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

    27 June 2022 151 KB PDF
    • Durable goods orders: nominal bookings advance
    • Equipment spending likely drag on GDP growth in Q2
  • Euro Wrap-up

    Euro Wrap-up

    24 June 2022 571 KB PDF
    • Bunds made losses as Germany’s ifo survey signalled stable business conditions at the end of Q2 but growing expectations of recession ahead.  
    • Gilts also made losses even though UK retail sales fell to a 14-month low and consumer confidence hit a series low.
  • US Data Review

    US Data Review

    24 June 2022 156 KB PDF
    • New home sales: a modest rebound, but decreased affordability remains a key headwind
  • US Economic Comment

    US Economic Comment

    24 June 2022 314 KB PDF
    • Price pressures: demand side versus supply-side
  • Euro Wrap-up

    Euro Wrap-up

    23 June 2022 509 KB PDF
    • Bunds rallied as the flash euro area PMIs missed expectations, signalling a notable slowdown in economic activity amid a reported drop in demand.
    • Gilts also made big gains as the flash UK PMIs suggested a weakening in new orders, while public borrowing rose above expectations due to a marked impact of high inflation on debt interest payments.
  • Euro Wrap-up

    Euro Wrap-up

    22 June 2022 494 KB PDF
    • Bunds rallied as euro area consumer confidence fell to the second-lowest level on the series.
    • Gilts also made big gains as UK CPI inflation inched to a new multi-decade high but core inflation fell for the first time in eight months.
  • Euro Wrap-up

    Euro Wrap-up

    20 June 2022 502 KB PDF
    • Bunds made losses as German producer price inflation rose to a new series high, while French OATs underperformed only slightly after Macron lost his party’s national assembly majority.
    • Gilts also made losses, as external MPC member Catherine Mann reiterated her preference for a faster pace of BoE rate hikes to tackle growing inflationary pressures, not least those related to sterling weakness.
  • European Banks - Credit Update

    European Banks - Credit Update

    20 June 2022 994 KB PDF
    • According to EBA data, FIG issuers still have MREL shortfalls to contend with. Paired with volatile market conditions and spread widening, this may impact issuance strategies over coming quarters
    • Primary market issuers mostly stayed away from markets over the past week as they digested monetary policy decisions by the ECB, Fed, SNB and BoE
    • Secondary market spreads and CDS price indicators continued to go wider across EUR and USD