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

    17 March 2022 527 KB PDF
    • Bunds made modest losses as euro area inflation in February was revised even higher, but Lagarde reiterated near-term policy flexibility amid the uncertain outlook.
    • Gilts rallied as the BoE raised Bank Rate by 25bps but flagged increased risks to the outlook and tempered its forward guidance on the likelihood of further modest tightening.
  • US Data Review

    US Data Review

    16 March 2022 157 KB PDF
    • Retail sales: downside noise in online activity; mixed results, but up, elsewhere.
  • US FOMC Review

    US FOMC Review

    16 March 2022 218 KB PDF
    • FOMC: focused on inflation
  • Euro wrap-up

    Euro wrap-up

    15 March 2022 699 KB PDF
    • Bunds made sizeable gains as oil prices fell again, and a survey of investors reported a marked deterioration in perceptions of the economic outlook and a sharp rise in inflation concerns.
    • Gilts made more modest gains as the latest UK labour market data suggested increasing tightness supporting the case for another rate hike.
  • US Data Review

    US Data Review

    15 March 2022 151 KB PDF
    • Producer prices: a break in service prices; goods prices continue to climb
  • European Banks - Credit Update

    European Banks - Credit Update

    14 March 2022 985 KB PDF
    • More banks disclose details on their exposures to Russia and Ukraine, showcasing manageable levels while highlighting concerns surrounding cyber risk and business retention.
    • Primary markets were closed for Euro and Sterling among FIGs while a slew of covered bond issuance highlighted their appeal as a ‘rainy day’ asset class.
    • Secondary market spreads for Euro continued to experience headline-driven volatility, with widening across payment ranks, albeit at a significantly lower rate than their USD counterparts.
  • Euro Wrap-up

    Euro Wrap-up

    11 March 2022 529 KB PDF
    • Bunds made further modest losses as today’s ECB commentary largely echoed the main messages of yesterday’s hawkish policy decision.
    • Gilts were little changed despite an upside surprise to UK GDP growth in January and a BoE survey indicating a big pickup in household inflation expectations for the coming couple of years. 
  • US Economic Comment

    US Economic Comment

    11 March 2022 371 KB PDF
    • FOMC preview: higher rates in March; looking for guidance thereafter.
    • Recession risks: US likely to weather the storm.