London & NY Research

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    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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  • 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

  • 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.
  • US Economic Comment

    US Economic Comment

    5 December 2025 429 KB PDF
    • December FOMC meeting: easing of 25 basis points expected despite a divided Committee
    • Risks remain to both sides of the dual mandate, although softening labor market more likely to prompt near-term policy action
  • Euro wrap-up

    Euro wrap-up

    4 December 2025 317 KB PDF
    • Bunds followed the global trend lower even as euro area retail sales figures suggested a soft start to household spending in Q4.
    • Gilts bucked the trend to make gains across the curve after the UK construction PMI slumped to the lowest level since the first pandemic lockdown and the global financial crisis before that.  
  • Euro wrap-up

    Euro wrap-up

    3 December 2025 306 KB PDF
    • Bunds were little changed as ECB President Lagarde reiterated that risks to the outlook remain two-sided, while the final November euro area PMIs pointed to firmer economic momentum but easing price pressures in Q4.
    • Gilts made gains apart from at the short end, as the final UK PMIs still pointed to soft growth, job cuts and easing price pressures despite an upwards revision.
  • Euro wrap-up

    Euro wrap-up

    2 December 2025 328 KB PDF
    • While euro area headline inflation ticked slightly higher in November, shorter-dated Bunds made modest gains as core inflation held steady and pricing of services and food continued to normalise.  
    • Gilts made modest gains as a UK survey suggested a decline in shop price inflation as retailers extended Black Friday discounting.