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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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2023

2022

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  • Euro Wrap-up

    Euro Wrap-up

    11 May 2023 311 KB PDF
    • Gilts made significant gains even as the BoE increased Bank Rate by a further 25bps and significantly revised up its projections for GDP and inflation.
    • Bunds also made gains despite a significant increase in euro area household inflation expectations reported in the ECB’s latest consumer survey.
  • US Data Review

    US Data Review

    10 May 2023 165 KB PDF
    • CPI: energy up modestly; food prices flat; brisk increase in core
  • European Banks - Credit Update

    European Banks - Credit Update

    9 May 2023 622 KB PDF
    • 1Q23 earnings results of European banks continue to be positive and above expectations. Differences emerge from banks’ forward guidance, with some raising targets while others held a more conservative outlook for the rest of 2023
    • Limited primary market activity for SSAs and FIGs. The latter saw issuance from mostly highly rated entities, with short-dated senior trades. EUR funding currently holds a cost advantage over USD
    • Continued U.S. banking sector turmoil contributed to wider secondary market spreads for issuers
  • Euro Wrap-up

    Euro Wrap-up

    5 May 2023 343 KB PDF
    • Bunds followed USTs lower despite some very weak data for euro area retail sales and German factory orders.
    • Gilts also made losses while a UK construction survey pointed to modestly positive growth in the sector.
  • US Economic Comment

    US Economic Comment

    5 May 2023 317 KB PDF
    • April employment: solid payroll growth
    • Tight labor-market conditions generate ongoing wage pressure
    • The banking sector: stress likely to impact real economy
  • 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