London & NY Research

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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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  • US Data Review

    US Data Review

    4 May 2022 221 KB PDF
    • International trade: strong exports, even stronger imports.
    • ISM services: new orders ease; tight labor pool constrains employment; record prices.
  • Euro Wrap-up

    Euro Wrap-up

    4 May 2022 654 KB PDF
    • While euro area retail sales and German exports and car output weakened, Bunds made modest losses and BTPs significantly underperformed after hawkish remarks from a key ECB Board member and the EU moved closer to an embargo on Russian oil.
    • Gilts made a mix of modest gains and losses following some firm UK data on loans to households and high-street shop prices.
  • US FOMC Review

    US FOMC Review

    4 May 2022 113 KB PDF
    • FOMC: no meaningful surprises
  • Euro wrap-up

    Euro wrap-up

    3 May 2022 478 KB PDF
    • Bunds made gains even as euro area producer price inflation again exceeded expectations and the unemployment rate fell to a new series low.
    • Gilts made losses while the final UK manufacturing PMIs suggested that production growth was stronger than previously thought at the start of Q2.
  • European Banks - Credit Update

    European Banks - Credit Update

    3 May 2022 1082 KB PDF
    • 1Q22 earnings of European banks have mostly yielded positive results, often exceeding average analyst consensus view. Rate hikes and stable loan demand have contributed to rising revenue and profitability metrics.
    • Primary markets largely muted for FIGs as the earnings season is still ongoing. SSAs saw growing investor interest, particularly in EUR as spreads over BUNDS were particularly attractive.
    • Secondary market spreads continued to widen in EUR and USD as further rate hikes are expected.
  • US Data Review

    US Data Review

    2 May 2022 349 KB PDF
    • ISM: manufacturing sector losing momentum.
    • Construction: residential on track in March; business and government slip.
  • European Banks - Quarterly ESG Update

    European Banks - Quarterly ESG Update

    29 April 2022 1019 KB PDF
    • Challenging start to 2022 ESG landscape sees first year-on-year decline in issuance, but events in Ukraine sharpen incentives for energy transition.
    • EU Social Taxonomy is taking shape with less reliance on quantitative technical screening criteria.
    • Lack of label likely to result in transition bonds to be subsumed by other sustainability categories.
    • Ongoing market volatility has led to further spread widening in both primary and secondary markets. Index greeniums have shown heightened sensitivity to recent selloffs.
  • US Data Review

    US Data Review

    29 April 2022 228 KB PDF

    * Consumer inflation: rapid in food and energy; moderate in core.
    * Consumer spending: still advancing despite price challenges.
    * Employment cost index: surge in benefit expenses; brisk increase in wages.