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

    15 June 2023 273 KB PDF
    • Bunds made significant losses as the ECB raised rates by 25bps, signalled the likelihood of further tightening to come, and revised up its forecast for core inflation.
    • Shorter-dated Gilts followed Bunds lower on a quiet day for UK economic data.
  • Euro Wrap-up

    Euro Wrap-up

    14 June 2023 286 KB PDF
    • Bunds made losses as euro area industrial production returned to growth in April thanks to a rebound in Ireland.
    • Gilts made gains as an increase in UK GDP in April merely left it on a broadly sideways trend.


  • US FOMC Review

    US FOMC Review

    14 June 2023 298 KB PDF
    • FOMC: steady in June, but biased toward additional hikes
    • FOMC forecasts: median projections for core inflation and growth increased
  • Euro Wrap-up

    Euro Wrap-up

    13 June 2023 291 KB PDF
    • Bunds made losses even as German CPI inflation was confirmed at a 15-month low and the ZEW investor survey offered mixed messages.
    • Gilts made massive losses as UK employment and pay growth exceeded expectations, supporting the case for further significant monetary policy tightening.
  • US Data Review

    US Data Review

    13 June 2023 291 KB PDF
    • Consumer prices: energy prices drop; food up modestly; firm increase in core
    • Today’s CPI report unlikely to prompt a hike at tomorrow’s FOMC meeting
  • US Economic Comment

    US Economic Comment

    12 June 2023 303 KB PDF
    • FOMC Preview: pause in June but additional hikes possible later this year
  • European Banks - Credit Update

    European Banks - Credit Update

    12 June 2023 605 KB PDF
    • ECB quantitative tightening and loss of TLTRO funding poses funding dilemma for Italian banks
    • SSAs returned to USD funding, taking advantage of favourable cross-currency swaps in addition to sizeable EUR transactions. FIGs saw continued strong demand for both senior and subordinated trades across a variety of currencies (EUR, USD, GBP). Shorter tenors continue to prevail
    • Secondary market spreads were mostly tighter for EUR and USD. Tightening was more pronounced in medium-longer tenors, with the Tier 2 segment improving the most, encouraging further issuance
  • Euro Wrap-up

    Euro Wrap-up

    8 June 2023 377 KB PDF
    • Bunds made gains as euro area Q1 GDP was revised to confirm a very mild technical recession at the turn of the year.
    • Shorter-dated Gilts also made gains as the REC survey suggested a further easing in UK labour market tightness.