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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2022

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  • European Banks - Credit Update

    European Banks - Credit Update

    27 June 2022 1039 KB PDF
    • The EU Parliament could block inclusion of gas and nuclear in EU taxonomy with a simple majority vote, limiting pragmatic options for meeting decarbonisation targets    
    •  Italy’s Banca Monte dei Paschi eyes standalone turnaround on the back of EUR2.5bn capital increase
    • Issuer access to primary markets has been hampered by volatile conditions. Nevertheless, SSAs and FIGs managed to place deals in a variety of currencies and payment ranks last week
    • Secondary EUR and USD market spreads widened on recession fears as further rate hikes loom
  • US Data Review

    US Data Review

    27 June 2022 151 KB PDF
    • Durable goods orders: nominal bookings advance
    • Equipment spending likely drag on GDP growth in Q2
  • Euro Wrap-up

    Euro Wrap-up

    24 June 2022 571 KB PDF
    • Bunds made losses as Germany’s ifo survey signalled stable business conditions at the end of Q2 but growing expectations of recession ahead.  
    • Gilts also made losses even though UK retail sales fell to a 14-month low and consumer confidence hit a series low.
  • US Data Review

    US Data Review

    24 June 2022 156 KB PDF
    • New home sales: a modest rebound, but decreased affordability remains a key headwind
  • US Economic Comment

    US Economic Comment

    24 June 2022 314 KB PDF
    • Price pressures: demand side versus supply-side
  • Euro Wrap-up

    Euro Wrap-up

    23 June 2022 509 KB PDF
    • Bunds rallied as the flash euro area PMIs missed expectations, signalling a notable slowdown in economic activity amid a reported drop in demand.
    • Gilts also made big gains as the flash UK PMIs suggested a weakening in new orders, while public borrowing rose above expectations due to a marked impact of high inflation on debt interest payments.
  • Euro Wrap-up

    Euro Wrap-up

    22 June 2022 494 KB PDF
    • Bunds rallied as euro area consumer confidence fell to the second-lowest level on the series.
    • Gilts also made big gains as UK CPI inflation inched to a new multi-decade high but core inflation fell for the first time in eight months.
  • Euro Wrap-up

    Euro Wrap-up

    20 June 2022 502 KB PDF
    • Bunds made losses as German producer price inflation rose to a new series high, while French OATs underperformed only slightly after Macron lost his party’s national assembly majority.
    • Gilts also made losses, as external MPC member Catherine Mann reiterated her preference for a faster pace of BoE rate hikes to tackle growing inflationary pressures, not least those related to sterling weakness.