London & NY Research

  • JAPAN

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

  • EUROPE

    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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2023

2022

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  • Euro Wrap-up

    Euro Wrap-up

    21 July 2022 393 KB PDF
    • Bunds made losses at the short end but gains further along the curve as the ECB raised rates by 50bps but also agreed a new policy tool to allow it to buy bonds to counter unwarranted spread-widening.
    • BTPs made significant losses as Mario Draghi resigned as Italian Prime Minister and elections were scheduled for September.
    • Gilts followed USTs higher despite a rise in UK public debt interest payments to a record high.
  • Euro wrap-up

    Euro wrap-up

    20 July 2022 597 KB PDF
    • Ahead of this evening’s key vote in the Italian parliament that will determine whether early elections can be avoided, Bunds largely made gains as euro area consumer confidence slumped to a record low while German producer price inflation eased very slightly for the first time in 25 months.
    • Shorter-dated Gilts made losses as UK headline inflation rose to a new 40-year high although the core rate fell for a second successive month.
  • US Data Review

    US Data Review

    20 July 2022 352 KB PDF
    • Existing Home Sales: constrained by mortgage rates and prices
  • Euro wrap-up

    Euro wrap-up

    19 July 2022 578 KB PDF
    • Bunds made losses as reports suggested the ECB will discuss a 50bp rate hike this week and Russia is set to resume flows of gas via the Nord Stream pipeline, while euro area inflation was confirmed at a series high.
    • Gilts made losses as UK job growth picked up but real wages fell at a record pace, while BoE Governor Bailey stated the MPC would discuss a 50bp hike in August and gave guidance on forthcoming BoE Gilt sales and redemptions.
  • US Data Review

    US Data Review

    19 July 2022 348 KB PDF
    • Housing starts: a tumble in single-family activity; multi-family remains firm
  • Euro wrap-up

    Euro wrap-up

    15 July 2022 605 KB PDF
    • As Italian political uncertainty looked set to persist ahead of a parliamentary vote on Wednesday, Bunds made gains but BTPs made losses particularly at the short end of the curve.
    • Gilts largely made gains on a quiet end to the week for UK economic data.
  • US Economic Comment

    US Economic Comment

    15 July 2022 327 KB PDF
    • Inflation: restraints and accelerants both in play...
    • ...accelerants likely to be stronger
    • Industrial production: a valuable indictor in the current environment
  • US Data Review

    US Data Review

    13 July 2022 347 KB PDF
    • CPI: travel-related expenses ease; most other areas remain under pressure