London & NY Research


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


    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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  • Euro Wrap-up

    Euro Wrap-up

    30 May 2022 488 KB PDF
    • Bunds and other euro area government bonds sold off as the flash German and Spanish estimates of inflation in May significantly beat expectations.
    • Gilts followed Bunds lower on a quiet start to the week for UK economic news.
  • European Banks - Weekly Credit Update

    European Banks - Weekly Credit Update

    30 May 2022 1207 KB PDF
    • ECB Financial Stability Review finds deteriorating financial conditions in Eurosystem
    • No adjustment to TLTRO deposit tiering multiplier expected as forthcoming ECB rate hikes will largely mitigate hit to bank profitability once favourable funding conditions end in late June
    • Primary market activity sees sovereign issuers return to markets while FIG issuance extends into sub debt category. Secondary market spreads tighten for both EUR and USD bonds outstanding
  • Euro Wrap-up

    Euro Wrap-up

    27 May 2022 575 KB PDF
    • Longer-dated Bunds followed USTs higher while data suggested a slowing in longer-term lending to euro area businesses.
    • Gilts also made gains on a day with no top-tier UK data releases.
  • US Data Review

    US Data Review

    27 May 2022 221 KB PDF
    • Consumer inflation: energy prices ease, food prices surge, core rises moderately
    • Real consumer spending: a strong advance in April sets the stage for firm growth in Q2
    • International trade: sharp narrowing in goods deficit
  • US Economic Comment

    US Economic Comment

    27 May 2022 372 KB PDF
    • U.S. economy: favorable prospects for Q2 after a slow Q1...
    • ...bigger challenges thereafter
    • QT: unwinding a massive program
  • Euro Wrap-up

    Euro Wrap-up

    26 May 2022 421 KB PDF
    • Gilts made losses as the UK government belatedly announced new fiscal support for households to cope with the impact of higher energy prices, part-funded by a levy on oil and gas firm profits.   
    • Bunds largely made losses but BTPs made gains even as Italian consumer confidence improved.
  • US Data Review

    US Data Review

    26 May 2022 158 KB PDF
    • Revised Q1 GDP: consumer spending revised upward; downward adjustments elsewhere
  • US Data Review

    US Data Review

    25 May 2022 151 KB PDF
    • Durable goods orders: modest gain in April; little net change in 2022 thus far