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

    3 June 2025 315 KB PDF
    • Bunds made gains as flash May euro area inflation estimates fell more than expected, with headline inflation back below the 2% target and the core HICP rate the lowest since January 2022.
    • Gilts also made gains after MPC members suggested that the outcome of the BoE’s summer review of QT is uncertain, while Governor Bailey stated the MPC might need to cut rates faster if wage growth slowed more significantly.
  • US Data Review

    US Data Review

    2 June 2025 213 KB PDF
    • ISM manufacturing: signaling contraction in May; inflation eases but remains elevated
  • Banco Santander S.A. - Issuer Profile

    Banco Santander S.A. - Issuer Profile

    30 May 2025 485 KB PDF
    • Banco Santander S.A is one of the largest banking groups in Europe with a broad international footprint in Europe, LATAM and North America.
  • Euro wrap-up

    Euro wrap-up

    30 May 2025 470 KB PDF
    • Despite a downside surprise to German retail sales and moderation in services inflation to a 13-month low, Bunds ended the day little changed while euro area bank lending remained resilitent at the start of Q2.
    • Shorter-dated Gilts made losses on a quiet day for UK economic releases.
  • US Economic Comment

    US Economic Comment

    30 May 2025 376 KB PDF
    • Q2 GDP update: Friday data on consumer spending & international trade suggest solid growth
    • April inflation: favorable reading with little evidence (yet) of impacts from tariffs
  • SSA Handbook

    SSA Handbook

    29 May 2025 2MB PDF
    • This handbook offers an overview of 20 SSA issuers with strong ESG issuance track records, combining credit fundamentals, funding strategies and sustainable finance credentials
    • SSA credit metrics remain robust, with 90% rated ‘AA’ or higher and combined balance sheets totalling €3.6tr 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

    29 May 2025 273 KB PDF
    • Despite an improvement in Italian business and consumer confidence and pickup in Spanish retail sales, Bunds followed USTs higher.
    • Gilts also made gains on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    29 May 2025 212 KB PDF
    • Revised Q1 GDP: headline nudged higher; internals somewhat softer