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.

  • US

    Daiwa’s coverage of the US economy from our colleagues in New York

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2023

2022

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  • 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.
  • European Banks - Credit Update

    European Banks - Credit Update

    12 September 2022 1095 KB PDF
    • ECB rate hike, removal of tiering multiple and unchanged TLTRO borrowing conditions give banks temporary arbitrage opportunity.
    • Shorter week in primary market attracted several SSA and FIG deals, the latter of which were mostly confined to senior payment ranks while NIP remained elevated.
    • Secondary market spreads partially tightened in EUR and USD following the ECB meeting. Delayed BoE MPC meeting gives markets more time to contemplate higher rate hike than expected.
  • Euro Wrap-up

    Euro Wrap-up

    9 September 2022 519 KB PDF
    • While French industrial production fell the most in more than a year, Bunds made modest gains but periphery sovereign bonds made losses as reports suggested that the ECB would next month start internal discussions on a possible strategy for quantitative tightening.
    • Gilts made gains as the BoE postponed the forthcoming monetary policy meeting by one week in light of the death of Queen Elizabeth II.
  • US Economic Comment

    US Economic Comment

    9 September 2022 322 KB PDF
    • CPI preview: favorable noise, but still firm underlying pace
    • Household balance sheets: still in reasonably good shape
  • Euro Wrap-up

    Euro Wrap-up

    8 September 2022 399 KB PDF
    • Bunds suffered a massive sell-off, as the ECB hiked rates by 75bps, signalled further tightening “over the next several meetings”, and lifted the interest rate ceiling on government deposits.
    • Gilts also sold off as Liz Truss announced a plan to freeze household energy prices for two years with costs to be borne by the public finances.
  • Euro wrap-up

    Euro wrap-up

    7 September 2022 456 KB PDF
    • Despite an upwards revision to euro area Q2 GDP, Bunds followed USTs higher at the longer end of the curve as German manufacturing output declined at the start of Q3.
    • While sterling’s downtrend resumed, Gilts rallied, particularly at the short end of the curve, as tomorrow’s policy announcement from new PM Liz Truss was expected to reduce inflation significantly over the near term.
  • US Data Review

    US Data Review

    7 September 2022 160 KB PDF
    • International trade: sharp narrowing in the real goods deficit in July
  • US Data Review

    US Data Review

    6 September 2022 155 KB PDF
    • ISM services: a solid performance led by firm order flows