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

    25 February 2022 626 KB PDF
    • Euro area government bonds made losses as French inflation data exceeded expectations and German GDP was revised up, while the ECB’s initial estimates of the possible impact of the Ukraine conflict on euro area economic activity was reported.
    • Gilts rallied at the short end of the curve as UK consumer confidence fell sharply.
  • US Economic Comment

    US Economic Comment

    25 February 2022 353 KB PDF
    • U.S. economy: on track despite Omicron.
    • Inflation and growth risks from the Russia-Ukraine situation.
  • US Data Review

    US Data Review

    24 February 2022 242 KB PDF
    • Revised GDP: slight upward adjustment to an already firm pace.
    • New home sales: a partial give-back to strong gains in November and December.
  • Euro Wrap-up

    Euro Wrap-up

    24 February 2022 423 KB PDF
    • While wholesale energy prices leapt, Bunds made gains and BTPs outperformed as Russia’s invasion of Ukraine raised the prospect of a slower phasing out of ECB monetary policy stimulus than had been anticipated.
    • While a survey pointed to growth in UK retail sales in February, Gilts also made gains.
  • 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.