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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

  • Euro Wrap-up

    Euro Wrap-up

    19 June 2020 492 KB PDF
    • Bunds made gains, particularly at the short end, as EU leaders predictably failed to reach agreement on the Commission’s Recovery Plan.
    • Gilts made losses at the long end of the curve as UK retail sales data beat expectations but public borrowing hit a new record.
  • Euro Wrap-up

    Euro Wrap-up

    18 June 2020 339 KB PDF
    • Bunds made modest gains at the longer end of the curve while periphery bonds outperformed as the take-up at the ECB’s latest TLTRO-iii operation was broadly in line with expectations.
    • Gilts made losses, particularly at the long end of the curve, as the BoE agreed to buy an extra £100bn of bonds at a slower pace than of late.
  • Euro Wrap-up

    Euro Wrap-up

    17 June 2020 370 KB PDF
    • Bunds were little changed as the drop in euro area inflation close to zero in May was confirmed, as were precipitous declines in euro area car sales and construction output.
    • Gilts made gains as data showed that UK inflation fell in May to its lowest level in almost four years.
  • US Data Review

    US Data Review

    16 June 2020 238 KB PDF
    • Retail sales: solid rebound
    • Industrial production: up in May, but not impressively so
  • Euro Wrap-up

    Euro Wrap-up

    16 June 2020 263 KB PDF
    • Bunds followed Treasuries lower as a German survey signalled a further marked improvement in investor expectations about the economic outlook.  
    • Gilts were little changed even as UK labour market data reported a further increase in the claimant count to the highest since the 1990s.
  • US Economic Comment

    US Economic Comment

    15 June 2020 334 KB PDF
    • FOMC: on hold for an extended period, maybe
  • European Banks - Credit Update

    European Banks - Credit Update

    15 June 2020 642 KB PDF
    • Deutsche Bank expects 2020 loan loss provisions to peak in Q2 at around €800m, with the CET1 ratio reaching its trough at around 12.5%, supported by a rebound in the German economy.
    • The European Parliament approved a “prudential filter” to reduce the impact of higher sovereign bond yields on banks’ capital base. 
    • Weaker market sentiment lead to a reversal of the tightening trend, yet primary markets remained in rude health.
  • Euro Wrap-up

    Euro Wrap-up

    12 June 2020 512 KB PDF
    • Euro area government bonds made significant gains as data confirmed a record drop in euro area industrial production in April.
    • Gilts were little changed as data confirmed a record drop in UK GDP in April and Governor Bailey said that the BoE was “ready to take action”.