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

    20 January 2021 343 KB PDF
    • Bunds were little changed after Germany’s government confirmed an extension of its pandemic containment measures, but BTPs made losses despite the survival of Italian PM Conte in yesterday evening’s Senate confidence vote.
    • Gilts made modest losses as the latest UK inflation data surprised on the upside.
  • Euro Wrap-up

    Euro Wrap-up

    19 January 2021 369 KB PDF
    • As the German ZEW survey reported greater confidence in the outlook, Bunds made modest losses while BTPs made gains as Italian PM Conte was expected to survive his confidence vote in the Senate this evening.
    • Gilts were little changed on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    18 January 2021 305 KB PDF
    • Fiscal prospects: more support likely, despite stirring in inflation expectations.
  • European Banks - Credit Update

    European Banks - Credit Update

    18 January 2021 876 KB PDF
    • First US banks to report 4Q20 earnings ended with solid bottom-line results, which were supported by strong IB revenues and the release of credit loss reserves.
    • SSAs continue to soar in the primaries while tight funding conditions for FIG suppressed supply.
    • Spreads in the secondary market widened as market sentiment turned progressively negative on the back of political tensions in Italy and slow vaccine rollouts.   
  • US Data Review

    US Data Review

    15 January 2021 225 KB PDF
    • Retail sales: losing momentum; a few bright spots, but generally soft.
    • Industrial production: strong manufacturing activity; mining on the mend.
    • Consumer sentiment: concern about the virus.


  • Euro Wrap-up

    Euro Wrap-up

    15 January 2021 379 KB PDF
    • As euro area export data continued to improve, Bunds were little changed and BTPs made gains while former PM Renzi suggested he would abstain in an Italian parliamentary confidence vote next week.
    • Gilts were also little changed even as data showed that UK GDP contracted far less than expected in November.
  • Euro Wrap-up

    Euro Wrap-up

    14 January 2021 346 KB PDF
    • Bunds made gains as Germany’s GDP and fiscal data beat expectations while BTPs made measured losses following yesterday’s withdrawal of support for Italy’s government by former PM Renzi.
    • Gilts made gains despite another strong UK housing survey.
  • US Data Review

    US Data Review

    13 January 2021 152 KB PDF
    • CPI: upward pressure on food and energy; subdued elsewhere, partly pandemic-related.