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

    22 November 2022 426 KB PDF
    • Bunds made modest gains despite an upside surprise to the Commission’s flash consumer confidence indicator, while a BoF retail sales survey signalled a sharp decline in spending at the start of Q4.
    • Gilts followed USTs higher on a quiet day for top-tier UK data releases.
  • European Banks - Credit Update

    European Banks - Credit Update

    21 November 2022 1268 KB PDF
    • European banks TLTRO repayments fall short of expectations but could pick up in coming months
    • Delay to full implementation of Basel III regulation will provide European banks with some capital respite. However, future requirements as calculated by the EBA are already mostly met
    • Strong primary market activity among SSAs and FIGs as issuers take advantage of more benign funding conditions. Banks issued across a variety of currencies and payment ranks as secondary market spreads tightened following a better than expected U.S. CPI read
  • Euro Wrap-up

    Euro Wrap-up

    18 November 2022 675 KB PDF
    • Bunds made modest gains while ECB early TLTRO repayments were at the lower end of expectations.
    • Gilts made losses even as UK retail sales figures maintained a downwards trend at the start of Q4 and consumer confidence remained near historical lows. 


  • US Economic Comment

    US Economic Comment

    18 November 2022 306 KB PDF
    • Economic forecasters: hoping for a soft landing
    • Inflation expectations: still contained in the long run; creeping up in the short run
  • Euro Wrap-up

    Euro Wrap-up

    17 November 2022 475 KB PDF
    • Despite a slight downwards revision to euro area inflation in October, Bunds followed the global trend lower.
    • Gilts also made losses as the UK government’s fiscal update suggested that the lion’s share of its planned fiscal consolidation will be back-loaded to after the next election.
  • Euro Wrap-up

    Euro Wrap-up

    16 November 2022 490 KB PDF
    • Bunds made large gains while Bank of France Governor Villeroy noted that while further tightening was likely, jumbo rate hikes will not become the norm.  
    • Gilts also rallied, even as UK inflation beat expectations jumping to its highest rate since 1982.
  • US Data Review

    US Data Review

    16 November 2022 233 KB PDF
    • Retail sales: solid activity
    • Industrial production: stalling
  • Euro Wrap-up

    Euro Wrap-up

    15 November 2022 490 KB PDF
    • Longer-dated Bunds followed USTs higher, as data confirmed that euro area GDP and employment growth slowed in Q3, but Germany’s ZEW investor survey surprised on the upside in November.
    • Gilts also made gains despite UK data suggesting a very tight labour market amid rising inactivity and an acceleration in underlying wage growth.