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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2024

2023

  • Euro Wrap-up

    Euro Wrap-up

    4 May 2023 315 KB PDF
    • Bunds followed USTs higher, while the ECB reduced the pace of tightening to 25bps but also signalled that it would stop APP reinvestments from July.
    • Despite an upside surprise to the final UK services PMIs, Gilts also made gains as mortgage lending slowed sharply.
  • European Banks - Quarterly ESG Update

    European Banks - Quarterly ESG Update

    3 May 2023 709 KB PDF
    • ESG bond issuance volumes in 2023 on track to eclipse previous years’ volumes
    • Social and sustainable bonds poised for growth as multitude of global social and economic challenges call for increased support programmes that will advance progress towards UN SDGs
    • Primary market volumes of FIGs and SSAs set for growth. Combination of green and social themes will support FIG issuance while social mandates and inaugural transactions will boost SSA volumes
    • Secondary market spreads and greeniums recovered in 1Q23 for the most part but also displayed sensitivity to the recent banking sector turmoil
  • US FOMC Review

    US FOMC Review

    3 May 2023 116 KB PDF

    FOMC: shift to data-dependent approach; still attentive to inflation risks

  • Euro wrap-up

    Euro wrap-up

    2 May 2023 363 KB PDF
    • Bunds followed USTs higher while euro area core inflation edged lower and the ECB’s bank lending survey reported a significant tightening of credit conditions.
    • Gilts also made gains as a survey suggested a slight softening of UK shop-price inflation while UK home prices unexpectedly rose for the first time in eight months.
  • Euro Wrap-up

    Euro Wrap-up

    28 April 2023 635 KB PDF
    • Bunds rallied as euro area economic output edged up in Q1 but Germany’s GDP failed to grow while its inflation declined again.
    • Gilts also made gains on a quiet day for economic news from the UK.
  • US Economic Comment

    US Economic Comment

    28 April 2023 310 KB PDF

    FOMC preview: hike of 25 basis points anticipated, spurred by latest inflation data

  • US Data Review

    US Data Review

    27 April 2023 157 KB PDF
    • Q1 GDP: headline restrained by drag from inventory investment; solid final demand
    • Inflation remained brisk
  • Euro Wrap-up

    Euro Wrap-up

    27 April 2023 556 KB PDF
    • Bunds followed USTs lower, even as the European Commission’s economic survey implied a more muted economic recovery than the PMIs had done and the price expectations moderated further.  
    • Gilts also made losses on a quiet day for UK economic data.