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.

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

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2021

2020

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  • US FOMC Review

    US FOMC Review

    16 December 2020 218 KB PDF
    • FOMC: a germ of forward guidance on QE; an inconsequential change in the dot plot.
  • Euro Wrap-up

    Euro Wrap-up

    15 December 2020 344 KB PDF
    • After the Netherlands became the latest euro area member state to tighten its pandemic containment restrictions, Bunds followed USTs lower on a quiet day for economic data from the euro area.
    • Gilts also weakened despite a new record level of UK redundancies and a drop in payrolls.
  • US Data Review

    US Data Review

    15 December 2020 152 KB PDF
    • Industrial production: continued recovery in manufacturing; mining shows signs of life.
    • Utility output restrained by shifts in weather rather than economic fundamentals.
  • US Economic Comment

    US Economic Comment

    14 December 2020 337 KB PDF
    • FOMC: a QE meeting; SEP merits attention.
    • High-Frequency indicators: softening, but not signaling a downturn.
    • Productivity: perhaps some fundamental improvement; more likely a flurry.
  • Euro Wrap-up

    Euro Wrap-up

    14 December 2020 315 KB PDF
    • While Germany’s government announced a tightening of its pandemic containment measures over the weekend, Bunds made losses as hopes of a deal between the EU and UK increased.
    • Gilts made significant losses as reports suggested that the EU had eased demands on the post-Brexit level playing field.
  • European Banks - Credit Update

    European Banks - Credit Update

    14 December 2020 771 KB PDF
    • Extension to ECB funding programmes broadly in line with market consensus. PEPP extension implicitly acts to contain yields while T-LTRO provides additional EUR300bn in cheap financing.
    • BoE allows resumption of dividend pay-outs under temporary guardrails and deems UK banks sufficiently resilient to withstand a wide range of severe economic scenarios, including no-deal Brexit.
    • Limited EUR primary activity puts spotlight on USD issuances by SocGen and HSCB that took advantage of stable market conditions for 2021 pre-funding and the replacement of a legacy AT1.
  • Commerzbank AG - Issuer Profile

    Commerzbank AG - Issuer Profile

    14 December 2020 794 KB PDF
  • Euro Wrap-up

    Euro Wrap-up

    11 December 2020 498 KB PDF
    • On a risk-off end to the week with few top-tier economic data, Bunds and other euro area government bonds rallied.
    • Gilts also rallied further ahead of the weekend’s last-ditch negotiations between the EU and UK.