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

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    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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2023

2022

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  • Euro Wrap-up

    Euro Wrap-up

    16 September 2022 673 KB PDF
    • Bunds made losses at the short end of the curve as euro area inflation and German inflation expectations were confirmed at record highs.
    • Longer-dated Gilts made gains as UK retail sales slumped in August, raising the risk of another contraction in GDP in Q3.
  • US Economic Comment

    US Economic Comment

    16 September 2022 301 KB PDF
    • FOMC preview: aggressive in September…and beyond
    • Recent inflation developments: bits of favorable news overwhelmed by the August CPI
  • Euro wrap-up

    Euro wrap-up

    15 September 2022 427 KB PDF
    • Bunds made losses and the curve flattened significantly as the euro area trade deficit hit a new record high, euro area labour cost growth remained firm and the estimates of French inflation were revised up. 
    • Gilts also made losses across the curve but outperformed Bunds at the short end as a BoE survey suggested that medium-term inflation expectations of UK consumers fell significantly last month.
  • Euro Wrap-up

    Euro Wrap-up

    14 September 2022 476 KB PDF
    • With the exception of the short end of the curve, Bunds made gains while euro area industrial production fell markedly in July.
    • Gilts made gains across the curve as UK headline inflation fell back in August but the core measure edged higher.
  • Euro Wrap-up

    Euro Wrap-up

    13 September 2022 488 KB PDF
    • Bunds followed USTs lower despite an extremely downbeat ZEW investor survey.
    • Gilts also followed USTs lower as the UK unemployment rate fell due to higher inactivity while regular wage growth accelerated.
  • Euro Wrap-up

    Euro Wrap-up

    12 September 2022 427 KB PDF
    • On a quieter day for euro area economic data, Bunds made gains and BTPs outperformed, while European wholesale natural gas prices fell to the lowest level in more than a month, as the European Commission continued to develop plans for interventions in EU energy markets.
    • Gilts also made modest gains as UK GDP surprised slightly on the downside in July.
  • European Banks - Credit Update

    European Banks - Credit Update

    12 September 2022 1095 KB PDF
    • ECB rate hike, removal of tiering multiple and unchanged TLTRO borrowing conditions give banks temporary arbitrage opportunity.
    • Shorter week in primary market attracted several SSA and FIG deals, the latter of which were mostly confined to senior payment ranks while NIP remained elevated.
    • Secondary market spreads partially tightened in EUR and USD following the ECB meeting. Delayed BoE MPC meeting gives markets more time to contemplate higher rate hike than expected.
  • Euro Wrap-up

    Euro Wrap-up

    9 September 2022 519 KB PDF
    • While French industrial production fell the most in more than a year, Bunds made modest gains but periphery sovereign bonds made losses as reports suggested that the ECB would next month start internal discussions on a possible strategy for quantitative tightening.
    • Gilts made gains as the BoE postponed the forthcoming monetary policy meeting by one week in light of the death of Queen Elizabeth II.