London & NY Research

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

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    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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2023

2022

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  • Euro wrap-up

    Euro wrap-up

    8 March 2022 472 KB PDF
    • As commodity and energy prices remained under intense pressure, Bunds sold off but BTPs outperformed on reports that EU leaders will this week discuss proposals for new common bond issuance to fund energy independence from Russia and defence initiatives.
    • Gilts again underperformed as PM Johnson signalled that the UK would phase in a ban on Russian oil over coming months and a retail survey pointed to ongoing growth in sales in February.
  • European Banks - Credit Update

    European Banks - Credit Update

    7 March 2022 1016 KB PDF
    • Higher cost of risk and downward pressure on income expected from upcoming bank earnings reports.
    • Primary markets issuance remained muted and only accessed by high quality names.
    • Widening spreads to Bunds resulted in strong demand for the few Euro SSAs that came to market while FIG deals were largely concentrated in USD.
    • Secondary market spreads for Euro denominated senior titles largely tightened as risk assessments provide market with clarity. USD spread remain wide across payment ranks.
  • Euro Wrap-up

    Euro Wrap-up

    7 March 2022 363 KB PDF
    • Bunds made losses despite a significant deterioration in a survey of euro area investor sentiment, for which the index of expectations for six months ahead fell the most on the series to its lowest level since the euro crisis.
    • Gilts made larger losses as the BoE commenced QT with £28bn of its Gilt holdings maturing without reinvesting proceeds, and markets priced in rate hikes of 25bps at every MPC meeting from March to September.   
  • US Data Review

    US Data Review

    4 March 2022 199 KB PDF
    • Job growth: robust and broadly based.
  • Euro Wrap-up

    Euro Wrap-up

    4 March 2022 578 KB PDF
    • Amid concerns about the safety of Ukraine’s nuclear facilities, Bunds rallied, while data on euro area retail sales and German trade disappointed.
    • Gilts also rallied while UK car sales remained weak but a construction survey pointed to firm growth.
  • US Economic Comment

    US Economic Comment

    4 March 2022 371 KB PDF
    • Despite growth risks, broad-based inflation leads the Fed to remove
    • accommodation.
    • Slow progress in removing supply-side sources of inflation.
  • US Data Review

    US Data Review

    3 March 2022 218 KB PDF
    • ISM services: disappointing results in all four components.
    • Factory orders: upward trends continue, at least partly due to higher prices.
    • Revised productivity: modest adjustment to productivity; labor comp slightly firmer.
  • Euro Wrap-up

    Euro Wrap-up

    3 March 2022 524 KB PDF
    • After a day of volatility amid a scarcity of certain securities, Bunds eventually ended the day higher despite another big increase in euro area producer price inflation and a fall in the euro area unemployment rate to a record low.
    • Gilts made further losses as a BoE survey signalled higher business inflation expectations.