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

    14 June 2022 575 KB PDF
    • While a German investor survey suggested a slight moderation of pessimism regarding the outlook, euro area government bonds made losses as Dutch national bank Governor Knot made predictably hawkish remarks underscoring the need for the ECB to keep raising rates in H222.
    • Gilts outperformed again at the short end as UK unemployment ticked up and real regular wage growth fell sharply.
  • European Banks - Weekly Credit Update

    European Banks - Weekly Credit Update

    13 June 2022 1341 KB PDF
    • Stricter liquidity requirements for Switzerland’s systemic banks a credit positive at additional cost
    • Cross-border M&A activity to be facilitated by lower capital requirements on banks
    • Primary market activity was centered on the early part of last week, with FIG and SSA issuance across receiving mixed levels of interest. We continue to see the issuance of junior debt among FIGs
    • Volatile markets and the recent ECB messaging resulted in wider secondary market spreads, predominantly among peripheral lenders
  • Euro Wrap-up

    Euro Wrap-up

    13 June 2022 397 KB PDF
    • Gilts followed other major markets lower but outperformed as UK GDP unexpectedly fell in April.
    • Bunds made significant further losses while BTPs significantly underperformed as investors continued to bet on more aggressive ECB tightening before year-end.
  • US Data Review

    US Data Review

    10 June 2022 238 KB PDF
    • Consumer prices: broad-based pressure


  • US Economic Comment

    US Economic Comment

    10 June 2022 309 KB PDF
    • FOMC preview: suddenly interesting
    • The uncertain effects of QT
    • Inflation weighs on consumer attitudes
  • Euro Wrap-up

    Euro Wrap-up

    9 June 2022 542 KB PDF
    • Bunds sold off and BTPs significantly underperformed as the ECB pre-committed to a 25bps rate hike in July and signalled the strong likelihood of a 50bps hike in September and further tightening thereafter.
    • Gilts also made significant losses but a UK housing survey suggested a moderation of momentum in the market.
  • Euro Wrap-up

    Euro Wrap-up

    8 June 2022 319 KB PDF
    • Bunds reversed yesterday’s gains as euro area GDP growth in Q1 was revised up and German industrial production registered positive growth in April.
    • Gilts also made losses as the UK construction PMIs signalled ongoing growth, albeit moderating, in the sector.
  • Euro Wrap-up

    Euro Wrap-up

    7 June 2022 454 KB PDF
    • Bunds made gains and BTPs rallied as German new factory orders fell for a third successive month in April to a fifteen-month low.
    • After 148 of Johnson’s MPs voted against him in yesterday’s no-confidence vote, Gilts also made gains as a BRC survey signalled weak UK retail sales in May but the services PMIs were revised up.