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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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2022

2021

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  • Euro Wrap-up

    Euro Wrap-up

    12 May 2022 483 KB PDF
    • While BoE Deputy Governor Ramsden warned of the likelihood of more rate hikes to come as the tight labour market added to inflation risks, Gilts made gains as data confirmed a marked slowdown in UK GDP over the course of Q1.
    • Amid heightened global risk aversion, Bunds also made sizeable gains.
  • US Data Review

    US Data Review

    11 May 2022 153 KB PDF
    • CPI: energy prices decline, core goods contained, upward pressure on service prices.
  • Euro wrap-up

    Euro wrap-up

    10 May 2022 464 KB PDF
    • Bunds followed USTs significantly higher while the ZEW survey suggested that investor perceptions of German current economic conditions have deteriorated and inflation expectations have eased slightly.
    • Gilts also rallied as a retail sales survey pointed to a further weakening of demand on the UK high street.
  • European Banks - Weekly Credit Update

    European Banks - Weekly Credit Update

    9 May 2022 1195 KB PDF
    • Second week of 1Q22 earnings generally positive but bottom-line results are weighed down by Russia related provisioning
    • Primary markets largely muted for SSAs with only a handful of FIG deals coming to market
    • Secondary market spreads continued to widen in EUR and USD as market uncertainty persists
  • US Data Review

    US Data Review

    6 May 2022 144 KB PDF
    • Labour market: less robust than in other recent months, but still respectable.
  • Euro Wrap-up

    Euro Wrap-up

    6 May 2022 355 KB PDF
    • Despite a slump in German IP, Bunds made losses as Bundesbank Governor Nagel suggested that the ECB needed to tighten policy before the opportunity to do so passes, and BoF Governor Villeroy suggested that it would be reasonable to increase ECB rates to above zero by year-end.
    • Longer-dated Gilts also made losses despite a slightly softer UK construction PMI survey.
  • US Economic Comment

    US Economic Comment

    6 May 2022 288 KB PDF
    • Monetary policy: notable tightening still in store.
    • Labour market: another perspective on tightness.
  • Euro Wrap-up

    Euro Wrap-up

    5 May 2022 500 KB PDF
    • Despite some weak German factory orders data and commentary from a few ECB doves, Bunds made significant losses.
    • Gilts made significant gains at the shorter end of the curve as the BoE hiked Bank Rate by 25bps but published extremely downbeat economic projections and, contrary to expectations, failed to agree a programme of active Gilt sales.