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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2024

2023

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  • US Data Review

    US Data Review

    14 February 2023 151 KB PDF
    • CPI: little additional deceleration
  • Euro Wrap-up

    Euro Wrap-up

    14 February 2023 434 KB PDF
    • Bunds made losses as data confirmed another firm rise in euro area employment in Q4 and ECB hawks continued to flag the possibility of another “significant” rate hike in March.
    • Gilts made sizeable losses as strong growth in UK regular wages increased expectations of further near-term BoE monetary tightening.
  • European Banks - Credit Update

    European Banks - Credit Update

    13 February 2023 1172 KB PDF
    • Further 4Q22 earnings results of European banks continue to be mostly positive, with Credit Suisse the big outlier, underperforming relative to already low expectations
    • Primary market activity was busy for SSAs and FIGs. DCME supported two SSA transactions last week while FIGs continue to take advantage of benign conditions to move into riskier sub-debt
    • Secondary market spreads widened somewhat, particularly in EUR while USD held relatively firm. The week ahead brings a number of key UK economic data releases and more bank earnings
  • Euro Wrap-up

    Euro Wrap-up

    10 February 2023 576 KB PDF
    • Gilts made significant losses as UK GDP failed to contract in Q4 despite a non-negligible drop in December.
    • While a hawkish Governing Council member suggested that the ECB could end Asset Purchase Programme reinvestments in Q3, Bunds also made losses on a quiet day for euro area economic data.
  • US Economic Comment

    US Economic Comment

    10 February 2023 313 KB PDF
    • The inflation fight: will the Fed win?
  • Euro Wrap-up

    Euro Wrap-up

    9 February 2023 384 KB PDF
    • Bunds made gains as the flash estimates of German inflation in January came in below expectations, despite also indicating the likelihood of a modest upwards revision to euro area inflation.
    • Despite another downbeat UK housing market survey, Gilts made losses at the shorter end of the curve as BoE MPC members offered a range of views about the balance of risks to the economic outlook.
  • Euro Wrap-up

    Euro Wrap-up

    7 February 2023 414 KB PDF
    • Despite weak German IP data, Bunds made notable losses after the ECB announced it will adjust the interest rate ceiling paid on government deposits within the Eurosystem from 1 May, while Bundesbank President Nagel stated that further significant ECB rate hikes were likely after March.
    • Gilts made more significant losses even as UK surveys on retail sales and house prices disappointed.
  • US Data Review

    US Data Review

    7 February 2023 352 KB PDF
    • International trade: softer exports, firmer imports, wider deficit in December; But improvement in Q4