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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

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  • European Banks - Credit Update

    European Banks - Credit Update

    12 June 2023 605 KB PDF
    • ECB quantitative tightening and loss of TLTRO funding poses funding dilemma for Italian banks
    • SSAs returned to USD funding, taking advantage of favourable cross-currency swaps in addition to sizeable EUR transactions. FIGs saw continued strong demand for both senior and subordinated trades across a variety of currencies (EUR, USD, GBP). Shorter tenors continue to prevail
    • Secondary market spreads were mostly tighter for EUR and USD. Tightening was more pronounced in medium-longer tenors, with the Tier 2 segment improving the most, encouraging further issuance
  • Euro Wrap-up

    Euro Wrap-up

    8 June 2023 377 KB PDF
    • Bunds made gains as euro area Q1 GDP was revised to confirm a very mild technical recession at the turn of the year.
    • Shorter-dated Gilts also made gains as the REC survey suggested a further easing in UK labour market tightness.
  • US Data Review

    US Data Review

    7 June 2023 155 KB PDF
    • International trade: sharp widening in the monthly trade deficit
    • Real goods trade: negative implications for Q2 GDP
  • Euro Wrap-up

    Euro Wrap-up

    7 June 2023 242 KB PDF

    • Bunds made notable losses even as today’s German industrial production data suggested a lack of momentum in the sector at the start of Q2.
    • Gilts also followed the global trend lower on a quiet day for UK economic releases.

     

  • Euro Wrap-up

    Euro Wrap-up

    6 June 2023 265 KB PDF
    • Bunds made gains as euro area retail sales and German factory orders figures disappointed, while an ECB survey showed consumer inflation expectations reversing the gain recorded in March.
    • Shorter-dated Gilts made losses despite a UK retail survey flagging softer sales growth, while the construction PMIs highlighted the ongoing adjustment in the housing market.

     

  • Euro Wrap-up

    Euro Wrap-up

    5 June 2023 284 KB PDF
    • Despite a record monthly drop in euro area producer prices in April, Bunds made losses as the oil price increased following the announcement over the weekend that Saudi would cut oil production again in July.
    • Gilts also made losses as the final services PMIs signalled ongoing solid expansion in May, but the price charged index was revised slightly lower.
  • European Banks - Credit Update

    European Banks - Credit Update

    5 June 2023 575 KB PDF
    • Swiss Federal Council looks to transfer public liquidity backstop for systemic banks into law. Emergency features from Credit Suisse rescue to become part of Swiss resolution toolkit
    • ECB financial stability review highlights housing market concerns and focuses on bank capitalisation
    • SSA issuers active across a variety of currencies while FIGs were mostly focused on short dated, senior Euro issuance. The sizeable Samurai multi-tranche by Credit Agricole provided some variety
    • Secondary market spreads broadly unchanged with widening in EUR and select tightening in USD
  • US Economic Comment

    US Economic Comment

    2 June 2023 302 KB PDF
    • May employment: brisk payroll growth, but uptick in unemployment rate opens door for officials to “skip” in June
    • The debt ceiling: sanity prevails as bipartisan agreement avoids catastrophe