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.

  • US

    Daiwa’s coverage of the US economy from our colleagues in New York

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2024

2023

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  • Euro Wrap-up

    Euro Wrap-up

    6 June 2023 265 KB PDF
    • Bunds made gains as euro area retail sales and German factory orders figures disappointed, while an ECB survey showed consumer inflation expectations reversing the gain recorded in March.
    • Shorter-dated Gilts made losses despite a UK retail survey flagging softer sales growth, while the construction PMIs highlighted the ongoing adjustment in the housing market.

     

  • Euro Wrap-up

    Euro Wrap-up

    5 June 2023 284 KB PDF
    • Despite a record monthly drop in euro area producer prices in April, Bunds made losses as the oil price increased following the announcement over the weekend that Saudi would cut oil production again in July.
    • Gilts also made losses as the final services PMIs signalled ongoing solid expansion in May, but the price charged index was revised slightly lower.
  • European Banks - Credit Update

    European Banks - Credit Update

    5 June 2023 575 KB PDF
    • Swiss Federal Council looks to transfer public liquidity backstop for systemic banks into law. Emergency features from Credit Suisse rescue to become part of Swiss resolution toolkit
    • ECB financial stability review highlights housing market concerns and focuses on bank capitalisation
    • SSA issuers active across a variety of currencies while FIGs were mostly focused on short dated, senior Euro issuance. The sizeable Samurai multi-tranche by Credit Agricole provided some variety
    • Secondary market spreads broadly unchanged with widening in EUR and select tightening in USD
  • US Economic Comment

    US Economic Comment

    2 June 2023 302 KB PDF
    • May employment: brisk payroll growth, but uptick in unemployment rate opens door for officials to “skip” in June
    • The debt ceiling: sanity prevails as bipartisan agreement avoids catastrophe
  • Euro Wrap-up

    Euro Wrap-up

    1 June 2023 370 KB PDF
    • While the ECB account from May’s policy-setting meeting noted that developments in core inflation were broadly seen as worrisome, Bunds made gains as euro area headline inflation took a chunky step down in May to its lowest in fifteen months and core inflation moderated somewhat too.
    • Gilts also made gains as UK bank lending data revealed the second largest net mortgage repayment on record.
  • Euro Wrap-up

    Euro Wrap-up

    31 May 2023 267 KB PDF
    • Bunds made significant gains as the flash estimates of May inflation in Germany and France surprised on the downside.
    • Gilts also made big gains on a quiet day for UK economic data.
  • Euro Wrap-up

    Euro Wrap-up

    30 May 2023 303 KB PDF
    • Bunds made big gains as Spanish inflation surprised on the downside, inflation expectations in the region softened, bank lending continued to slow, and the Commission’s business sentiment indices deteriorated.
    • Gilts also made gains despite a rise to a series high in May in the BRC’s shop price survey measure of inflation. 
  • European Banks - Credit Update

    European Banks - Credit Update

    30 May 2023 584 KB PDF
    • Profitability of Spanish banks increases, despite the introduction of the temporary banking tax. Strong deposit funding base only faced limited outflows. Slowing mortgage market presents headwind
    • French agencies return to SSA primaries following sovereign downgrade, while banks continue to issue across payment ranks. Continued Tier 2 issuance could pave way for reopening of AT1 market
    • Secondary market spreads generally continue to tighten in EUR, with USD spreads also mostly tighter. Continued tightening in sub-debt segments signals improving market confidence