London & NY Research


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


    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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  • Euro Wrap-up

    Euro Wrap-up

    22 May 2020 499 KB PDF
    • Bunds made modest losses but BTPs made gains as the ECB policy meeting account strongly suggested that the Governing Council will agree to increase the PEPP asset purchase programme next month.
    • Gilts were little changed as the latest UK retail sales and government borrowing figures were the worst on record.
  • US Data Review

    US Data Review

    21 May 2020 157 KB PDF
    • Existing home sales: decidedly soft, but still above previous lows
    • Leading indicators: more coincident than leading in this cycle
  • Euro Wrap-up

    Euro Wrap-up

    21 May 2020 347 KB PDF
    • Bunds made gains as the flash euro area PMIs remained extremely weak despite a bounce back from April’s record low.
    • Gilts made more significant gains and saw a negative yield at the 5Y maturity for the first time as the flash UK PMIs remained consistent with a significant drop in economic output despite the improvement in May.
  • Euro Wrap-up

    Euro Wrap-up

    20 May 2020 340 KB PDF
    • Bunds were little changed while the estimate of euro area inflation in April was revised down but the latest Commission consumer confidence indicator showed an improvement.
    • Gilts made gains at the longer end of the curve, and saw a negative yield at auction for the first time, as BoE Governor Bailey refused to rule out sub-zero policy rates and UK inflation fell sharply.
  • US FOMC Review

    US FOMC Review

    20 May 2020 241 KB PDF
    • April FOMC: largely uneventful, but a few hints on potential future actions
  • Euro Wrap-up

    Euro Wrap-up

    19 May 2020 318 KB PDF
    • Following yesterday’s Franco-German proposal for the EU Commission to borrow €500bn to support the recovery from the pandemic, Bunds made losses particularly at the shorter end while Southern European government bonds made further gains.   
    • Gilts made gains, particularly at the shorter end, as UK jobless claims jumped the most on record while vacancies and wage growth fell.
  • US Data Review

    US Data Review

    19 May 2020 154 KB PDF
    • Housing starts: in retreat, but perhaps nearing a bottom
  • US Economic Comment

    US Economic Comment

    18 May 2020 279 KB PDF
    • Recent economic data: mostly dreadful, but some positive developments
    • Powell’s view: worst case scenario, not the modal outlook