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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  • 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.
  • 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.