London & NY Research

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    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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2021

2020

  • Euro Wrap-up

    Euro Wrap-up

    1 March 2021 382 KB PDF
    • Euro area government bonds made big gains while the latest German and Italian inflation data were mixed, ECB Governing Council speakers remained dovish but, due to higher redemptions, ECB net PEPP purchases slowed last week to €12bn, close to the average so far this year.
    • Gilts also made big gains while data showed a further significant rise in UK household deposits in January but the final manufacturing PMIs signalled significant supply-side problems.
  • Euro Wrap-up

    Euro Wrap-up

    26 February 2021 504 KB PDF
    • While inflation fell in France and Spain in February, Bunds made gains as influential Executive Board member Schnabel warned that the ECB might “have to step up its level of support” in the event of “a rise in real long-term rates at the early stage of recovery”.
    • Gilts made losses as BoE Chief Economist Haldane – a hawkish outlier on the MPC – expressed concerns about “central bank complacency” allowing inflation to rise too far and “requiring monetary policymakers to act more assertively than is currently priced into financial markets".
  • US Data Review

    US Data Review

    25 February 2021 230 KB PDF
    • Durable goods orders: some random volatility, but mostly solid order flows.
    • Revised GDP: modest adjustment.
  • Euro Wrap-up

    Euro Wrap-up

    25 February 2021 355 KB PDF
    • While ECB policymakers again spoke of the need to closely monitor nominal yields, Bunds made significant further losses amid some positive economic data.
    • Gilts also made big losses on another quiet day for economic news from the UK.
  • US Data Review

    US Data Review

    24 February 2021 153 KB PDF
    • New home sales: solid gain from upward revised level.
  • Euro Wrap-up

    Euro Wrap-up

    24 February 2021 337 KB PDF
    • Bunds made losses while German Q4 GDP was revised up a touch despite a larger-than-expected drop in private consumption.
    • Gilts made losses at the long end of the curve while BoE Deputy Governor Broadbent stated that it would “take significant news” for the BoE to alter the pace of Gilt purchases.
  • Euro Wrap-up

    Euro Wrap-up

    23 February 2021 363 KB PDF
    • Bunds and other euro area government bonds made losses as the record jump in euro area inflation in January was confirmed.
    • Gilts also made further losses as UK average pay growth accelerated to a twelve-year high.
  • US Economic Comment

    US Economic Comment

    22 February 2021 333 KB PDF
    • FOMC: expecting restrained inflation; hoping for the best on asset prices.
    • FOMC: small chance of policy tweaks in coming weeks.