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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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2020

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  • US Data Review

    US Data Review

    27 July 2020 150 KB PDF
    • Durable goods orders: aircraft suffers; most other areas improve further
  • US Data Review

    US Data Review

    24 July 2020 156 KB PDF
    • New home sales: a surge in June reverses Covid-related slowdown
  • Euro Wrap-up

    Euro Wrap-up

    24 July 2020 531 KB PDF
    • Bunds made modest losses as the flash euro area PMIs exceeded expectations and implied meaningful expansion at the start of Q3.
    • Gilts also fell as UK retail sales rebounded sharply in June and the flash July PMIs posted notable gains.
  • Euro Wrap-up

    Euro Wrap-up

    23 July 2020 344 KB PDF
    • Bunds made modest losses as a German consumer confidence survey reported a notable improvement in July, even as the recovery in the consumer climate across the euro area as a whole stalled. 
    • Gilts were little changed as a UK manufacturing survey reported greater optimism about the outlook despite still subdued new orders. 
  • Euro Wrap-up

    Euro Wrap-up

    21 July 2020 251 KB PDF
    • Bunds were little changed but BTPs made further gains after the EU leaders agreed plans to allow the European Commission to issue €750bn of bonds and disburse a large share in grants.  
    • Gilts made gains as UK public borrowing in June undershot expectations.
  • US Economic Comment

    US Economic Comment

    20 July 2020 311 KB PDF
    • Business confidence: holding up well (so far)
    • Consumer sentiment: apparent influence from Covid acceleration
    • Federal budget deficit: not surprising, but striking nevertheless
  • European Banks - Credit Update

    European Banks - Credit Update

    20 July 2020 778 KB PDF
    • The argument that retail banks should be split from investment banking operations was strongly rebuffed again in the Q2 results of the largest U.S. banks last week.
    • Nordic banks’ Q2 results were decent, with a strong rebound in profitability and a stabilization in capital levels, yet their results cannot be extrapolated to those from other European regions.
    • Primary markets were quiet, with less than a handful of deals in the market; secondaries tightened, backed by better than expected economic data in US and Europe. 
  • US Data Review

    US Data Review

    17 July 2020 218 KB PDF
    • Housing starts: improvement in June, but still noticeably shy of pre-virus totals
    • Consumer sentiment: Covid concerns outweigh improvement in the economy