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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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  • European Banks - Credit Update

    European Banks - Credit Update

    6 July 2020 656 KB PDF
    • The ECB’s guide on bank mergers published last week brought additional clarity to inform further banking sector consolidation in Europe, yet significant barriers remain.
    • News of a potential NPL sale from Unicredit may confirm the resilience of the NPL market in Italy despite the pandemic, a welcome development for the local banking sector.
    • Markets started last week rather quietly, but rallied somewhat on Thursday on the back of better than expected job figures in the U.S.
  • Euro Wrap-up

    Euro Wrap-up

    6 July 2020 356 KB PDF
    • Bunds made modest losses as some disappointing German factory orders data contrasted with a firmer-than-expected rebound in euro area retail sales.
    • Gilts also made losses as weak UK car registration data contrasted a stronger construction sector survey. 
  • US Data Review

    US Data Review

    6 July 2020 354 KB PDF
    • ISM non-manufacturing index: a surge in June.
  • Euro Wrap-up

    Euro Wrap-up

    3 July 2020 484 KB PDF
    • Bunds were little changed as data showed that German car sales and production in June remained well down on last year’s levels, and OATs made modest losses as French President Macron replaced his Prime Minister.
    • Gilts were little changed ahead of tomorrow’s reopening of English pubs and restaurants.
  • US FOMC Review

    US FOMC Review

    2 July 2020 114 KB PDF
    • FOMC: cool to yield curve control…
    • …but more forward guidance seems likely
  • Euro Wrap-up

    Euro Wrap-up

    2 July 2020 342 KB PDF
    • Bunds and other euro area government bonds made gains as data pointed to a gradual rise in joblessness in the region as Q2 went on.
    • Gilts also made gains as a survey suggested that UK firms expect to keep cutting jobs through to the end of the year.
  • US Economic Comment

    US Economic Comment

    2 July 2020 364 KB PDF
    • Employment: one-third of the way back
    • The manufacturing sector: rebounding, but not surging
    • International trade: hit hard by the pandemic
    • FOMC: leaning toward more forward guidance, but not yield curve control
  • US Data Review

    US Data Review

    1 July 2020 156 KB PDF
    • ISM: vigorous rebound; orders and production led the surge
    • Construction: slow private-sector building