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

    17 September 2020 353 KB PDF
    • Bunds made modest gains as the sharp drop in euro area inflation in August was confirmed and the region’s construction and car registration data were predictably subdued.
    • Gilts made gains as the BoE left policy unchanged but maintained preparations for a shift to negative rates should that become appropriate.
  • US Data Review

    US Data Review

    16 September 2020 160 KB PDF
    • Retail sales: lighter than expected, but still a favourable report
  • Euro Wrap-up

    Euro Wrap-up

    16 September 2020 346 KB PDF
    • Ahead of the evening’s announcements from the Fed, Bunds were little changed while data reported a further solid pickup in euro area goods exports in July.
    • Gilts were also little changed despite a steep drop in UK inflation.
  • US FOMC Review

    US FOMC Review

    16 September 2020 225 KB PDF
    • FOMC: A few interesting developments
  • US Data Review

    US Data Review

    15 September 2020 150 KB PDF
    • Industrial production: Soft mining and utilities, but respectable manufacturing
  • Euro wrap-up

    Euro wrap-up

    15 September 2020 384 KB PDF
    • Bunds were little changed despite a strong German ZEW investor sentiment survey while French retail sales fell back.
    • Gilts made losses despite a further drop in UK payrolls, weak pay growth and evidence of a surge in redundancies to come.
  • US Economic Comment

    US Economic Comment

    14 September 2020 320 KB PDF
    • FOMC preview: a new view on QE; no urgency on forward guidance; perhaps more information on the new long-run strategy
    • Inflation expectations: the key variable in future Fed policy decisions
  • Euro Wrap-up

    Euro Wrap-up

    14 September 2020 334 KB PDF
    • Euro area government bonds were little changed after Christine Lagarde stated that the ECB was not complacent about the inflation outlook and that monetary policy would continue to play its role.  
    • Gilts made losses as the BoE postponed a scheduled purchase operation due to technical problems at the CREST settlement system.