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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  • 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
  • US FOMC Review

    US FOMC Review

    21 September 2022 215 KB PDF
    • FOMC: tight alignment in views; more tightening needed; economy resilient
  • European Banks - Credit Update

    European Banks - Credit Update

    20 September 2022 1291 KB PDF
    • Rising countercyclical capital buffers (CCyB) highlight increasing focus on bank capital. ECB is probing effects of gas stoppages on banks’ capital resilience.
    • High levels of activity in SSA and FIG primary markets driven by concerns of worsening funding conditions further down the line.
    • Secondary market spreads continue to widen across EUR and USD. Last week’s weaker UK data could pave way for 50bps rate hike by BoE.
  • Euro wrap-up

    Euro wrap-up

    20 September 2022 423 KB PDF
    • Bunds made large losses as German producer price inflation smashed expectations and jumped to a new series high, while the euro area’s current account balance registered a record deficit.
    • Ahead of the BoE’s MPC meeting, on a quiet day for top-tier UK economic data, Gilts declined sharply after the Riksbank hiked its policy rate by 100bps.