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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  • European Banks - Credit Update

    European Banks - Credit Update

    6 February 2023 1158 KB PDF
    • 4Q22 earnings results of European banks have so far mostly been positive, exceeding consensus analyst views. The profit outlook remains firm in light of the constructive rates environment
    • Primary markets largely muted for FIGs as the earnings season continued, with a few SSA deals continuing to supply the market with Sterling bonds
    • Secondary market spreads tightened in EUR and USD as market optimism about the inflation and rate outlook improved
  • US Data Review

    US Data Review

    3 February 2023 224 KB PDF
    • Employment: strong payroll growth
    • Growth of average hourly earnings decelerates, but still brisk
    • ISM services: back within a comfortable range
  • US Economic Comment

    US Economic Comment

    3 February 2023 287 KB PDF
    • Productivity: the neglected piece of the inflation puzzle
    • What was Powell’s message?
    • The strong (even remarkable) labor market
  • Euro Wrap-up

    Euro Wrap-up

    2 February 2023 653 KB PDF
    • Euro area govvies made big gains, as the ECB raised rates by 50bps today, stated that it intends to hike by a further 50bps in March, but also judged the inflation outlook to be ‘more balanced’.
    • Gilts also rallied as the BoE raised rates by a further 50bps but suggested that the end of the tightening cycle might be near.
  • US Data Review

    US Data Review

    2 February 2023 216 KB PDF
    • Nonfarm productivity: solid advance in Q4, but a soft performance for 2022 as a whole
    • Factory orders: noise from aircraft and petroleum; mixed elsewhere
  • Euro Wrap-up

    Euro Wrap-up

    1 February 2023 599 KB PDF
    • Despite a downside surprise to euro area headline inflation and a second successive increase in unemployment, Bunds made modest losses as core inflation remained sticky at the series high.  
    • Gilts made very minimal gains as a survey signalled an acceleration in UK shop price inflation, but Nationwide reported the longest losing streak in house prices since the global financial crisis.
  • US FOMC Review

    US FOMC Review

    1 February 2023 124 KB PDF
    • FOMC: not finished
  • US Data Review

    US Data Review

    31 January 2023 151 KB PDF
    • Employment cost index: slower in Q4, but still brisk