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

    1 July 2020 374 KB PDF
    • Bunds and other core euro area government bonds made big losses as German retail sales rose above the pre-pandemic peak and French car registrations rose above their level a year earlier.
    • Gilts also made losses despite a further fall in UK house prices.
  • Euro Wrap-up

    Euro Wrap-up

    30 June 2020 286 KB PDF
    • While euro area core inflation fell back, longer-dated Bunds made modest losses after Executive Board member Schnabel reiterated that the ECB would not necessarily use the full €1.35trn envelope of the PEPP programme.
    • Gilts were little changed as revised data revealed that the hit to GDP in Q1 was bigger than previously thought, but MPC member Haldane emphasised that the drop in Q2 will be less than the BoE had previously expected.
  • US Data Review

    US Data Review

    30 June 2020 165 KB PDF
    • Consumer confidence: solid pickup in June, but still restrained
    • Chicago purchasing managers’ index: modest increase
  • US Economic Comment

    US Economic Comment

    29 June 2020 338 KB PDF
    • U.S. economy: coming into clearer focus
  • European Banks - Credit Update

    European Banks - Credit Update

    29 June 2020 641 KB PDF
    • The fraud-related bankruptcy of Wirecard will have a limited impact on European banks, as the reported €1.75bn exposure is spread across a large number of financial institutions.
    • European banks performed well in the Fed’s stress test disclosed last week, yet capital redistribution capacity will be monitored on a quarterly basis.
    • Primary market activity weakened last week amid the increase of Covid-19 cases in the U.S, whilst German names were the clear underperformers in the secondary market.
  • Euro Wrap-up

    Euro Wrap-up

    29 June 2020 461 KB PDF
    • Bunds made losses as German inflation surprised on the upside and the Commission reported a further significant improvement in economic sentiment.
    • Gilts made gains as UK consumers paid down debt and mortgage approvals fell to a record low.
  • US Data Review

    US Data Review

    26 June 2020 158 KB PDF
    • Personal income: down in May, but still elevated by gov’t support
    • Personal spending: up in May, but still far below pre-virus levels
  • Euro Wrap-up

    Euro Wrap-up

    26 June 2020 510 KB PDF
    • Bunds were little changed as the ECB reported another month of strong growth of lending to non-financial corporations in the euro area.
    • Gilts made modest losses on another quiet day for UK economic news.