London & NY Research

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

  • EUROPE

    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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2024

2023

  • European Banks - Credit Update

    European Banks - Credit Update

    27 March 2023 1093 KB PDF
    • Lower securities exposure and higher cash balances limit contagion risk for European banks, while Swiss regulator seeks to clarify steps taken in Credit Suisse intervention
    • Market volatility surrounding Deutsche Bank not deemed justified given its recent clean-up act
    • Primary market activity almost reduced to zero as issuers avoided adverse funding conditions while awaiting monetary policy decisions by the Fed and BoE. Secondary market spreads tightened in EUR and to a lesser degree in USD following regulatory assurances in Europe and the U.S.
  • Euro wrap-up

    Euro wrap-up

    27 March 2023 425 KB PDF
    • Bunds followed the global trend lower, while the German ifo survey signalled an improved recovery momentum, but euro area bank lending numbers reported a record decline in M1 money supply.
    • Gilts also made losses while a UK retail survey signalled signs of resilience at the end of the first quarter.
  • Euro Wrap-up

    Euro Wrap-up

    24 March 2023 340 KB PDF
    • Bunds rallied further despite an upside surprise to the flash euro area PMIs, which implied an acceleration in services activity in March.
    • Gilts also made gains even as UK retail sales significantly beat expectations and the flash PMIs remained consistent with expansion in the services sector.
  • US Data Review

    US Data Review

    24 March 2023 154 KB PDF
    • Durable goods orders: downside volatility in aircraft orders; flat bookings ex. transportation
    • Shipments of nondefense capital goods ex. aircraft suggest a soft quarter for capital spending
  • US Economic Comment

    US Economic Comment

    24 March 2023 281 KB PDF
    • Credit flows: a new focus for market participants
    • A farewell note
  • US Data Review

    US Data Review

    23 March 2023 156 KB PDF
    • New home sales: a soft performance in early 2023
  • Euro Wrap-up

    Euro Wrap-up

    23 March 2023 240 KB PDF

    Bunds followed the global trend higher, while the Commission’s euro area consumer confidence index paused its recent recovery.

    Gilts also rallied following a relatively dovish 25bps hike from the BoE, as the MPC flagged an improvement in the outlooks for both growth and inflation.

  • Euro Wrap-up

    Euro Wrap-up

    22 March 2023 290 KB PDF
    • Ahead of the FOMC decision, Bunds made losses as a speech by ECB President Lagarde pointed to the likelihood of further tightening in May.
    • Gilts made larger losses as UK inflation surprised on the upside, with record increases in food, services and core goods prices for the month of February.