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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2022

2021

  • Euro Wrap-up

    Euro Wrap-up

    23 March 2022 547 KB PDF
    • Bunds made gains as the euro area consumer confidence index posted the second-steepest monthly decline in the history of the survey.
    • Despite an upside surprise to UK inflation and an easing of fiscal policy, Gilts outperformed as the DMO planned less debt issuance than expected. 
  • European Banks - Credit Update

    European Banks - Credit Update

    21 March 2022 1032 KB PDF
    • Political pressure and looming sanctions make European banks look towards an exit from Russia, fraught with challenges.
    • Improved market sentiment encourages FIGs to access primaries with large deals and long tenors. New issue concessions remain in the double digits.
    • Secondary market spreads experienced modest tightening in EUR, while central bank action provided a degree of certainty to USD markets which saw spread tightening across payment ranks.
  • Euro Wrap-up

    Euro Wrap-up

    18 March 2022 560 KB PDF
    • Bund made modest gains as euro area labour cost growth slows in Q4 and the goods trade balance recorded a third consecutive deficit in January.
    • Gilts continued yesterday’s rally on a quiet day for UK economic data.
  • US Economic Comment

    US Economic Comment

    18 March 2022 277 KB PDF
    • FOMC: behind the inflation curve, but racing to catch up.
    • New set of risks: war, not Covid.
  • International Fund for Agricultural Development (IFAD) - Issuer Profile
  • US Data Review

    US Data Review

    17 March 2022 219 KB PDF
    • Housing starts: rebound to an elevated level.
    • Industrial production: firm manufacturing activity; weather-related softness at utilities.
  • Euro Wrap-up

    Euro Wrap-up

    17 March 2022 527 KB PDF
    • Bunds made modest losses as euro area inflation in February was revised even higher, but Lagarde reiterated near-term policy flexibility amid the uncertain outlook.
    • Gilts rallied as the BoE raised Bank Rate by 25bps but flagged increased risks to the outlook and tempered its forward guidance on the likelihood of further modest tightening.
  • US Data Review

    US Data Review

    16 March 2022 157 KB PDF
    • Retail sales: downside noise in online activity; mixed results, but up, elsewhere.