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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

    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”.
  • Euro Wrap-up

    Euro Wrap-up

    11 June 2020 360 KB PDF
    • As equities fell sharply, euro area government bonds rallied as steep drops in Italian production and French payrolls were confirmed, while the French government announced new fiscal policy support.
    • Gilts also followed USTs higher as the latest UK housing market survey signalled expectations of price declines ahead.
  • US Data Review

    US Data Review

    10 June 2020 154 KB PDF
    • CPI: energy down; virus-related softness in core
  • US FOMC Review

    US FOMC Review

    10 June 2020 218 KB PDF
    • FOMC: highly supportive

  • Euro Wrap-up

    Euro Wrap-up

    9 June 2020 268 KB PDF
    • Bunds made modest losses even as record declines in German and French exports and euro area GDP and household spending were confirmed.
    • Gilts were little changed while UK spending data pointed to a gradual recovery in May.
  • US Economic Comment

    US Economic Comment

    8 June 2020 297 KB PDF
    • The labour market: a muddled picture, but probably on the mend
    • FOMC: no policy change, but more guidance, either explicit or implicit
    • CBO economic outlook: not so radical
  • European Banks - Credit Update

    European Banks - Credit Update

    8 June 2020 637 KB PDF
    • The recent increase in excess liquidity placed at the ECB will cost euro area banks an additional EUR1.3bn per year, assuming constant excess liquidity levels. Yet as the latter is in fact expected to increase further, the ECB will be under pressure to adjust the tiering multiplier.
    • Primary market activity remained adequate, backed by the strong rally in secondaries. This resilience of the primary market has eased concerns on banks’ funding and liquidity needs, raised after the unsecured market closed for several weeks from mid-February.
  • Euro Wrap-up

    Euro Wrap-up

    8 June 2020 359 KB PDF
    • Bunds made gains as data reported a record decline in German industrial production and Christine Lagarde warned of severe risks to price stability.   
    • Gilts made more limited gains on a quiet day for UK economic news.