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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2024

2023

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  • Euro wrap-up

    Euro wrap-up

    1 March 2023 304 KB PDF
    • Bunds made further sizeable losses as Germany’s February inflation data surprised on the upside due to a further acceleration in food and services prices.
    • Shorter-dated Gilts made gains as BoE Governor Bailey reiterated that further rate increases were not a done deal, while UK house prices posted the steepest annual drop since 2012.
  • Euro wrap-up

    Euro wrap-up

    28 February 2023 235 KB PDF
    • Bunds made further losses today as flash February inflation estimates from France and Spain exceeded expectations. 
    • Gilts followed the global trend lower as comments from BoE external member Catherine Mann maintained her typically hawkish tone.
  • European Banks - Credit Update

    European Banks - Credit Update

    27 February 2023 1105 KB PDF
    • UK banks 4Q22 earnings results point to strong underlying performance but the uncertain 2023 economic outlook dampened sentiment, particularly for domestically focused lenders.
    • Primary market activity slowed last week for SSAs and FIGs. Among SSAs, OeKB was the sole USD issuer, while Monte dei Paschi's first appearance in FIG markets since 2020 reflects its improved capital positions, good earnings and a recent credit rating upgrade by Moody's. 
    • Secondary market spreads continued to soften with both EUR and USD markets wider.
  • Euro wrap-up

    Euro wrap-up

    27 February 2023 437 KB PDF
    • Bunds made further losses despite an unexpected drop in the Commission’s euro area sentiment index, falls in business and consumer inflation expectations, and a record decline in M1 money supply.
    • Gilts also made losses as the UK government struck a deal with the EU to reduce trade barriers between Great Britain and Northern Ireland.
  • US Data Review

    US Data Review

    27 February 2023 152 KB PDF
    • Durable goods orders: downside volatility in aircraft orders; others areas solid in January
  • US Data Review

    US Data Review

    24 February 2023 229 KB PDF
    • Personal income, consumption, prices: high-side reading on PCE price indexes; but that did not stop consumer spending
    •  New home sales: a jump in January, but still in low portion of recent range
  • Euro wrap-up

    Euro wrap-up

    24 February 2023 335 KB PDF
    • Bunds followed USTs lower despite a significant downwards revision to German Q4 GDP.
    • Gilts also made losses as UK consumer confidence rose to a ten-month high.
  • US Economic Comment

    US Economic Comment

    24 February 2023 314 KB PDF
    • U.S. consumers: still active despite rapid inflation
    • Budget update: slippage in FY2023 (and beyond)
    • Fed remittances to the Treasury Department: contributing to budget slippage