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

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

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

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2025

2024

  • Euro wrap-up

    Euro wrap-up

    18 December 2024 357 KB PDF
    • Shorter-dated Bunds made gains as ECB Chief Economist flagged downside risks to the growth outlook, while euro area inflation was revised down from the flash estimate and the ECB wage tracker anticipated a notable moderation in 2025.
    • Ahead of tomorrow BoE announcement, Gilts made losses as the UK’s headline inflation rose to an eight-month high in November.
  • US FOMC Review

    US FOMC Review

    18 December 2024 266 KB PDF
    • FOMC: 25 basis point cut; one policymaker dissents, with preference for no change in the FFR
    • Powell press conference: uncertainty around inflation suggests that Committee should proceed “carefully”
  • Euro wrap-up

    Euro wrap-up

    17 December 2024 306 KB PDF
    • Bunds made very modest gains at the longer end of the curve despite a very weak German ifo business survey and a drop in the euro area trade surplus to a 15-month low.
    • Gilts made big losses as UK private sector pay growth accelerated ahead of expectations.
  • Euro wrap-up

    Euro wrap-up

    16 December 2024 366 KB PDF
    • Bunds made gains as President Lagarde repeated that ECB interest rates will be lowered further, while the flash euro area December PMIs remained consistent with broad stagnation despite surprising to the upside.  
    • Gilts made surprising losses as the flash UK PMIs were consistent with a marked loss of momentum since the summer and the biggest cut in employment in four years.
  • European Banks - Quarterly ESG update (4Q24)

    European Banks - Quarterly ESG update (4Q24)

    16 December 2024 591 KB PDF
    • ESG volumes recover some lost ground and puts the 2024 total within reach of an annual record. Investor demand to remain strong in order to lock in elevated yields ahead of further rate cuts
    • Innovative ‘outcome bonds’ may find wider adoption, but require structural improvements first
    • Primary market activity up in 3Q24 year-on-year, with volumes expected to be steady in 2025
    • Secondary market spreads broadly stable but react to political and economic uncertainties in Europe. Benchmark greeniums spread thin by combination of market volatility and greater supply
    • Daiwa hosts ESG panel discussing innovation, transition and impact reporting
  • Swedbank- Issuer Profile

    Swedbank- Issuer Profile

    13 December 2024 448 KB PDF
  • Euro wrap-up

    Euro wrap-up

    13 December 2024 464 KB PDF
    • While the Governor of the Bank of France broadly validated market pricing of several ECB rate cuts in 2025, and euro area IP stagnated and German exports fell sharply in October, Bunds followed the global trend lower as President Macron nominated centrist Francois Bayrou as new French PM.
    • As UK consumer confidence rose to a four-month high, Gilts made losses despite an unexpected second successive monthly drop in GDP in October.
  • US Economic Comment

    US Economic Comment

    13 December 2024 450 KB PDF
    • The December FOMC meeting: cut of 25 basis points expected, in line with market expectations
    • Recent data: labor market developments warrant close monitoring; inflation to retreat slowly