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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2023

2022

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  • European Banks - Credit Update

    European Banks - Credit Update

    20 September 2022 1291 KB PDF
    • Rising countercyclical capital buffers (CCyB) highlight increasing focus on bank capital. ECB is probing effects of gas stoppages on banks’ capital resilience.
    • High levels of activity in SSA and FIG primary markets driven by concerns of worsening funding conditions further down the line.
    • Secondary market spreads continue to widen across EUR and USD. Last week’s weaker UK data could pave way for 50bps rate hike by BoE.
  • Euro wrap-up

    Euro wrap-up

    20 September 2022 423 KB PDF
    • Bunds made large losses as German producer price inflation smashed expectations and jumped to a new series high, while the euro area’s current account balance registered a record deficit.
    • Ahead of the BoE’s MPC meeting, on a quiet day for top-tier UK economic data, Gilts declined sharply after the Riksbank hiked its policy rate by 100bps.
  • Euro Wrap-up

    Euro Wrap-up

    16 September 2022 673 KB PDF
    • Bunds made losses at the short end of the curve as euro area inflation and German inflation expectations were confirmed at record highs.
    • Longer-dated Gilts made gains as UK retail sales slumped in August, raising the risk of another contraction in GDP in Q3.
  • US Economic Comment

    US Economic Comment

    16 September 2022 301 KB PDF
    • FOMC preview: aggressive in September…and beyond
    • Recent inflation developments: bits of favorable news overwhelmed by the August CPI
  • Euro wrap-up

    Euro wrap-up

    15 September 2022 427 KB PDF
    • Bunds made losses and the curve flattened significantly as the euro area trade deficit hit a new record high, euro area labour cost growth remained firm and the estimates of French inflation were revised up. 
    • Gilts also made losses across the curve but outperformed Bunds at the short end as a BoE survey suggested that medium-term inflation expectations of UK consumers fell significantly last month.
  • Euro Wrap-up

    Euro Wrap-up

    14 September 2022 476 KB PDF
    • With the exception of the short end of the curve, Bunds made gains while euro area industrial production fell markedly in July.
    • Gilts made gains across the curve as UK headline inflation fell back in August but the core measure edged higher.
  • Euro Wrap-up

    Euro Wrap-up

    13 September 2022 488 KB PDF
    • Bunds followed USTs lower despite an extremely downbeat ZEW investor survey.
    • Gilts also followed USTs lower as the UK unemployment rate fell due to higher inactivity while regular wage growth accelerated.
  • Euro Wrap-up

    Euro Wrap-up

    12 September 2022 427 KB PDF
    • On a quieter day for euro area economic data, Bunds made gains and BTPs outperformed, while European wholesale natural gas prices fell to the lowest level in more than a month, as the European Commission continued to develop plans for interventions in EU energy markets.
    • Gilts also made modest gains as UK GDP surprised slightly on the downside in July.