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 Data Review

    US Data Review

    24 June 2022 156 KB PDF
    • New home sales: a modest rebound, but decreased affordability remains a key headwind
  • US Economic Comment

    US Economic Comment

    24 June 2022 314 KB PDF
    • Price pressures: demand side versus supply-side
  • Euro Wrap-up

    Euro Wrap-up

    23 June 2022 509 KB PDF
    • Bunds rallied as the flash euro area PMIs missed expectations, signalling a notable slowdown in economic activity amid a reported drop in demand.
    • Gilts also made big gains as the flash UK PMIs suggested a weakening in new orders, while public borrowing rose above expectations due to a marked impact of high inflation on debt interest payments.
  • Euro Wrap-up

    Euro Wrap-up

    22 June 2022 494 KB PDF
    • Bunds rallied as euro area consumer confidence fell to the second-lowest level on the series.
    • Gilts also made big gains as UK CPI inflation inched to a new multi-decade high but core inflation fell for the first time in eight months.
  • Euro Wrap-up

    Euro Wrap-up

    20 June 2022 502 KB PDF
    • Bunds made losses as German producer price inflation rose to a new series high, while French OATs underperformed only slightly after Macron lost his party’s national assembly majority.
    • Gilts also made losses, as external MPC member Catherine Mann reiterated her preference for a faster pace of BoE rate hikes to tackle growing inflationary pressures, not least those related to sterling weakness.
  • European Banks - Credit Update

    European Banks - Credit Update

    20 June 2022 994 KB PDF
    • According to EBA data, FIG issuers still have MREL shortfalls to contend with. Paired with volatile market conditions and spread widening, this may impact issuance strategies over coming quarters
    • Primary market issuers mostly stayed away from markets over the past week as they digested monetary policy decisions by the ECB, Fed, SNB and BoE
    • Secondary market spreads and CDS price indicators continued to go wider across EUR and USD
  • Euro Wrap-up

    Euro Wrap-up

    17 June 2022 552 KB PDF
    • While May’s series high for euro area inflation was confirmed, Bunds made gains and BTPs continued to outperform following reports that the ECB Governing Council will discuss proposals for its new anti-fragmentation tool as soon as July.
    • Shorter-dated Gilts followed USTs lower on a quiet day for economic news from the UK.
  • US Economic Comment

    US Economic Comment

    17 June 2022 295 KB PDF
    • Chair Powell: “strongly committed to bringing inflation back down”…
    • … and “moving expeditiously to do so.”
    • But also raising the probability of recession