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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2021

2020

  • European Banks - Credit Update

    European Banks - Credit Update

    22 November 2021 1222 KB PDF
    • BBVA to acquire remaining stake in Turkish subsidiary despite domestic volatility.
    • UK Green Finance Roadmap holds many opportunities for UK firms, if implemented successfully.
    • Primary market issuance picks up but issuers struggle to tighten pricing by much as funding conditions remain challenging. Risk indicators remain elevated compared to prior months while Covid restrictions re-emerge, adding further pressure on secondary market spreads widening.
  • US Data Review

    US Data Review

    22 November 2021 153 KB PDF
    • Existing home sales: recovering.
  • Euro Wrap-up

    Euro Wrap-up

    19 November 2021 583 KB PDF
    • Despite another big upside surprise in the German producer price inflation, Bunds rallied after Germany and Austria tightened lockdown restrictions in the face of sharply rising coronavirus cases.
    • Gilts also made significant gains despite a return to growth in retail sales and a rise in consumer confidence, while BoE Chief Economist Pill stated that he was still undecided about how he will vote at next month’s MPC.
  • US Economic Comment

    US Economic Comment

    19 November 2021 291 KB PDF
    • Inflation expectations: stirring, but not surging.
    • Biden fiscal policy: restrictive, stimulative, or neutral?

     

  • US Data Review

    US Data Review

    17 November 2021 151 KB PDF
    • Housing starts: single-family continues to soften; multi-family remains firm.
  • Euro Wrap-up

    Euro Wrap-up

    17 November 2021 450 KB PDF
    • While comments from ECB Board member Schnabel were more hawkish than of late, Bunds were little changed today as euro area CPI inflation was unrevised matching the euro-era high, but core inflation was a touch softer.
    • Gilts made gains despite a significant upside surprise to UK inflation, with headline and core CPI rates rising to their highest in a decade.
  • US Data Review

    US Data Review

    16 November 2021 234 KB PDF
    • Retail sales: higher prices played a role, but gains in real terms as well
    • Industrial production: a rebound from hurricane effects and firm underlying activity
  • Euro wrap-up

    Euro wrap-up

    16 November 2021 412 KB PDF
    • Bunds made gains despite confirmation of a pickup in German and euro area job growth in Q3.
    • Despite a moderation in UK pay growth, Gilts made losses as payrolls and job vacancies continued to rise after the end of the furlough scheme.