London & NY Research

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

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    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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2022

2021

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  • US FOMC Review

    US FOMC Review

    16 March 2022 218 KB PDF
    • FOMC: focused on inflation
  • Euro wrap-up

    Euro wrap-up

    15 March 2022 699 KB PDF
    • Bunds made sizeable gains as oil prices fell again, and a survey of investors reported a marked deterioration in perceptions of the economic outlook and a sharp rise in inflation concerns.
    • Gilts made more modest gains as the latest UK labour market data suggested increasing tightness supporting the case for another rate hike.
  • US Data Review

    US Data Review

    15 March 2022 151 KB PDF
    • Producer prices: a break in service prices; goods prices continue to climb
  • European Banks - Credit Update

    European Banks - Credit Update

    14 March 2022 985 KB PDF
    • More banks disclose details on their exposures to Russia and Ukraine, showcasing manageable levels while highlighting concerns surrounding cyber risk and business retention.
    • Primary markets were closed for Euro and Sterling among FIGs while a slew of covered bond issuance highlighted their appeal as a ‘rainy day’ asset class.
    • Secondary market spreads for Euro continued to experience headline-driven volatility, with widening across payment ranks, albeit at a significantly lower rate than their USD counterparts.
  • Euro Wrap-up

    Euro Wrap-up

    11 March 2022 529 KB PDF
    • Bunds made further modest losses as today’s ECB commentary largely echoed the main messages of yesterday’s hawkish policy decision.
    • Gilts were little changed despite an upside surprise to UK GDP growth in January and a BoE survey indicating a big pickup in household inflation expectations for the coming couple of years. 
  • US Economic Comment

    US Economic Comment

    11 March 2022 371 KB PDF
    • FOMC preview: higher rates in March; looking for guidance thereafter.
    • Recession risks: US likely to weather the storm.
  • US Data Review

    US Data Review

    10 March 2022 154 KB PDF
    • CPI: another broad-based increase.
  • Euro Wrap-up

    Euro Wrap-up

    10 March 2022 538 KB PDF
    • Bunds made big losses and periphery bonds significantly underperformed as the ECB slowed its pace of net purchases in Q2 more abruptly than previously planned, and gave itself an option to end purchases in Q3 and raise rates before year-end.
    • Gilts made sizeable gains at the short end of the curve despite surveys suggesting that the UK’s housing and labour markets remain very tight.