dive into the DCF analysis for ING Groep NV (ING). The company has shown notable price performance, with a year-to-date increase of 10.4% an
- How The ING Groep (ENXTAM:INGA) Investment Story Is Shifting On Fresh Targets And Assumptions
May 8, 2026
Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE.
ING Groep’s fair value estimate has been updated to €27.70 from €27.07, and recent analyst reports have also adjusted price targets in a similar range, including one move to €29.30 from €28.50. Those changes sit alongside at least one downgrade, giving you a mix of higher targets and added caution to weigh as you think about risk and reward. As you read on, you will see how these shifting targets fit into the broader story, as well as how to keep track of the evolving analyst narrative.
Analyst Price Targets don't always capture the full story. Head over to our Company Report to find new ways to value ING Groep.
What Wall Street Has Been Saying
🐂 Bullish Takeaways
Citi, JPMorgan, Morgan Stanley, RBC Capital, Deutsche Bank and UBS have all issued higher price targets in recent weeks, which points to broad interest in ING Groep at current levels. Citi lifted its target to €29.30 from €28.50 while Deutsche Bank, UBS, Morgan Stanley and RBC Capital each raised theirs by around €1 or more, suggesting these firms see room between their targets and the current fair value estimate of €27.70. The upgrade from Keefe Bruyette in March, alongside multiple target revisions from global banks, signals that several research desks are comfortable with ING Groep’s execution and capital position.
🐻 Bearish Takeaways
Morgan Stanley downgraded the stock in late March, which introduces a more cautious voice into the mix even as its own price target was raised earlier. The combination of an updated fair value at €27.70 and a cluster of targets not far above that level means upside and downside scenarios can be sensitive to changes in earnings quality, capital returns and credit costs.
Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!ENXTAM:INGA 1-Year Stock Price Chart
We've flagged 3 risks for ING Groep. See which could impact your investment.
What's in the News
ING Groep is part of Qivalis, a European banking project aiming to create a euro stablecoin. This could affect how you think about its role in digital assets and payments. From October 30, 2025 to December 31, 2025, ING Groep repurchased 17,537,269 shares, or 0.6% of its share count, for €396.69 million, completing the initial tranche of its announced buyback. Between January 1, 2026 and April 27, 2026, the company repurchased another 29,503,197 shares, or 1.02%, for €706.86 million, bringing total buybacks under the program to 47,040,466 shares, or 1.61%, for €1.10 billion.
Story Continues
How This Changes the Fair Value For ING Groep
Fair value revised to €27.70 from €27.07 in the latest update. Revenue growth assumption adjusted to 3.37% from 3.75%. Net profit margin assumption trimmed to 29.09% from 29.66%. Future P/E updated to 10.17x from 10.03x. Discount rate moved to 6.39% from 6.28%.
Never Miss an Update: Follow The Narrative
Narratives connect ING Groep’s business story to analyst forecasts and fair value estimates, so you can see how the big picture fits together. They refresh as new data and research come in, keeping the thesis current.
Head over to the Simply Wall St Community and follow the Narrative on ING Groep to stay up to date on:
How digital banking, mobile engagement and fee-based services such as payments, insurance and wealth management are shaping revenue mix and customer loyalty. The role of green finance and sustainable lending, alongside retail lending and deposits, in supporting loan growth and risk adjusted margins. Key pressure points including tighter regulation, margin compression in mortgages, foreign exchange sensitivity and the cost of deposit gathering in competitive markets.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include INGA.AS.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
View Comments
