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

    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.
  • US Data Review

    US Data Review

    26 May 2020 223 KB PDF
    • New home sales: upside surprise
  • Euro Wrap-up

    Euro Wrap-up

    22 May 2020 499 KB PDF
    • Bunds made modest losses but BTPs made gains as the ECB policy meeting account strongly suggested that the Governing Council will agree to increase the PEPP asset purchase programme next month.
    • Gilts were little changed as the latest UK retail sales and government borrowing figures were the worst on record.
  • US Economic Comment

    US Economic Comment

    22 May 2020 284 KB PDF
    • What type of recovery: V, U, W, L?
    • Upcoming report on personal income: insights into government support
  • US Data Review

    US Data Review

    21 May 2020 157 KB PDF
    • Existing home sales: decidedly soft, but still above previous lows
    • Leading indicators: more coincident than leading in this cycle
  • Euro Wrap-up

    Euro Wrap-up

    21 May 2020 347 KB PDF
    • Bunds made gains as the flash euro area PMIs remained extremely weak despite a bounce back from April’s record low.
    • Gilts made more significant gains and saw a negative yield at the 5Y maturity for the first time as the flash UK PMIs remained consistent with a significant drop in economic output despite the improvement in May.
  • Euro Wrap-up

    Euro Wrap-up

    20 May 2020 340 KB PDF
    • Bunds were little changed while the estimate of euro area inflation in April was revised down but the latest Commission consumer confidence indicator showed an improvement.
    • Gilts made gains at the longer end of the curve, and saw a negative yield at auction for the first time, as BoE Governor Bailey refused to rule out sub-zero policy rates and UK inflation fell sharply.
  • US FOMC Review

    US FOMC Review

    20 May 2020 241 KB PDF
    • April FOMC: largely uneventful, but a few hints on potential future actions