London & NY Research


    Daiwa Europe’s market-leading research on the Japanese economy.


    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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  • Euro Wrap-up

    Euro Wrap-up

    17 March 2023 524 KB PDF
    • Despite a marked acceleration in euro area labour costs, Bunds followed USTs sharply higher as concerns about banking sector stability persisted.
    • Gilts also rallied while a BoE survey reported a notable decline in household inflation expectations.
  • US Economic Comment

    US Economic Comment

    17 March 2023 283 KB PDF
    • FOMC preview: another hike despite bank uncertainty
  • Euro Wrap-up

    Euro Wrap-up

    16 March 2023 268 KB PDF
    • Bunds made sizeable losses as the ECB ignored recent market turmoil to hike its deposit rate by a further 50bps to 3.00%, but the Governing Council offered little guidance on the path ahead.
    • Gilts followed the global trend lower on day bereft of UK economic data. 
  • US Data Review

    US Data Review

    16 March 2023 156 KB PDF
    • Housing starts: jump in multi-family; marginal increase in single-family
  • US Data Review

    US Data Review

    15 March 2023 243 KB PDF
    • Retail sales: pause in February
    • PPI: food prices drop; energy prices ease; continued deceleration ex. food & energy
  • Euro Wrap-up

    Euro Wrap-up

    14 March 2023 260 KB PDF
    • Bunds followed the global trend notably lower, as they partially reversed yesterday’s massive gains, while Italian IP numbers started the year on the backfoot.
    • Gilts similarly made large losses, while UK wage growth moderated slightly amid a still relatively tight labour market.
  • European Banks - Credit Update

    European Banks - Credit Update

    14 March 2023 1272 KB PDF
    • SVB collapse in part rooted in pandemic deposit-boom and mismanaged securities portfolios
    • Delayed Credit Suisse annual report raises further questions on its ability to clean house
    • Primary markets for FIGs and SSAs were highly active at the beginning of the week but sentiment soured as markets were grappling with the SVB fallout
    • Secondary market spreads mixed in EUR and wider for USD but expectations for further hikes have been curtailed somewhat, most notably in the U.S.
  • US Data Review

    US Data Review

    14 March 2023 152 KB PDF
    • CPI: underlying inflation remained brisk in February