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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  • Euro Wrap-up

    Euro Wrap-up

    11 November 2021 454 KB PDF
    • Gilts were little changed as UK Q3 GDP data fell slightly short of expectations, thus likely leaving the BoE’s December monetary policy a very close call.
    • Bunds made losses as the ECB’s Austrian hawk Holzmann said that the bank’s net bond purchases could end as soon as next September but the European Commission forecast euro area inflation to be below 2% in 2023.
  • US Data Review

    US Data Review

    10 November 2021 150 KB PDF
    • Consumer prices: upside surprise in October.
  • European Banks - Quarterly ESG Update

    European Banks - Quarterly ESG Update

    10 November 2021 1094 KB PDF
    • ESG-themed bonds continue their growth trajectory compared to last year.
    • Sustainable taxonomies emerging around the world are mostly referencing the EU ruleset as a benchmark. The Common Ground Taxonomy, developed by the EU and China, is an attempt to prevent a global standard-setting race whilst seeking global harmonisation of frameworks.
    • Primary markets in 3Q21 saw largely senior issuance, with sterling gaining ground on its peers.
  • Euro wrap-up

    Euro wrap-up

    9 November 2021 462 KB PDF
    • While the ZEW survey pointed to greater optimism about the economic outlook and a French survey suggested firm GDP growth in Q4, Bunds made gains as German exports fell again and a survey of German retailers flagged expectations of ongoing supply bottlenecks through to mid-2022.
    • Gilts made significant losses at the shorter end of the curve but made gains at the long end amid evidence of ongoing UK consumer spending growth into Q4.
  • Euro wrap-up

    Euro wrap-up

    5 November 2021 558 KB PDF
    • Bunds gained as German industrial output fell to a 13-month low and euro area retail sales also dropped, while Governing Council hawk Holzmann stated that a rate hike in 2022 would be inconsistent with ECB guidance.
    • Despite a strong UK labour market survey, Gilts made further gains as BoE Chief Economist Pill said yesterday’s rate decision was ‘finely balanced’ but MPC dove Tenreyro cautioned against an early hike.
  • US Data Review

    US Data Review

    5 November 2021 305 KB PDF
    • Employment: marked improvement
  • US Economic Comment

    US Economic Comment

    5 November 2021 298 KB PDF
    • Powell on inflation: pandemic driven.
    • Tapering and Treasury supply: favorable balance near term, but only near term.
  • Euro Wrap-up

    Euro Wrap-up

    4 November 2021 518 KB PDF
    • Gilts recorded massive gains as the BoE surprised the market by keeping Bank Rate and its QE programme unchanged.  
    • Despite a further jump in euro area PPI inflation, Bunds followed Gilts higher as German factory orders fell short of expectations and the final services PMI confirmed a slowdown at the start of Q4.