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

    2 March 2022 515 KB PDF
    • Bunds reversed some of yesterday’s gains as flash euro area inflation figures exceeded initial expectations, wholesale oil and gas prices jumped sharply, and the German labour market continued to improve.  
    • Gilts also made losses after MPC members signalled their preference for further rate hikes, and UK data pointed to stronger shop and home prices.
  • US FOMC Review

    US FOMC Review

    2 March 2022 114 KB PDF
    • Powell testimony: unusual clarity
  • US Data Review

    US Data Review

    1 March 2022 153 KB PDF
    • ISM Manufacturing: trailing 2021, but still firm.
    • Construction: strong private activity, at least in nominal terms.
  • Euro Wrap-up

    Euro Wrap-up

    1 March 2022 543 KB PDF
    • While German and Italian inflation rose again, Bunds rallied hard, BTPs outperformed, and markets pushed back expectations of the first ECB rate hike to 2023, as more ECB policymakers acknowledged the exceptional circumstances of the Ukraine conflict.
    • Gilts also made huge gains as Ukraine rightly dominated attention.
  • European Banks - Credit Update

    European Banks - Credit Update

    28 February 2022 1373 KB PDF
    • UK bank earnings in 2021 were strong but Ukraine and diverging Covid-strategies muddy the outlook.
    • SocGen, UniCredit and RBI most exposed of European banks to Russia but income dependence varies.
    • Primary markets largely muted for FIGs and SSAs amidst Ukraine conflict fallout. Markets expected to remain quiet this week as tightening of sanctions generates financial instability in Russia.
    • Secondary market spreads see double digit widening in EUR, less pronounced in USD.
  • US Data Review

    US Data Review

    28 February 2022 152 KB PDF
    • International trade in goods: surging imports, wider deficit.
  • Euro Wrap-up

    Euro Wrap-up

    28 February 2022 462 KB PDF
    • While Spanish and Portuguese inflation data again surprised on the upside, euro area government bonds rallied as the Ukraine conflict persisted, sanctions generated financial instability in Russia, and ECB policymakers flagged concerns about the risks to the outlook.
    • Gilts also rallied despite another upbeat survey of UK businesses.
  • US Data Review

    US Data Review

    25 February 2022 222 KB PDF
    • Income, consumption, prices: no letup on inflation; consumer spending firm.
    • Durable goods orders: a jump in nondefense aircraft bookings; respectable elsewhere.