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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  • European Banks - Quarterly ESG Update

    European Banks - Quarterly ESG Update

    4 February 2022 1178 KB PDF
    • ESG bond issuance reached record levels last year and could surpass the EUR1trn mark in 2022.
    • Commission takes pragmatic approach to Taxonomy, classifying gas and nuclear as transitional green activities, which should further develop ESG space in coming years.
    • SLB growth could increasingly include FIG and SSA issuers in 2022 as frameworks develop.
    • Rising inflation and prospect of monetary tightening saw spreads widen in primary and secondary ESG markets in 4Q21.
  • Euro Wrap-up

    Euro Wrap-up

    4 February 2022 499 KB PDF
    • Bunds made further losses, with 5Y yields above zero percent, as German factory orders beat expectations but euro area retail sales fell sharply.
    • Gilts also made significant further losses as UK car registrations remained subdued but a construction survey signalled stronger growth in the sector.
  • US Economic Comment

    US Economic Comment

    4 February 2022 306 KB PDF
    • The robust employment report: believable.
    • Other signs of resilience: supplier deliveries, vehicle sales, inventories.
    • Productivity: a thin cushion against inflation.
  • Euro Wrap-up

    Euro Wrap-up

    3 February 2022 577 KB PDF
    • Euro govvie yields surged today after Christine Lagarde strongly suggested that the ECB’s policy path will be recalibrated next month, implying a more aggressive slowing of net purchases and probable rate lift-off this year.
    • Gilt yields also leaped as the BoE raised rates by 25bps and four out of nine members voted for a hike of 50bps, suggesting that extra tightening is highly likely over the near term.
  • US Data Review

    US Data Review

    3 February 2022 228 KB PDF
    • ISM services: constrained by Omicron.
    • Factory orders: aircraft-led drop in durable orders; petrol-led drop in nondurables.
    • Productivity: surge in Q4; moderate for the year.
  • Euro Wrap-up

    Euro Wrap-up

    2 February 2022 431 KB PDF
    • Bunds made modest losses at the short end as the flash estimate of euro area inflation in January smashed expectations to rise to a new series high.  
    • Gilts followed USTs higher despite a strong survey of UK high-street prices.
  • Euro wrap-up

    Euro wrap-up

    1 February 2022 474 KB PDF
    • Despite a steep decline in German retail sales, Bunds made losses as the euro area unemployment rate fell to a series low and French inflation exceeded expectations.
    • Shorter-dated Gilts made losses as UK house prices accelerated while UK mortgage approvals and consumer credit picked up.
  • US Data Review

    US Data Review

    1 February 2022 302 KB PDF
    • ISM manufacturing: cooling off, but still hot
    • Job openings: still sky high
    • Construction: modest increase led by housing