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

  • European Banks - Credit Update

    European Banks - Credit Update

    5 December 2022 1107 KB PDF
    • HSBC Canada sale to RBC will free up capital but won’t quell shareholder’s demands for business break-up unless the group becomes consistently more profitable
    • Council of Europe Development Bank raises new paid-in capital to address succession of crisis
    • Primary market activity for FIGs and SSA slows but benign conditions allow for 2023 pre-funding. FIG lenders, including sub-investment grade issuers, are able to place otherwise challenging sub-debt trades. Secondary market spreads continue to tighten for EUR and USD
  • Euro Wrap-up

    Euro Wrap-up

    2 December 2022 527 KB PDF
    • Bunds followed USTs lower despite a larger than expected moderation in euro area producer price inflation in October.
    • Gilts also made losses on a quiet end to the week for UK economic news.
  • US Data Review

    US Data Review

    2 December 2022 199 KB PDF
    • Employment: firm payroll growth; jump in hourly earnings
  • US Economic Comment

    US Economic Comment

    2 December 2022 498 KB PDF
    • The U.S. labour market: a few cracks; no meaningful breakage
    • Inflation: a new metric to guide Fed decisions
  • Euro Wrap-up

    Euro Wrap-up

    1 December 2022 525 KB PDF
    • While the euro area unemployment rate dropped to a new series low, Bunds rallied hard as German retail sales slumped.
    • Gilts also made gains as a BoE survey reported a moderation in inflation expectations and UK house prices fell by more than expected.
  • 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.