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


Category Clear
Archive Reset


  • Euro Wrap-up

    Euro Wrap-up

    1 June 2020 374 KB PDF
    • Bunds made losses as reports suggested that Germany was preparing a second-phase fiscal support package as final manufacturing PMIs and car sales figures for May emphasised the weak economic backdrop.
    • Gilts also made losses as an FT report suggested that the UK government was preparing to unveil an economic stimulus package in July.
  • Euro Wrap-up

    Euro Wrap-up

    29 May 2020 512 KB PDF
    • Bunds made gains and BTPs made losses as euro area inflation fell close to zero, growth in euro area bank loans jumped further, and French spending on goods dropped the most on record.
    • Gilts also made gains as data confirmed that UK car production came to a near-halt last month.
  • US Data Review

    US Data Review

    29 May 2020 227 KB PDF
    • Personal income & consumption: weak spending despite strong government support
    • International trade in goods: marked retreats on both sides of the trade ledger
  • Euro Wrap-up

    Euro Wrap-up

    28 May 2020 477 KB PDF
    • Bunds made modest gains, and euro area periphery sovereign bonds outperformed again, as the Commission’s sentiment survey reported only a modest improvement but German and Spanish inflation fell further.
    • Gilts made modest losses while Governor Bailey restated that the BoE is considering further easing options, including cutting rates into negative territory. 
  • US Data Review

    US Data Review

    28 May 2020 238 KB PDF
    • Unemployment claims: a hint of revival
    • Durable goods orders: catch-up weakness in April, but still less dreadful than other data
    • Revised GDP: a nudge downward
  • Euro Wrap-up

    Euro Wrap-up

    27 May 2020 359 KB PDF
    • Bunds made losses but BTPs and other periphery sovereign bonds made gains as the European Commission unveiled proposals for €750bn of new longer-term bond issuance to help fund recovery from the Covid-19 crisis.
    • Gilts followed Treasuries higher on a quiet day for UK economic news.
  • European Banks - Credit Update

    European Banks - Credit Update

    26 May 2020 630 KB PDF
    • The BoE is no longer ruling out negative interest rates. Should such move eventually materialize, it would weaken the credit profile of UK banks.
    • Lloyds sensibly decided not to exercise the call on its €750m AT1 due on 27 June as it would be uneconomic.
    • Activity in the primary market was decent, with BNPP re-opening the JPY market for European banks; secondary spreads tightened in both EUR and USD markets.
  • Euro Wrap-up

    Euro Wrap-up

    26 May 2020 259 KB PDF
    • Bunds made losses today even as a survey signalled still very downbeat sentiment among German households despite the recent relaxation of lockdown rules.
    • Gilts also made losses even as a UK retail sector survey signalled ongoing challenges in the sector, but BoE Chief Economist Haldane stated that the MPC was not close to implementing negative rates.