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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  • Euro Wrap-up

    Euro Wrap-up

    7 December 2022 439 KB PDF
    • Bunds made gains even as consumer inflation expectations remained elevated, German IP data for October beat expectations and euro area Q3 GDP growth was revised up.
    • Gilts also made gains as a measure of UK house prices fell the most in fourteen years.
  • Euro Wrap-up

    Euro Wrap-up

    6 December 2022 431 KB PDF
    • Bunds made losses as ECB Chief Economist Lane signalled that he might well recommend a slowing in the pace of tightening at next week’s Governing Council meeting.
    • Gilts also made losses as a UK retail survey implied a marked drop in sales volumes in November, while the construction PMI also fell more than expected.
  • Euro Wrap-up

    Euro Wrap-up

    5 December 2022 424 KB PDF
    • Despite a slump in euro area retail sales at the start of Q4, Bunds followed USTs lower as several ECB members signalled that rates would need to rise further in the New Year.
    • Gilts made gains as the final UK services PMIs remained consistent with contraction in November and flagged a notable weakening in demand.
  • European Banks - Credit Update

    European Banks - Credit Update

    5 December 2022 1107 KB PDF
    • HSBC Canada sale to RBC will free up capital but won’t quell shareholder’s demands for business break-up unless the group becomes consistently more profitable
    • Council of Europe Development Bank raises new paid-in capital to address succession of crisis
    • Primary market activity for FIGs and SSA slows but benign conditions allow for 2023 pre-funding. FIG lenders, including sub-investment grade issuers, are able to place otherwise challenging sub-debt trades. Secondary market spreads continue to tighten for EUR and USD
  • Euro Wrap-up

    Euro Wrap-up

    2 December 2022 527 KB PDF
    • Bunds followed USTs lower despite a larger than expected moderation in euro area producer price inflation in October.
    • Gilts also made losses on a quiet end to the week for UK economic news.
  • US Data Review

    US Data Review

    2 December 2022 199 KB PDF
    • Employment: firm payroll growth; jump in hourly earnings
  • US Economic Comment

    US Economic Comment

    2 December 2022 498 KB PDF
    • The U.S. labour market: a few cracks; no meaningful breakage
    • Inflation: a new metric to guide Fed decisions
  • Euro Wrap-up

    Euro Wrap-up

    1 December 2022 525 KB PDF
    • While the euro area unemployment rate dropped to a new series low, Bunds rallied hard as German retail sales slumped.
    • Gilts also made gains as a BoE survey reported a moderation in inflation expectations and UK house prices fell by more than expected.