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

    7 November 2022 529 KB PDF
    • Bunds made losses as Bank of France Governor Villeroy suggested that interest rates should continue to increase for as long as underlying price pressures are rising, and German IP data beat expectations.
    • Gilts made more sizeable losses amid lower demand at the BoE’s second gilt selling operation.
  • Euro wrap-up

    Euro wrap-up

    4 November 2022 559 KB PDF
    • As ECB President Lagarde suggested that the ECB might push rates to a restrictive stance, Bunds made losses, but euro area producer price inflation moderated slightly and Germany factory orders fell sharply.  
    • On a relatively quiet end to the week for UK economic news, Gilts followed USTs higher at the short end but lower at the long end.
  • US Economic Comment

    US Economic Comment

    4 November 2022 303 KB PDF
    • FOMC: leading a strange interest rate cycle
    • Productivity: another hurdle in the inflation fight
  • Euro Wrap-up

    Euro Wrap-up

    3 November 2022 550 KB PDF
    • As the BoE raised interest rates by 75bps, Gilts made sizeable losses despite the MPC’s suggestions that market pricing of the future path of Bank Rate remains too aggressive.
    • Bunds followed Gilts lower as the euro area unemployment rate fell to a new series low.
  • Euro Wrap-up

    Euro Wrap-up

    2 November 2022 537 KB PDF
    • Bunds made modest losses as data suggested that Germany’s labour market remains relatively resilient despite further evidence of a deterioration in business conditions and lower import prices.  
    • Ahead of Thursday’s BoE’s policy announcement, Gilts made sizeable gains despite a UK survey suggesting record high shop price inflation.


  • US FOMC Review

    US FOMC Review

    2 November 2022 112 KB PDF
    • FOMC: only the slightest of dovish tilts
  • US Data Review

    US Data Review

    1 November 2022 225 KB PDF
    • Job openings: still in the stratosphere
    • ISM manufacturing: factory sector limps ahead
    • Construction: weak single-family; drop in federal gov’t; pickup in business-related
  • European Banks - Quarterly ESG Update

    European Banks - Quarterly ESG Update

    1 November 2022 1059 KB PDF
    • In Europe, ESG bond issuance volumes rose yoy in 3Q22 underscoring their resilience.
    • High energy prices highlight important role for SSAs in funding the climate transition, while impact of high inflation also calls for continued flow of social bond issuance.
    • ECB and BoE climate stress tests reveal qualitative and quantitative challenges for banks.
    • Short-dated SSA issuance drives yoy primary market growth, while FIGs contend with fewer funding opportunities pushing new-issue premiums up. Secondary spreads remain volatile.