London & NY Research

  • JAPAN

    Daiwa Europe’s market-leading research on the Japanese economy.

  • EUROPE

    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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2020

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  • Euro Wrap-up

    Euro Wrap-up

    5 June 2020 538 KB PDF
    • While German factory orders fell sharply, Bunds followed USTs lower after the stronger-than-expected US labour market report.
    • Given the stronger global risks appetite, Gilts also made losses despite weak surveys on UK consumer confidence and labour market conditions. 
  • Euro Wrap-up

    Euro Wrap-up

    4 June 2020 396 KB PDF
    • Bunds made losses but BTPs rallied as the ECB increased its PEPP programme after Germany’s coalition partners agreed a new large-scale fiscal stimulus.
    • Gilts followed USTs lower despite some further very weak UK economic data.
  • Euro Wrap-up

    Euro Wrap-up

    3 June 2020 601 KB PDF
    • Bunds followed Treasuries lower, despite a big jump in German unemployment and a plunge in Italian employment.
    • Gilts also made losses, even as the final UK services PMIs remained consistent with marked contraction and inflation on the high street fell sharply.
  • US Data Review

    US Data Review

    3 June 2020 240 KB PDF
    • ISM Nonmfg: slight improvement as components move away from record readings
    • Factory orders: soft, but less severe than other areas
  • Euro Wrap-up

    Euro Wrap-up

    2 June 2020 291 KB PDF
    • Longer-dated Bunds reversed only some of yesterday’s losses, while Spanish labour market data showed jobless claims rising to a four-year high.
    • Gilts also made modest gains as UK lending figures reported another sizeable decline in the net flow of consumer credit in April, while the number of mortgage approvals also declined to the lowest on record. 
  • US Economic Comment

    US Economic Comment

    1 June 2020 354 KB PDF
    • Hints of economic improvement
  • European Banks - Credit Update

    European Banks - Credit Update

    1 June 2020 642 KB PDF
    • Assessments performed by the EBA and the Danish Central Bank reinforced the view that most European banks should be able to absorb the losses related to the Covid-19 crisis without hitting their minimal capital requirements.
    • Activity in the primary market remained decent, whilst Credit Agricole tapped the JPY market with the largest deal since the implementation of the new risk-weight regime in Japan in April 2019. Secondary spreads rallied in both EUR and USD.
  • US Data Review

    US Data Review

    1 June 2020 152 KB PDF
    • ISM: better, but still soft
    • Construction modest constraint from the virus