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

    30 November 2022 503 KB PDF
    • Despite a larger than expected decline in euro area headline inflation in November, Bunds made losses as core inflation remained at the series high.
    • Gilts also fell as a UK survey suggested another jump in shop price inflation to a record high in November.
  • US FOMC Review

    US FOMC Review

    30 November 2022 111 KB PDF
    • Powell suggests that the pace of tightening will slow...
    • ...but so what?
  • Euro Wrap-up

    Euro Wrap-up

    29 November 2022 503 KB PDF
    • Bunds made gains as flash estimates of German and Spanish inflation fell back in November, and the Commission’s consumer price expectations index fell to a 19-month low.
    • Gilts also rose as UK mortgage approvals slumped in October and a lack of demand for consumer credit suggested ongoing subdued spending.
  • Euro Wrap-up

    Euro Wrap-up

    28 November 2022 403 KB PDF
    • Longer-dated Bunds made losses as ECB President Lagarde suggested that she would be surprised if euro area inflation has already peaked.
    • Gilts made modest gains as a UK retail survey offered a gloomy assessment of the sales outlook in the run up to Christmas.
  • European Banks - Credit Update

    European Banks - Credit Update

    28 November 2022 1136 KB PDF
    • Credit Suisse 4Q22 profit warning higher than expected following recent restructuring update
    • The Financial Stability Board (FSB) publishes its list of 30 globally systemically important banks (G-SIBs), lowering capital requirement for BNP Paribas by 50bps
    • Benign funding conditions in primary markets continue to foster SSA and FIG issuance despite Japanese and U.S. holidays. Secondary market spreads remained accommodative as central bank rate hikes are expected to be lower in December compared to previous month
  • Euro Wrap-up

    Euro Wrap-up

    25 November 2022 612 KB PDF
    • Bunds made losses as German Q3 GDP growth was revised higher and national consumer confidence surveys took a turn for the better.
    • Gilts also fell on a quiet end to the week for top-tier UK data releases.
  • Euro Wrap-up

    Euro Wrap-up

    23 November 2022 472 KB PDF
    • Longer-dated Bunds followed USTs higher while the flash euro area PMIs remained underwhelming and consistent with contraction, despite beating expectations in November.
    • Gilts also made gains as the flash UK PMIs suggested a steeper pace of contraction in Q4 and signalled ongoing weakness in the New Year.
  • US Economic Comment

    US Economic Comment

    23 November 2022 314 KB PDF
    • FOMC minutes: on track for 50 basis points in December
    • Recession watch: mixed results in cyclically sensitive sectors (manufacturing & housing)