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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2023

2022

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  • European Banks - Credit Update

    European Banks - Credit Update

    26 September 2022 1076 KB PDF
    • Sweden’s 100bps rate hike was the largest for a western European country so far, putting rising asset risks in focus as borrowing costs rise and property values give way.
    • Primary markets saw activity largely concentrated in SSAs as sizeable pick-ups against sovereign issuers drove demand.
    • Secondary market spreads for senior deals held firm in EUR while we saw widening across the board in USD. Rate hikes by the Fed, BoE and others provided major impulses into secondary markets.
  • Euro Wrap-up

    Euro Wrap-up

    26 September 2022 771 KB PDF
    • While the latest ifo survey signalled that the German economy is slipping into recession, Bunds made losses, while BTPs underperformed after the right-wing bloc won majorities in both of Italy’s houses of parliament.
    • Gilts again got smashed after sterling hit a record low, forcing the BoE to issue a statement late in the day that it stands ready to change policy if necessary to meet its inflation target.
  • Euro Wrap-up

    Euro Wrap-up

    23 September 2022 737 KB PDF
    • Bunds made losses even as the flash euro area PMIs pointed to a steeper pace of economic contraction at the end of Q3.
    • Gilts got smashed and sterling weakened sharply as the UK government announced a larger-than-expected package of tax cuts, magnifying concerns about the lack of credibility of its economic policy.
  • US Economic Comment

    US Economic Comment

    23 September 2022 293 KB PDF
    • FOMC: more tightening on the way; marked uncertainty regarding the eventual pivot
  • Yen Issues

    Yen Issues

    22 September 2022 358 KB PDF
    • Japanese inflation is now at a multi-decade high. But it remains much lower than other major economies, and underlying inflation remains inconsistent with the BoJ’s target.
    • The causes are numerous, including cyclical weakness, subdued wage and price expectations, poor demographics and low productivity, some sector-specific factors, and geography.
  • Euro Wrap-up

    Euro Wrap-up

    22 September 2022 402 KB PDF
    • Bunds made losses with 10Y yields flirting with 2.00% despite a further deterioration in euro area consumer confidence to a new record low.
    • As the BoE raised rates by 50bps, left the door open to larger hikes ahead, and the UK Treasury confirmed the reversal of April’s National Insurance increase, Gilts made sizeable losses with 10Y yields surpassing 3.50%.
  • Euro Wrap-up

    Euro Wrap-up

    21 September 2022 458 KB PDF
    • Ahead of the FOMC decision, shorter-dated Bunds followed USTs lower, while a BoF retail survey suggested that sales declined for the third consecutive month.
    • Gilts largely also made losses, while UK public sector net borrowing continued to rise as debt interest payments reached a record high for August. 
  • US Data Review

    US Data Review

    21 September 2022 155 KB PDF
    • Existing home sales: seventh consecutive decline