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

    13 January 2021 336 KB PDF
    • Despite an upside surprise to the latest euro IP data, Bunds followed USTs higher while BTPs outperformed on hopes that Italy’s PM Conte would manage to keep his government coalition together.
    • Gilts also made significant gains as the number of daily deaths in the UK from Covid-19 reached a new high.
  • US Economic Comment

    US Economic Comment

    11 January 2021 301 KB PDF
    • December employment: concentrated softness; reasonably favorable in several areas; but even the favorable areas are lagging other economic indicators.
    • Budget reconciliation: a path to fiscal stimulus.


  • European Banks - Credit Update

    European Banks - Credit Update

    11 January 2021 894 KB PDF
    • The publication of a climate transition-finance handbook by ICMA in December and subsequent benchmark transition bond issuance by the Bank of China gives traction to this ESG sub-segment.
    • New Year European primary market activity saw SSA’s pick up where they left off in terms of healthy volume growth while FIG issuance is down 30% and limited to Sr/HoldCo, Tier 2 and AT1.
    • Spreads in EUR and USD secondary market remain tight on back of supportive ECB and Fed policy.
  • Deutsche Bank AG - Issuer Profile

    Deutsche Bank AG - Issuer Profile

    11 January 2021 871 KB PDF
  • US Data Review

    US Data Review

    8 January 2021 200 KB PDF
    • Employment: leisure, gov’t, education hit hard; otherwise, reasonably good.
  • Euro Wrap-up

    Euro Wrap-up

    8 January 2021 488 KB PDF
    • Bunds made modest losses as German industrial production and exports maintained their uptrend and euro area unemployment surprisingly fell.
    • Gilts also made modest losses on a quiet end to the week for economic news from the UK.
  • US Data Review

    US Data Review

    7 January 2021 224 KB PDF
    • International Trade: imports outpace exports (again).
    • ISM Services: firm pace of activity.
  • Euro Wrap-up

    Euro Wrap-up

    7 January 2021 383 KB PDF
    • Bunds were largely little changed as euro area inflation was unchanged in December, euro area retail sales in November fell sharply but German factory orders for the same month beat expectations.
    • Gilts followed USTs lower while the UK’s construction PMIs suggested ongoing growth in the sector towards year-end.