London & NY Research

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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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  • 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
  • Euro wrap-up

    Euro wrap-up

    10 January 2025 377 KB PDF
    • While today’s figures suggest that French consumption is trending sideways and industrial production is on track for a decline in Q4, Bunds followed USTs lower after a strong US payrolls report.
    • Gilts also followed USTs lowers on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    10 January 2025 400 KB PDF
    • December employment: brisk job growth with a dip in unemployment; slower growth of average hourly earnings
    • Inflation expectations: pickup requires vigilance from policymakers
  • Euro wrap-up

    Euro wrap-up

    9 January 2025 406 KB PDF
    • Bunds made modest losses as German industrial production and export figures surprised to the upside, while euro area retail sales remained on track for modest growth in Q4.
    • Gilts were little changed while a BoE Deputy Governor reaffirmed that she expects rates to be cut and a survey reported that firms have revised up their inflation expectations but expect wage and job growth to slow.
  • Euro wrap-up

    Euro wrap-up

    8 January 2025 336 KB PDF
    • Shorter-dated Bunds were little changed as downside surprises to the European Commission’s sentiment survey indices and German factory orders data illustrated the loss of economic momentum in Q4.
    • Despite a quiet day for UK economic news, longer-dated Gilts made significant losses as concerns about higher issuance in the year ahead and fiscal sustainability continued to resonate.
  • Euro wrap-up

    Euro wrap-up

    7 January 2025 373 KB PDF
    • Longer-dated Bunds followed USTs lower, but shorter-dated Bunds were little changed as euro area inflation aligned with initial expectations and core inflation momentum continued to moderate.
    • Despite an underwhelming UK retail and construction survey, Gilts followed USTs lower with 30Y yields the highest since 1998 after today’s auction attracted the lowest demand for more than a year.
  • US Data Review

    US Data Review

    7 January 2025 237 KB PDF
    • U.S. trade balance: wider deficit in November
    • ISM services: indicating expansion for the sixth consecutive month; concerning jump in prices
  • Euro wrap-up

    Euro wrap-up

    6 January 2025 378 KB PDF
    • Bunds made losses as the flash estimates of German inflation in December surprised on the upside.
    • Gilts also made losses even as the final December PMIs provided further evidence that the UK economy flat-lined towards year-end.