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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  • US FOMC Review

    US FOMC Review

    25 May 2022 111 KB PDF
    • FOMC minutes: generally hawkish, but a few possibly friendly elements
  • Euro Wrap-up

    Euro Wrap-up

    24 May 2022 538 KB PDF
    • Bunds made gains as the flash euro area PMIs slipped back in May, albeit still pointing to solid expansion and substantial price pressures, while negotiated wages accelerated in Q1.
    • Gilts made sizeable gains as the flash UK PMIs slumped in May amid weakening demand amid higher livings costs and Brexit.
  • US Data Review

    US Data Review

    24 May 2022 156 KB PDF
    • New home sales: activity slumps in response to higher interest rate
  • European Banks - Credit Update

    European Banks - Credit Update

    23 May 2022 1040 KB PDF
    • REPowerEU could spur further sustainable bond issuance by EU under its NGEU programme
    • Primary markets kicked back in gear as FIG issuers took advantage of favourable funding windows, including sub-investment grade entities. SSA volumes also met market expectations
    • Secondary market spreads tightened for EUR deals over the last week while USD deals continued to see modest widening
  • Euro Wrap-up

    Euro Wrap-up

    23 May 2022 376 KB PDF
    • Bunds made losses as ECB President Lagarde signalled that two interest rate hikes should be expected in Q3, with additional tightening likely to be required thereafter.
    • Gilts also made losses despite commentary from Governor Bailey that future BoE policy tightening would need to make allowance for the hit to demand from higher living costs.
  • CaixaBank - Issuer Profile

    CaixaBank - Issuer Profile

    20 May 2022 840 KB PDF
  • Caisse des Dépôts et Consignations (CDC) - Issuer Profile
  • Euro Wrap-up

    Euro Wrap-up

    20 May 2022 549 KB PDF
    • While German producer price inflation again exceeded expectations, Bunds made gains at the shorter end of the curve, as euro area consumer confidence remained weak.
    • While UK consumer confidence hit a record low, Gilts made losses as retail sales surprisingly rose in April.