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

    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
  • Euro Wrap-up

    Euro Wrap-up

    17 June 2022 552 KB PDF
    • While May’s series high for euro area inflation was confirmed, Bunds made gains and BTPs continued to outperform following reports that the ECB Governing Council will discuss proposals for its new anti-fragmentation tool as soon as July.
    • Shorter-dated Gilts followed USTs lower on a quiet day for economic news from the UK.
  • US Economic Comment

    US Economic Comment

    17 June 2022 295 KB PDF
    • Chair Powell: “strongly committed to bringing inflation back down”…
    • … and “moving expeditiously to do so.”
    • But also raising the probability of recession
  • US Data Review

    US Data Review

    16 June 2022 142 KB PDF
    • Housing starts: sharp slowing in new construction
  • Euro Wrap-up

    Euro Wrap-up

    16 June 2022 371 KB PDF
    • Gilts sold off, particularly at the short end of the curve, as the BoE raised Bank Rate by 25bps but signalled the possibility of bigger rate hikes ahead.
    • Most euro area government bonds followed Gilts lower as euro area labour costs accelerated, although BTPs made further gains in the aftermath of yesterday’s ECB announcement of plans for a new anti-fragmentation tool.
  • Euro Wrap-up

    Euro Wrap-up

    15 June 2022 442 KB PDF
    • Euro area govvies rallied hard, with BTPs significantly outperforming, as the ECB responded to the recent bond-market sell-off by announcing that it would start work on a new anti-fragmentation tool.
    • Gilts followed euro govvies higher on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    15 June 2022 150 KB PDF
    • Retail sales: price led jump in gasoline sales; restrained spending elsewhere
  • US FOMC Review

    US FOMC Review

    15 June 2022 218 KB PDF
    • FOMC: headed toward restrictive policy...
    • ...and hopeful for a softish landing