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

  • European Banks - Quarterly ESG update (4Q24)

    European Banks - Quarterly ESG update (4Q24)

    16 December 2024 591 KB PDF
    • ESG volumes recover some lost ground and puts the 2024 total within reach of an annual record. Investor demand to remain strong in order to lock in elevated yields ahead of further rate cuts
    • Innovative ‘outcome bonds’ may find wider adoption, but require structural improvements first
    • Primary market activity up in 3Q24 year-on-year, with volumes expected to be steady in 2025
    • Secondary market spreads broadly stable but react to political and economic uncertainties in Europe. Benchmark greeniums spread thin by combination of market volatility and greater supply
    • Daiwa hosts ESG panel discussing innovation, transition and impact reporting
  • Swedbank- Issuer Profile

    Swedbank- Issuer Profile

    13 December 2024 448 KB PDF
  • Euro wrap-up

    Euro wrap-up

    13 December 2024 464 KB PDF
    • While the Governor of the Bank of France broadly validated market pricing of several ECB rate cuts in 2025, and euro area IP stagnated and German exports fell sharply in October, Bunds followed the global trend lower as President Macron nominated centrist Francois Bayrou as new French PM.
    • As UK consumer confidence rose to a four-month high, Gilts made losses despite an unexpected second successive monthly drop in GDP in October.
  • US Economic Comment

    US Economic Comment

    13 December 2024 450 KB PDF
    • The December FOMC meeting: cut of 25 basis points expected, in line with market expectations
    • Recent data: labor market developments warrant close monitoring; inflation to retreat slowly
  • Euro wrap-up

    Euro wrap-up

    12 December 2024 328 KB PDF
    • Bunds made losses as the ECB cut rates by 25bps and signalled that restrictive policy is unlikely to be maintained for long but failed to suggest that an accommodative stance might eventually be required.
    • Gilts made more modest losses as a survey indicated a pickup in momentum in the residential property market.
  • US Data Review

    US Data Review

    11 December 2024 235 KB PDF
    • CPI: latest reading unlikely to derail December rate cut despite sticky core inflation
  • Euro wrap-up

    Euro wrap-up

    10 December 2024 279 KB PDF
    • As French President Macron consulted party leaders to try to identify a new compromise Prime Minister, Bunds made gains at the shorter end as final German inflation data for November confirmed a softening of services price pressures while Italian industrial production maintained a downtrend.
    • Gilts followed USTs lower on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    6 December 2024 396 KB PDF
    • Bund yields were little changed on the day, making modest gains at the short end after German IP data dampened hopes of a reversal to industrial sector fortunes in Q4.
    • Gilts made slight losses on a quiet day for UK economic news.