London & NY Research

  • JAPAN

    Daiwa Europe’s market-leading research on the Japanese economy.

  • EUROPE

    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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2023

2022

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  • US FOMC Review

    US FOMC Review

    13 April 2023 114 KB PDF
    • FOMC minutes: officials focused on “unacceptably high” inflation
    • Officials agreed that the banking sector remained sound... but recent developments introduced a high degree of uncertainty into the outlook
  • US Data Review

    US Data Review

    12 April 2023 160 KB PDF
    • CPI: energy prices down; food prices flat; hints of moderation in underlying inflation
  • Euro wrap-up

    Euro wrap-up

    11 April 2023 427 KB PDF
    • While euro area retail sales extended their downtrend and a survey suggested that investors remain pessimistic about the outlook, Bunds made losses as they played catch-up with the post-payrolls moves in USTs.
    • Gilts also made significant losses despite another subdued survey of UK retail sales, while the Chancellor nominated a replacement for the MPC’s uber-dove.
  • Euro Wrap-up

    Euro Wrap-up

    6 April 2023 314 KB PDF
    • Shorter-dated Bunds made modest losses, while German IP in February rose to its highest level since end-2020 but the construction activity PMI fell sharply in March.
    • Gilts were little changed today as the UK’s construction PMIs fell more than expected in March but remained consistent with modest expansion.
  • Euro Wrap-up

    Euro Wrap-up

    5 April 2023 324 KB PDF
    • Bunds followed USTs higher, even as German factory orders significantly beat expectations in February and car production surged in March.
    • Shorter-dated Gilts also made modest gains, while the final UK services PMI confirmed a slightly loss of recovery momentum in March.
  • US Data Review

    US Data Review

    5 April 2023 229 KB PDF
    • International trade: data through February suggest modest drag on Q1 growth
    • ISM services index: notable softening in March, but still on growth track
  • US Data Review

    US Data Review

    3 April 2023 246 KB PDF
    • ISM manufacturing: fifth consecutive month of contraction
  • European Banks - Credit Update

    European Banks - Credit Update

    3 April 2023 1075 KB PDF
    • Bank of England comments on UK banking sector resilience, finds UK banks well capitalised and liquid. Elevated CRE exposures mainly found at HSBC due to large Asia lending volumes
    • Major French banks investigated for potential fiscal fraud following dividend-stripping cases
    • Primary market activity concentrated among SSAs and some covered bonds. DCME supports FMO in kick-starting USD market back to life.
    • Secondary market spreads tightened in EUR and to a lesser degree in USD as markets digested recent banking fallout