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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

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  • US FOMC Review

    US FOMC Review

    30 July 2025 194 KB PDF
    • Monetary policy: the FOMC voted to keep the target range for the Federal Funds Rate at 4.25-4.5%, although two Governors dissented in favor of easing
    • Powell press conference: base case for tariff-pressure to generate one-off price level increase; mildly restrictive policy stance appropriate at this time
  • Euro wrap-up

    Euro wrap-up

    29 July 2025 297 KB PDF
    • Bunds made modest losses while Spanish GDP growth unexpectedly accelerated in Q2.
    • Gilts followed USTs higher even as a UK survey signalled a further pickup in food inflation in July and ongoing recovery in mortgage lending.
  • Euro wrap-up

    Euro wrap-up

    25 July 2025 415 KB PDF
    • Bunds made modest losses as the German ifo business survey pointed to ongoing resilience at the start of Q3 amid an improvement in manufacturing and construction sector conditions.
    • Gilts also made losses despite a softer-than-expected increase in retail sales volumes in June.
  • US Economic Comment

    US Economic Comment

    25 July 2025 414 KB PDF
    • FOMC preview: little chance of a move next week, but Powell could signal cuts later this year
    • Q2 GDP preview: solid, if unspectacular, performance with significant volatility in net exports and inventories
  • European Banks - ESG update (1H25)

    European Banks - ESG update (1H25)

    24 July 2025 668 KB PDF
    • ESG bond volumes display resilience in face of policy headwinds and volatile market backdrop.
    • Convergence of defence and ESG agendas gains broader acceptance for dual-use security related projects, but self-imposed investment restrictions and lack of market guidance remain obstacles.
    • EU Omnibus provides welcome simplification to sustainable finance ruleset, may benefit SFDR funds.
    • US review of MDB membership weighs on credit profiles, highlights diverging transatlantic approach.
    • Robust primary market activity in 2025 so far signals maturity in face of adverse externalities. Secondary market spreads display less volatility, while narrowly maintaining greeniums.
  • Euro wrap-up

    Euro wrap-up

    24 July 2025 347 KB PDF
    • After the ECB predictably left the deposit rate unchanged at 2.00%, Bunds made losses as President Lagarde emphasised that the Governing Council was in ‘wait-and-see’ mode.
    • Gilts made modest losses as the UK flash PMIs flagged a slowdown in economic activity and further declines in headcount in July.
  • US Data Review

    US Data Review

    23 July 2025 176 KB PDF
    • Existing home sales: activity decelerates in June; inventories improve
  • Euro wrap-up

    Euro wrap-up

    22 July 2025 327 KB PDF
    • Bunds followed USTs slightly higher while the ECB’s Bank Lending Survey suggested that a further stabilisation in credit standards supported loan demand in Q2.
    • Even as UK public sector net borrowing was higher than a year earlier, in part due to higher debt interest payments, Gilts also followed USTs higher.