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

2024

  • Euro wrap-up

    Euro wrap-up

    20 January 2025 270 KB PDF
    • Bunds made modest gains as euro area construction activity rose to the highest level since July 2023, but building work in Germany and France fell to multi-year lows.
    • Gilts were little changed on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    17 January 2025 392 KB PDF
    • Bunds were little changed as final euro area inflation data confirmed a rise in the headline HICP rate in December to a five-month high, but unchanged core inflation and the softest services inflation momentum for more than three years.
    • Gilts outperformed as UK retail sales disappointed expectations in December to record the steepest quarterly decline in a year.
  • US Economic Comment

    US Economic Comment

    17 January 2025 372 KB PDF
    • December inflation: notable month-to-month improvement
    • Business sentiment: election-related bounce
  • US Data Review

    US Data Review

    16 January 2025 219 KB PDF
    • Retail sales: solid discretionary (holiday-related) spending in December
    • Unemployment claims: pickup in initial claims not worrisome
  • Euro wrap-up

    Euro wrap-up

    16 January 2025 387 KB PDF
    • Despite a rebound in euro area exports in November, Bunds made gains as the ECB account flagged that some Governing Council members noted a case for a 50bps rate cut in December.
    • Gilts also made gains as UK GDP growth fell short of expectations in November to maintain a zero trend.
  • Euro wrap-up

    Euro wrap-up

    15 January 2025 438 KB PDF
    • Bunds followed Gilts higher as data suggested that German GDP contracted in Q4 to leave output down for a second successive year in 2024.
    • Gilts made significant gains as UK headline, core and services inflation undershot expectations in December to increase the likelihood that the MPC will cut Bank Rate at its next meeting in February.
  • US Data Review

    US Data Review

    15 January 2025 236 KB PDF
    • CPI: jump in energy prices, but slower increase in core after recent pressure
  • European Banks - Weekly Credit Update

    European Banks - Weekly Credit Update

    13 January 2025 789 KB PDF
    • European banks enter 2025 with strong credit fundamentals and excess capital
    • Euro-denominated issuance was off to a slow start, as sterling and U.S. dollar take centre stage
    • Broad range of SSAs place variety of currencies, while French FIGs in particular take advantage of relatively benign conditions to tackle potentially challenging sub-debt issuance
    • Primary market volumes have strong start to January but lag record levels seen in 2024
    • Secondary market spreads are tighter across the board in EUR and USD, particularly for Tier 2 debt