London & NY Research


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


    Daiwa’s research coverage of the euro area and UK economies.

  • US

    Daiwa’s coverage of the US economy from our colleagues in New York


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  • Euro wrap-up

    Euro wrap-up

    27 July 2022 492 KB PDF
    • Despite downbeat consumer confidence surveys from Germany, France and Italy, Bunds made losses and spreads to BTPs widened as a rating agency lowered Italy’s sovereign rating outlook to stable from positive on recent political developments.
    • Gilts also made losses as a UK survey saw shop price inflation jump to a series high in July.
  • US Data Review

    US Data Review

    27 July 2022 221 KB PDF
    • Durable goods: jump in defense aircraft orders boosts headline
    • International trade in goods: firm exports, a correction in imports
  • US FOMC Review

    US FOMC Review

    27 July 2022 195 KB PDF
    • FOMC: no surprise with 75; further increases likely, but no specific guidance
  • European Banks - Quarterly ESG Update

    European Banks - Quarterly ESG Update

    26 July 2022 1169 KB PDF
    • In Europe, green bonds and SLBs help ESG market return to growth in 2Q22
    • European energy policy could spur further growth of sustainable bonds. European Union firmly established as top-tier Euro issuer but pricing gap to Bunds widens year-on-year
    • Negotiations over vital features of EU Green Bond Standard enter endgame
    • Ongoing market volatility has led to further spread widening in both primary and secondary markets. Greenium likely to persist despite spread convergence to conventional bonds


  • US Data Review

    US Data Review

    26 July 2022 156 KB PDF
    • New home sales: constrained by a drop in affordability
    • Consumer confidence: inflation, interest rates, recession worries dampened moods
  • Euro wrap-up

    Euro wrap-up

    25 July 2022 407 KB PDF
    • Bunds had a mixed performance as a downbeat German ifo business survey suggested that the economy was on the ‘cusp of a recession’ and concerns rose that Russia would temporarily curb gas flows to Germany from Wednesday.
    • Gilts made modest gains as a UK survey signalled a marked slowdown in manufacturing output and orders.
  • Euro Wrap-up

    Euro Wrap-up

    22 July 2022 643 KB PDF
    • Bunds and other euro area government bonds rallied as the flash euro area PMIs for July flagged recession risks.
    • While the UK flash PMIs were not as weak as their euro area counterparts, Gilts also rallied as UK retail sales fell for a fourth successive quarter in Q2.
  • US Economic Comment

    US Economic Comment

    22 July 2022 590 KB PDF
    • FOMC: good progress toward its near-term objective...
    • conditions have tightened and the economy is slowing
    • GDP preview: weak results in Q2, but it’s not a recession (yet)