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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  • Euro wrap-up

    Euro wrap-up

    15 February 2022 438 KB PDF
    • With risk appetite benefiting from a de-escalation of tensions on the Russia/Ukraine border, Bunds made losses while euro area employment returned to its pre-pandemic level and investors were more upbeat about the near-term German economic outlook.
    • Shorter-dated Gilts also made modest losses as the latest UK economic data implied a tight labour market despite a drop in employment. 
  • European Banks - Credit Update

    European Banks - Credit Update

    14 February 2022 1402 KB PDF
    • Phasing out of ECB capital and liquidity support measures in 2022 should not adversely affect banks
    • Primary markets remained activate last week with banks emerging from earnings season
    • Funding conditions remain challenging in light of inflationary pressure and central bank monetary policy. Risk indicators remain elevated compared to prior months. EUR secondary market spreads ease somewhat after widening in recent weeks
  • Euro Wrap-up

    Euro Wrap-up

    11 February 2022 660 KB PDF
    • Bunds ended the day little changed after Christine Lagarde made the case for a gradual adjustment to ECB monetary policy.
    • Gilts followed USTs lower as UK Q4 GDP broadly met expectations with growth of 1.0%Q/Q despite only a modest drop in output in December.
  • US Economic Comment

    US Economic Comment

    11 February 2022 324 KB PDF
    • Inflation and consumer attitudes
    • Bright spots in the deteriorating trade balance
    • Favorable budget news (of sorts)
  • US Data Review

    US Data Review

    10 February 2022 154 KB PDF
    • CPI: continued pressure in January.
  • Euro Wrap-up

    Euro Wrap-up

    9 February 2022 460 KB PDF
    • While Bundesbank President Nagel suggested he favoured an ECB rate hike by year-end, Bunds made gains as Germany's trade surplus shrank markedly.
    • While PM Johnson signalled an end to all English Covid-19 restrictions in February, Gilts followed USTs higher as Chief Economist Pill suggested the BoE might not start active Gilt sales as soon as Bank Rate gets to 1%.
  • US Data Review

    US Data Review

    8 February 2022 151 KB PDF
    • International trade: revival in services
  • Euro Wrap-up

    Euro Wrap-up

    7 February 2022 404 KB PDF
    • Bunds and BTPs made gains at the short end of the curve but made losses at the long end as Christine Lagarde stated that any adjustment to rates would be gradual and the ECB would use all tools to ensure effective monetary policy transmission.
    • Gilts were little changed on a quiet day for UK economic news.