London & NY Research


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


    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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  • US Data Review

    US Data Review

    16 June 2022 142 KB PDF
    • Housing starts: sharp slowing in new construction
  • Euro Wrap-up

    Euro Wrap-up

    16 June 2022 371 KB PDF
    • Gilts sold off, particularly at the short end of the curve, as the BoE raised Bank Rate by 25bps but signalled the possibility of bigger rate hikes ahead.
    • Most euro area government bonds followed Gilts lower as euro area labour costs accelerated, although BTPs made further gains in the aftermath of yesterday’s ECB announcement of plans for a new anti-fragmentation tool.
  • Euro Wrap-up

    Euro Wrap-up

    15 June 2022 442 KB PDF
    • Euro area govvies rallied hard, with BTPs significantly outperforming, as the ECB responded to the recent bond-market sell-off by announcing that it would start work on a new anti-fragmentation tool.
    • Gilts followed euro govvies higher on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    15 June 2022 150 KB PDF
    • Retail sales: price led jump in gasoline sales; restrained spending elsewhere
  • US FOMC Review

    US FOMC Review

    15 June 2022 218 KB PDF
    • FOMC: headed toward restrictive policy...
    • ...and hopeful for a softish landing
  • Euro Wrap-up

    Euro Wrap-up

    14 June 2022 575 KB PDF
    • While a German investor survey suggested a slight moderation of pessimism regarding the outlook, euro area government bonds made losses as Dutch national bank Governor Knot made predictably hawkish remarks underscoring the need for the ECB to keep raising rates in H222.
    • Gilts outperformed again at the short end as UK unemployment ticked up and real regular wage growth fell sharply.
  • European Banks - Weekly Credit Update

    European Banks - Weekly Credit Update

    13 June 2022 1341 KB PDF
    • Stricter liquidity requirements for Switzerland’s systemic banks a credit positive at additional cost
    • Cross-border M&A activity to be facilitated by lower capital requirements on banks
    • Primary market activity was centered on the early part of last week, with FIG and SSA issuance across receiving mixed levels of interest. We continue to see the issuance of junior debt among FIGs
    • Volatile markets and the recent ECB messaging resulted in wider secondary market spreads, predominantly among peripheral lenders
  • Euro Wrap-up

    Euro Wrap-up

    13 June 2022 397 KB PDF
    • Gilts followed other major markets lower but outperformed as UK GDP unexpectedly fell in April.
    • Bunds made significant further losses while BTPs significantly underperformed as investors continued to bet on more aggressive ECB tightening before year-end.