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

    30 June 2022 574 KB PDF
    • While French inflation rose to a new multi-decade high and euro area unemployment fell to a new series low, Bunds rallied as German unemployment rose and German retail sales remained soft.
    • Gilts also rallied as data confirmed a further consecutive decline in UK real household disposable income and business surveys again pointed to soft momentum in June.
  • US Data Review

    US Data Review

    29 June 2022 160 KB PDF
    • Revised Q1 GDP: modest adjustment overall, but interesting shifts in components
  • Euro Wrap-up

    Euro Wrap-up

    29 June 2022 494 KB PDF
    • Bunds made large gains as German inflation unexpectedly declined in June, although equivalent data from Spain and Belgium surprised significantly on the upside.
    • Gilts also made gains while a UK survey showed shop price inflation rising to the highest since 2008 as food prices jumped.
  • Euro wrap-up

    Euro wrap-up

    28 June 2022 425 KB PDF
    • While German consumer confidence fell to a post-reunification low, Bunds made significant losses as Christine Lagarde emphasised the need for the ECB to proceed with policy normalisation “in a sustained manner”.
    • Gilts also made significant losses while Scotland’s First Minister announced plans to hold a new referendum on independence from the UK in October 2023, subject first to a judgement by the UK Supreme Court on its legality.
  • US Data Review

    US Data Review

    28 June 2022 231 KB PDF
    • International trade: improvement in May & Q2, but a still-wide deficit
    • Consumer confidence: further deterioration in June
  • European Banks - Credit Update

    European Banks - Credit Update

    27 June 2022 1039 KB PDF
    • The EU Parliament could block inclusion of gas and nuclear in EU taxonomy with a simple majority vote, limiting pragmatic options for meeting decarbonisation targets    
    •  Italy’s Banca Monte dei Paschi eyes standalone turnaround on the back of EUR2.5bn capital increase
    • Issuer access to primary markets has been hampered by volatile conditions. Nevertheless, SSAs and FIGs managed to place deals in a variety of currencies and payment ranks last week
    • Secondary EUR and USD market spreads widened on recession fears as further rate hikes loom
  • US Data Review

    US Data Review

    27 June 2022 151 KB PDF
    • Durable goods orders: nominal bookings advance
    • Equipment spending likely drag on GDP growth in Q2
  • Euro Wrap-up

    Euro Wrap-up

    24 June 2022 571 KB PDF
    • Bunds made losses as Germany’s ifo survey signalled stable business conditions at the end of Q2 but growing expectations of recession ahead.  
    • Gilts also made losses even though UK retail sales fell to a 14-month low and consumer confidence hit a series low.