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

    23 February 2022 427 KB PDF
    • Bunds made losses at the short end of the curve, but made gains at the long end, as euro area inflation was confirmed at a series high but German consumer confidence deteriorated to a nine-month low.
    • Gilts made gains at the short end as dovish BoE MPC member Sylvia Tenreyro said that “only a small amount of policy tightening” is required.
  • Euro wrap-up

    Euro wrap-up

    22 February 2022 484 KB PDF
    • Bunds made losses as initial financial sanctions against Russian interests underwhelmed and the latest ifo survey signalled a broad-based improvement in German business optimism.
    • Gilts also made losses as a CBI survey suggested a further increase in UK manufacturers’ price expectations and the public finances improved further despite a big pickup in government debt interest payments.
  • European Banks - Credit Update

    European Banks - Credit Update

    21 February 2022 1066 KB PDF
    • Banks 2022 funding plans close to 2021 levels despite uncertain outlook.
    • Primary markets remained active last week with mostly core FIG and SSA names.
    • On top of concerns about inflation and monetary policy, geo-political tensions have also started to weigh on funding conditions. 
    • Risk indicators reached 52-week highs, pushing wider EUR and USD secondary market spreads.


  • Euro Wrap-up

    Euro Wrap-up

    21 February 2022 600 KB PDF
    • While euro area equities fell as concerns about Ukraine persisted, Bunds made losses as the flash euro area PMIs signalled a rebound in services activity but also record price pressures in the sector.
    • Gilts also made losses as the flash UK PMIs pointed to a marked acceleration in UK economic activity in February.
  • US Data Review

    US Data Review

    18 February 2022 153 KB PDF
    • Existing home sales: firm in January; upper end of elevated range.

  • Euro Wrap-up

    Euro Wrap-up

    18 February 2022 658 KB PDF
    • Bunds made gains as concerns about events in Ukraine intensified and euro area consumer confidence fell to an eleven-month low.
    • Gilts made significant gains as the rise in UK retail sales in January failed to reverse half of the decline in December.
  • US Economic Comment

    US Economic Comment

    18 February 2022 318 KB PDF
    • A possible Fed put? Not this time.
    • Potential inflation brakes: perhaps not so forceful.
  • US Data Review

    US Data Review

    17 February 2022 152 KB PDF
    • Housing starts: easing from an elevated level.