London & NY Research


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


    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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  • 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)
  • Euro Wrap-up

    Euro Wrap-up

    22 November 2022 426 KB PDF
    • Bunds made modest gains despite an upside surprise to the Commission’s flash consumer confidence indicator, while a BoF retail sales survey signalled a sharp decline in spending at the start of Q4.
    • Gilts followed USTs higher on a quiet day for top-tier UK data releases.
  • European Banks - Credit Update

    European Banks - Credit Update

    21 November 2022 1268 KB PDF
    • European banks TLTRO repayments fall short of expectations but could pick up in coming months
    • Delay to full implementation of Basel III regulation will provide European banks with some capital respite. However, future requirements as calculated by the EBA are already mostly met
    • Strong primary market activity among SSAs and FIGs as issuers take advantage of more benign funding conditions. Banks issued across a variety of currencies and payment ranks as secondary market spreads tightened following a better than expected U.S. CPI read
  • Euro Wrap-up

    Euro Wrap-up

    18 November 2022 675 KB PDF
    • Bunds made modest gains while ECB early TLTRO repayments were at the lower end of expectations.
    • Gilts made losses even as UK retail sales figures maintained a downwards trend at the start of Q4 and consumer confidence remained near historical lows.