London & NY Research


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


    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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  • Euro wrap-up

    Euro wrap-up

    21 February 2023 312 KB PDF
    • Bunds made significant losses as the flash euro area PMIs beat expectations suggesting a rebound in economic activity.
    • Despite a weak CBI industrial survey, Gilts made even more substantive losses as the flash UK also surprised significantly on the upside.
  • Euro Wrap-up

    Euro Wrap-up

    17 February 2023 301 KB PDF
    • Bunds reversed initial losses as hawkish commentary from ECB’s Schnabel was followed by cautions from BoF Governor Villeroy that recent market-implied interest expectations had been excessively volatile.  
    • Gilts made losses as UK retail sales beat expectations in January, albeit maintaining a downwards trend as households purchasing power continued to be eroded.
  • US Economic Comment

    US Economic Comment

    17 February 2023 303 KB PDF
    • Consumer prices: numerous “transitory” changes; still-brisk underlying pace
    • Will slow money growth tame inflation?
  • US Data Review

    US Data Review

    16 February 2023 226 KB PDF
    • Housing starts: drops in both multi and single-family activity
    • Producer prices: broad-based pressure
  • Euro wrap-up

    Euro wrap-up

    15 February 2023 303 KB PDF
    • Bunds followed USTs lower despite today’s data confirming the further retrenchment in euro area energy-intensive manufacturing production, as well as a slump in goods exports at the end of 2022.
    • Gilts made sizeable gains as UK inflation surprised on the downside at the start of 2023, with core inflation down to the lowest rate since June.
  • US Data Review

    US Data Review

    14 February 2023 151 KB PDF
    • CPI: little additional deceleration
  • Euro Wrap-up

    Euro Wrap-up

    14 February 2023 434 KB PDF
    • Bunds made losses as data confirmed another firm rise in euro area employment in Q4 and ECB hawks continued to flag the possibility of another “significant” rate hike in March.
    • Gilts made sizeable losses as strong growth in UK regular wages increased expectations of further near-term BoE monetary tightening.
  • European Banks - Credit Update

    European Banks - Credit Update

    13 February 2023 1172 KB PDF
    • Further 4Q22 earnings results of European banks continue to be mostly positive, with Credit Suisse the big outlier, underperforming relative to already low expectations
    • Primary market activity was busy for SSAs and FIGs. DCME supported two SSA transactions last week while FIGs continue to take advantage of benign conditions to move into riskier sub-debt
    • Secondary market spreads widened somewhat, particularly in EUR while USD held relatively firm. The week ahead brings a number of key UK economic data releases and more bank earnings