London & NY Research


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


    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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  • Euro Wrap-up

    Euro Wrap-up

    30 September 2022 790 KB PDF
    • Bunds made gains as euro area inflation reached double digits for the first time on broad-based price pressures.  
    • Gilts also made gains as sterling appreciated despite persisting fiscal uncertainties, while revisions to UK GDP left output still below the pre-pandemic level in Q2.
  • US Economic Comment

    US Economic Comment

    30 September 2022 310 KB PDF
    • U.S. economy: after a weak H1, a random pickup in Q3 obscures a slowing trend
    • Inflation watch: another troubling reading on the PCE price index
  • Euro Wrap-up

    Euro Wrap-up

    29 September 2022 485 KB PDF
    • Bunds made losses as German inflation surged to its highest since 1951, contrasting a downside surprise to the flash Spanish inflation rate.
    • Most Gilts made losses, while long-dated bonds were supported by BoE purchases.
  • US Data Review

    US Data Review

    28 September 2022 157 KB PDF
    • International trade in goods: continued softening in imports; narrower deficit
  • Euro Wrap-up

    Euro Wrap-up

    28 September 2022 600 KB PDF
    • Gilts made huge gains and the curve flattened as the BoE announced a programme of long-dated bond purchases as it judged recent market moves to be a material risk to financial stability.
    • Bunds followed Gilts higher as German and French consumer confidence slumped to record lows.
  • 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.