London & NY Research


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


    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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  • European Banks - Credit Update

    European Banks - Credit Update

    22 May 2023 574 KB PDF
    • After a strong 1Q23 earnings season in Europe, bank fundamentals have proven to be sound but low deposit betas and high capital distribution plans could be headwinds going forward
    • A busy primary market for both SSAs and FIGs. Cross-currency swap moves benefitted European SSA issuing in USD, while FIGs revived sub-debt and Sterling markets
    • Secondary market spreads continue to tighten in EUR, while this development was less pronounced in USD. Stronger tightening in sub-debt segments implies rising market confidence
  • Euro Wrap-up

    Euro Wrap-up

    19 May 2023 293 KB PDF
    • While ECB President Lagarde stated that the ECB needs to have “sustainably high interest rates”, Bunds made gains at the long end of the curve as German producer price inflation fell to its lowest rate in more than two years.
    • Gilts largely made losses as UK consumer confidence rose to a fifteen-month high.
  • US Economic Comment

    US Economic Comment

    19 May 2023 299 KB PDF
    • Debt ceiling: progress toward resolution?
    • The long-term budget picture: bleak
  • Euro Wrap-up

    Euro Wrap-up

    17 May 2023 268 KB PDF
    • Bunds made losses at the short end as euro area inflation aligned with the flash estimates that showed the headline rate edge slightly higher in April, but underlying price pressures ease slightly.
    • Gilts made losses as BoE Governor Bailey reiterated that monetary policy would be tightened further if there was evidence of more persistent inflationary pressures.  
  • Euro wrap-up

    Euro wrap-up

    16 May 2023 285 KB PDF
    • Bunds followed USTs lower as euro area employment growth accelerated in Q1 despite subdued GDP growth, even as German investor sentiment with respect to the outlook deteriorated.
    • Despite continued strength in wage growth, Gilts outperformed on evidence of a further loosening of UK labour market conditions.
  • US Data Review

    US Data Review

    16 May 2023 235 KB PDF
    • Retail sales: pickup in April 
    • Industrial production: jump in manufacturing led by auto output; trend in factory output flat
  • European Banks - Credit Update

    European Banks - Credit Update

    15 May 2023 516 KB PDF
    • 1Q23 earnings season is coming to a close. Results continue to be positive and above expectations. Strong trading performances supported French banks’ earnings while Dutch banks leveraged income from deposit margins that offset weakening in mortgage volumes and margins
    • Primary market activity picked up for SSAs as numerous deals were placed across a variety of currencies. Senior bonds with short-medium tenors continued to dominate new FIG deals
    • Secondary market spreads in EUR tightened on last week, while USD were only marginally wider
  • Euro Wrap-up

    Euro Wrap-up

    15 May 2023 232 KB PDF
    • Bunds made losses despite a larger-than-expected decline in euro area industrial output in March to the lowest level in eighteen months.
    • Gilts also made losses on a quiet start to the week for UK economic data.
    • Tuesday will bring updated euro area Q1 GDP data, Germany’s ZEW investor survey and the UK’s latest labour market report.