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

    29 October 2020 384 KB PDF
    • Bunds made gains, BTPs rallied, and the euro exchange rate depreciated as the ECB sent a clear signal that further monetary easing is coming in December, with all policy tools being considered for recalibration.
    • Gilts were little changed as UK car production hit a 25-year low, consumer credit fell, but new mortgage approvals reached their highest since 2007.
  • Euro wrap-up

    Euro wrap-up

    27 October 2020 369 KB PDF
    • Bunds made gains as euro area bank lending to firms declined and banks reported a tightening of credit standards due to concerns about the economic impact of the pandemic.
    • Gilts also rallied as a survey suggested a weakening of UK retail sales.
  • Euro wrap-up

    Euro wrap-up

    26 October 2020 320 KB PDF
    • Bunds were little changed as the ifo survey suggested a deterioration in the German business outlook but BTPs made further gains following Friday evening’s favourable revision to Italy’s sovereign rating outlook by S&P.
    • Gilts were also little changed following weekend reports that the UK government will finalise its Brexit negotiation strategy only once the US election results are clear.
  • Euro wrap-up

    Euro wrap-up

    23 October 2020 537 KB PDF
    • Bunds were little changed but BTPs made gains as the euro area flash PMIs suggested that services activity in the region is contracting but German manufacturing output has strengthened.
    • Gilts also were also little changed even as the UK flash PMIs remained consistent with growth while retail sales rose further above the pre-pandemic level.
  • Euro wrap-up

    Euro wrap-up

    22 October 2020 356 KB PDF
    • Bunds made losses despite a weakening in euro area and German consumer confidence and a deterioration in French business sentiment.
    • As the EU-UK negotiations resumed, Gilts made significant losses for a second day while a survey illustrated ongoing struggles in consumer-facing services but the Chancellor announced more support for UK businesses.
  • Euro wrap-up

    Euro wrap-up

    21 October 2020 383 KB PDF
    • Bunds made modest losses despite a continued uptrend in new coronavirus cases in the euro area and the likelihood of increased restrictions on activity to come.
    • Gilts made significant losses, particularly at the long end of the curve, as comments from EU chief negotiator Barnier raised expectations of an imminent restart to formal intensive negotiations on an FTA.
  • US Data Review

    US Data Review

    20 October 2020 154 KB PDF
    • Housing starts: multi-family softness obscures single-family strength
  • Euro Wrap-up

    Euro Wrap-up

    16 October 2020 548 KB PDF
    • Bunds made further gains and BTPs rallied as coronavirus cases maintained their uptrend across the euro area and governments mulled new targeted restrictions on activity.
    • Gilts made only modest gains and sterling reversed losses as UK PM Johnson failed to bring a halt to the negotiations with the EU on a new FTA.