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

    30 November 2021 468 KB PDF
    • While euro area inflation rose to a 30-year high, longer-dated Bunds made gains as Vice President de Guindos noted that he expected ECB net asset purchases to continue throughout 2022.
    • Despite an upbeat UK business survey, Gilts also rose as BoE MPC external member Catherine Mann judged that the Omicron variant had increased uncertainty and might adversely impact confidence and demand.
  • Euro Wrap-up

    Euro Wrap-up

    29 November 2021 553 KB PDF
    • Bunds held on to most of Friday’s gains despite upside surprises to flash November inflation data from Germany, Spain and Belgium and a further rise in business inflation expectations.
    • Gilts similarly failed to reverse much of Friday’s gains despite a pickup in UK consumer credit and slowing in the pace of household deposit accumulation.
  • Euro wrap-up

    Euro wrap-up

    26 November 2021 615 KB PDF
    • As Belgium reported the first European case of the Nu coronavirus and EU countries tightened restrictions on visitors from Southern Africa, Bunds and other euro area government bonds rallied while equities fell sharply.
    • While BoE Chief Economist Pill again suggested he is close to voting for a rate hike, Gilts also rallied as the UK also tightened travel restrictions.
  • Euro wrap-up

    Euro wrap-up

    25 November 2021 362 KB PDF
    • Bunds largely made gains as the account of the ECB’s October policy meeting suggested that the Governing Council should keep its options open next month and German consumer confidence fell to a six-month low.  
    • Gilts also made gains on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    24 November 2021 407 KB PDF
    • While Germany’s traffic-light coalition deal was unveiled with few surprises, Bunds largely made modest gains as the ifo business survey reported weakening sentiment and ECB Board member Panetta suggested that the Governing Council should not respond to the current jump in inflation.
    • Gilts made modest losses as a UK manufacturing survey reported a surge in orders and historically high price pressures.


  • US Economic Comment

    US Economic Comment

    24 November 2021 312 KB PDF
    • U.S. economy: Wednesday’s data barrage and the implications for Q4.
    • FOMC: sticking with transitory.
  • Euro wrap-up

    Euro wrap-up

    23 November 2021 519 KB PDF
    • While euro area wage data remained weak, Bunds made big losses as the flash euro area PMIs beat expectations and ECB Board member Schnabel judged the risks to the inflation outlook to be skewed to the upside and said that the PEPP net purchases would probably end next March.
    • Gilts also made losses as the flash UK PMIs also beat expectations and external MPC member Haskel suggested that he could support a BoE rate hike over coming months if the labour market remained tight.
  • European Banks - Credit Update

    European Banks - Credit Update

    22 November 2021 1222 KB PDF
    • BBVA to acquire remaining stake in Turkish subsidiary despite domestic volatility.
    • UK Green Finance Roadmap holds many opportunities for UK firms, if implemented successfully.
    • Primary market issuance picks up but issuers struggle to tighten pricing by much as funding conditions remain challenging. Risk indicators remain elevated compared to prior months while Covid restrictions re-emerge, adding further pressure on secondary market spreads widening.