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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2021

2020

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  • European Banks - Credit Update

    European Banks - Credit Update

    22 February 2021 939 KB PDF
    • Government decarbonisation policies and stimulus programmes in conjunction with regulatory refinements in sustainable finance will create conducive conditions for increased ESG funding.
    • Strong week for FIG primary issuance with five green bond issues and Intesa’s inaugural SNP.
    • Secondary market spreads slightly tighter on the back of Draghi’s confirmation as Italian Prime Minister and despite rising sovereign yields.
  • Euro Wrap-up

    Euro Wrap-up

    22 February 2021 333 KB PDF
    • While the latest ifo survey suggested improvement in Germany’s economy, Bunds made gains as Christine Lagarde stated publicly that “the ECB is closely monitoring the evolution of longer-term nominal bond yields”.
    • Gilts also made gains as UK PM Johnson announced plans for a gradual reopening of the UK economy over the coming three months.
  • US Data Review

    US Data Review

    19 February 2021 155 KB PDF
    • Existing home sales: continued robust performance.
  • Euro Wrap-up

    Euro Wrap-up

    19 February 2021 537 KB PDF
    • With the exception of the BTPs, euro area government bonds made losses as the flash euro area PMIs highlighted ongoing growth in manufacturing but contraction in services.
    • Gilts made significant further losses despite a sharp drop in UK retail sales and subdued flash UK PMIs.
  • US FOMC Review

    US FOMC Review

    18 February 2021 111 KB PDF
    • FOMC Minutes: a few insights.
  • US Data Review

    US Data Review

    17 February 2021 235 KB PDF
    • Retail sales: remarkable.
    • Industrial production: on a solid recovery path.
  • US Economic Comment

    US Economic Comment

    15 February 2021 292 KB PDF
    • Fiscal and monetary support: excessive?
  • European Banks - Credit Update

    European Banks - Credit Update

    15 February 2021 774 KB PDF
    • Commerzbank 4Q20 loss due to deepest cost cutting measures in recent history – why its restructuring is different from domestic rival Deutsche.
    • European banks M&A expected to continue in Italy and France.
    • Benign funding conditions for SSA and FIG primaries and generally better than expected quarterly FIG results reflected in tightening secondary spreads.