London & NY Research

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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.

  • US

    Daiwa’s coverage of the US economy from our colleagues in New York

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2021

2020

  • Euro Wrap-up

    Euro Wrap-up

    14 June 2021 439 KB PDF
    • Bunds made losses while euro area industrial production beat expectations as new factory orders accelerated.
    • Gilts also made losses while UK PM Johnson was set to delay the further relaxation of pandemic restrictions in England.
  • European Banks - Credit Update

    European Banks - Credit Update

    14 June 2021 1173 KB PDF
    • German court ruling may have wide reaching consequences for German bank income generation.
    • The SRB recently updated its MREL policy, refining its approach towards MREL compliance and requirements while also giving insight into MREL eligible debt issuance across Europe.
    • Last week’s primary market debt issuance for FIGs and SSAs was mostly front-loaded ahead of the ECB’s meeting while secondary market spreads tightened, benefitted from benign market conditions.
  • Euro Wrap-up

    Euro Wrap-up

    11 June 2021 488 KB PDF
    • On a quiet day for economic data from the euro area, longer-dated Bunds made gains even as the hawkish minority on the ECB’s Governing Council flagged their concerns about inflation risks. 
    • Gilts made gains while data confirmed that UK GDP posted further firm growth in April.
  • US Data Review

    US Data Review

    10 June 2021 225 KB PDF
    • CPI: pandemic-related adjustments, supply-chain disruptions, strong demand.
  • Euro Wrap-up

    Euro Wrap-up

    10 June 2021 350 KB PDF
    • Bunds were little changed as the ECB committed to maintain net PEPP purchases over the coming three months at a significantly higher pace than at the start of the year.
    • Gilts made losses as a survey highlighted price pressures and a shortage of property for sale in the UK housing market.
  • Euro wrap-up

    Euro wrap-up

    8 June 2021 365 KB PDF
    • While euro area GDP in Q1 was revised up and the ZEW survey highlighted investor optimism, Bunds made gains as German industrial production fell back in April.
    • Gilts also made gains despite another upbeat UK retail survey.
  • US Economic Comment

    US Economic Comment

    7 June 2021 304 KB PDF
    • Labour market: subtle signs of strength.
    • The Biden budget proposal: (partially) tax and spend.
  • Euro Wrap-up

    Euro Wrap-up

    7 June 2021 343 KB PDF
    • Despite some disappointing data from Germany’s manufacturing sector, Bunds made losses while a survey suggested that investors are upbeat about current economic conditions in the euro area.
    • Gilts also made losses on a quiet day for UK economic news.