London & NY Research

  • JAPAN

    Daiwa Europe’s market-leading research on the Japanese economy.

  • EUROPE

    Daiwa’s research coverage of the euro area and UK economies.

  • US

    Daiwa’s coverage of the US economy from our colleagues in New York

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2025

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  • Euro wrap-up

    Euro wrap-up

    16 December 2025 349 KB PDF
    • Bunds made modest gains as the euro area flash December PMIs surprised to the downside, albeit remaining consistent with an acceleration in GDP growth in Q4.
    • While UK unemployment jumped in October and private regular pay growth slowed, Gilts made losses after the flash PMIs exceeded expectations.
  • Euro wrap-up

    Euro wrap-up

    15 December 2025 267 KB PDF
    • Bunds made modest gains while euro area industrial production figures reported the strongest growth in five months in October, albeit with significant variation across sub-sectors.
    • Gilts followed the global trend higher on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    12 December 2025 403 KB PDF
    • Longer-dated Bunds followed the global trend lower, while the final November German inflation data showed that the jump in the headline rate related to likely temporary factors.
    • Shorter-dated Gilts made gains after UK GDP fell in October raising risks of a contraction in Q4 and reinforcing the likelihood of a December Bank Rate cut.
  • SSA Handbook

    SSA Handbook

    10 December 2025 2MB PDF

    • The updated handbook offers an overview of 30 SSA issuers (including 10 new names), with strong ESG issuance track records, combining credit fundamentals, funding strategies and sustainable finance credentials

    • SSA credit metrics remain robust, with 84% rated ‘AA’ or higher and combined balance sheets totalling €4.3tr in 2024. Several institutions target >50% of annual issuance towards socially relevant sectors, tied to the overarching pursuit of the UN SDGs

    • Social bond formats remain a key channel to address policy objectives, with several entities regularly issuing benchmark-sized transactions to support affordable housing, employment, healthcare, and SME finance

    • SSAs are well positioned to adapt to evolving regulatory shifts that may challenge established funding models, while structural reforms at the MDB level and hybrid issuance formats are set to unlock new lending capacity

  • US FOMC Review

    US FOMC Review

    10 December 2025 314 KB PDF
    • FOMC policy action: officials met market expectations with a cut of 25 basis points in the target range for the federal funds rate to 3-1/2 to 3-3/4 percent amid dissents
    • Policy statement: the “extent and timing” of additional adjustments will be dictated by the data; a rate in “the high end of the range of neutral” is appropriate at this juncture
  • Euro wrap-up

    Euro wrap-up

    9 December 2025 349 KB PDF
    • Bunds were little changed as Germany’s goods trade surplus matched a five-month high in October, but export growth paused.
    • Gilts outperformed slightly as a UK retail survey flagged disappointing Black Friday sales, pointing to weaker consumption growth in Q4.
  • Euro wrap-up

    Euro wrap-up

    8 December 2025 256 KB PDF
    • Bunds followed the global trend lower as German industrial production data for October surprised to the upside, raising hopes of a return to positive GDP growth in Q4.
    • Gilts also made losses on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    5 December 2025 374 KB PDF
    • While the German ruling coalition secured parliamentary approval for its pension bill, Bunds made losses as German factory orders in October surprised to the upside and euro area GDP growth in Q3 was revised higher. 
    • Gilts followed the global trend lower on a quiet day for UK economic news.