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.

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    Daiwa’s coverage of the US economy from our colleagues in New York

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2022

  • European Banks - Credit Update

    European Banks - Credit Update

    7 March 2022 1016 KB PDF
    • Higher cost of risk and downward pressure on income expected from upcoming bank earnings reports.
    • Primary markets issuance remained muted and only accessed by high quality names.
    • Widening spreads to Bunds resulted in strong demand for the few Euro SSAs that came to market while FIG deals were largely concentrated in USD.
    • Secondary market spreads for Euro denominated senior titles largely tightened as risk assessments provide market with clarity. USD spread remain wide across payment ranks.
  • Euro Wrap-up

    Euro Wrap-up

    7 March 2022 363 KB PDF
    • Bunds made losses despite a significant deterioration in a survey of euro area investor sentiment, for which the index of expectations for six months ahead fell the most on the series to its lowest level since the euro crisis.
    • Gilts made larger losses as the BoE commenced QT with £28bn of its Gilt holdings maturing without reinvesting proceeds, and markets priced in rate hikes of 25bps at every MPC meeting from March to September.   
  • US Data Review

    US Data Review

    4 March 2022 199 KB PDF
    • Job growth: robust and broadly based.
  • Euro Wrap-up

    Euro Wrap-up

    4 March 2022 578 KB PDF
    • Amid concerns about the safety of Ukraine’s nuclear facilities, Bunds rallied, while data on euro area retail sales and German trade disappointed.
    • Gilts also rallied while UK car sales remained weak but a construction survey pointed to firm growth.
  • US Economic Comment

    US Economic Comment

    4 March 2022 371 KB PDF
    • Despite growth risks, broad-based inflation leads the Fed to remove
    • accommodation.
    • Slow progress in removing supply-side sources of inflation.
  • US Data Review

    US Data Review

    3 March 2022 218 KB PDF
    • ISM services: disappointing results in all four components.
    • Factory orders: upward trends continue, at least partly due to higher prices.
    • Revised productivity: modest adjustment to productivity; labor comp slightly firmer.
  • Euro Wrap-up

    Euro Wrap-up

    3 March 2022 524 KB PDF
    • After a day of volatility amid a scarcity of certain securities, Bunds eventually ended the day higher despite another big increase in euro area producer price inflation and a fall in the euro area unemployment rate to a record low.
    • Gilts made further losses as a BoE survey signalled higher business inflation expectations.
  • Euro wrap-up

    Euro wrap-up

    2 March 2022 515 KB PDF
    • Bunds reversed some of yesterday’s gains as flash euro area inflation figures exceeded initial expectations, wholesale oil and gas prices jumped sharply, and the German labour market continued to improve.  
    • Gilts also made losses after MPC members signalled their preference for further rate hikes, and UK data pointed to stronger shop and home prices.