London & NY Research


    Daiwa Europe’s market-leading research on the Japanese economy.


    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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  • Euro Wrap-up

    Euro Wrap-up

    10 March 2023 578 KB PDF
    • As investors responded to signs of financial stress at SVB, Bunds followed USTs sharply higher, while final German inflation data for February provided no surprises. 
    • Gilts also rallied hard despite a modest upside surprise to UK GDP growth in January.
  • US Economic Comment

    US Economic Comment

    10 March 2023 285 KB PDF
    • Labour market: hints (but only hints) of supply/demand rebalancing
    • Interest rates: a long-term perspective
  • US Data Review

    US Data Review

    10 March 2023 211 KB PDF
    • Employment: brisk payroll growth in Feb after a surge of 504,000 in January
    • Wage growth: subdued increase
  • US Data Review

    US Data Review

    8 March 2023 226 KB PDF
    • Trade balance: nominal goods deficit narrows slightly; services surplus narrows
    • Job opening: down in January, but signaling still-firm demand for labor
  • Euro Wrap-up

    Euro Wrap-up

    8 March 2023 274 KB PDF
    • While German IP data beat expectations, Bunds followed USTs higher as euro area Q4 GDP growth was revised down, German retail sales continued to decline, and an ECB dove restated the need for policy to be data-dependant and determined on a meeting-by-meeting basis.
    • Gilts also made gains as a survey pointed to a further moderation in UK jobs growth.
  • European Banks - Credit Update

    European Banks - Credit Update

    6 March 2023 1260 KB PDF
    • European Green Bond Standard takes shape as co-legislators reach political consensus and compromise on key details.
    • Limited primary market activity among SSAs, while FIGs continue to front-load funding requirements in a relatively conducive market.
    • Secondary market spreads continued to widen in EUR as the market expects more rate hikes in the near term, while USD spreads tighten slightly.
  • Euro Wrap-up

    Euro Wrap-up

    6 March 2023 253 KB PDF
    • Despite some soft euro area retail sales data, Bunds made losses as ECB hawk Holzmann called for a cumulative 200bps of additional rate hikes through to July.
    • Gilts also made losses as the UK construction PMI surprised on the upside. 
  • Euro wrap-up

    Euro wrap-up

    3 March 2023 326 KB PDF
    • Bunds made gains as euro area headline PPI inflation fell sharply in January on lower energy prices, even though the detail hinted at a possible second-wind in certain core goods prices.  
    • Gilts made modest gains as reports suggested that the Chancellor will maintain the UK government’s Energy Price Guarantee from April, which will help lower profile of inflation ahead.