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

    3 April 2023 246 KB PDF
    • ISM manufacturing: fifth consecutive month of contraction
  • European Banks - Credit Update

    European Banks - Credit Update

    3 April 2023 1075 KB PDF
    • Bank of England comments on UK banking sector resilience, finds UK banks well capitalised and liquid. Elevated CRE exposures mainly found at HSBC due to large Asia lending volumes
    • Major French banks investigated for potential fiscal fraud following dividend-stripping cases
    • Primary market activity concentrated among SSAs and some covered bonds. DCME supports FMO in kick-starting USD market back to life.
    • Secondary market spreads tightened in EUR and to a lesser degree in USD as markets digested recent banking fallout
  • Euro Wrap-up

    Euro Wrap-up

    31 March 2023 684 KB PDF
    • Bunds made gains as the flash March estimate of euro area inflation fell further than expected and the latest German retail sales and jobless claims data were softer than anticipated.
    • Gilts were little changed as UK GDP in Q4 was revised up slightly but house prices marked their sharpest annual decline since 2009.
  • US Economic Comment

    US Economic Comment

    31 March 2023 341 KB PDF
    • PCE Inflation: hints of improvement in February
    • Consumer spending: firm pace of outlays suggests solid performance for Q1 GDP
  • US Data Review

    US Data Review

    30 March 2023 172 KB PDF
    • Revised GDP: modest downward adjustment led by consumer spending
    • Corporate profits: some softening in Q4, but still-strong post-pandemic performance
  • Euro Wrap-up

    Euro Wrap-up

    30 March 2023 295 KB PDF
    • Bunds made losses as flash estimates published by several member states suggested that euro area headline inflation did not fall quite as far as expected in March while core inflation might well have increased further.
    • Gilts followed Bunds lower on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    29 March 2023 485 KB PDF
    • Bunds made modest losses as German consumer confidence rose for the sixth consecutive month, even after Lane suggested that wage growth was not yet showing signs of overshooting the ECB’s projections.
    • Shorter-dated Gilts made modest losses even as data signalled a sharp slowdown in UK mortgage lending.
  • US Data Review

    US Data Review

    28 March 2023 150 KB PDF
    • International trade: both exports and imports contract in February