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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2021

2020

  • US FOMC Review

    US FOMC Review

    20 May 2021 112 KB PDF
    • FOMC minutes: first hint of a shift in QE.
  • Euro Wrap-up

    Euro Wrap-up

    20 May 2021 353 KB PDF
    • Bunds were little changed and periphery bonds outperformed while German producer price inflation rose to a ten-year high and euro area construction output rebounded.
    • Gilts made gains, particularly at the short end of the curve, despite an upbeat UK manufacturing survey.
  • Euro Wrap-up

    Euro Wrap-up

    19 May 2021 348 KB PDF
    • Bunds were little changed while the estimate of core inflation in April was revised down.
    • Gilts made gains as UK inflation picked up broadly in line with expectations.
  • US Data Review

    US Data Review

    18 May 2021 151 KB PDF
    • Housing starts: a drop in single-family activity; multi-family resilient.
  • Euro wrap-up

    Euro wrap-up

    18 May 2021 365 KB PDF
    • Bunds were little changed while new data reported a drop in euro area exports in March and a fall in euro area employment in Q1.
    • Gilts were also little changed despite evidence of a firming labour market in the latest UK data.
  • US Economic Comment

    US Economic Comment

    17 May 2021 319 KB PDF
    • Inflation: transitory, at least for now.
    • Inflation expectations: beginning to shift.
  • HSBC Holdings plc - Issuer Profile

    HSBC Holdings plc - Issuer Profile

    17 May 2021 805 KB PDF
  • European Banks - Credit Update

    European Banks - Credit Update

    17 May 2021 951 KB PDF
    • As European banks lobby for extended capital relief measures, the ECB amended its guideline to make the leverage ratio a binding Pillar 1 own-funds requirement as of end-June 2021.
    • Primary market activity picked up again after several slow weeks showcasing new three-month call features on Tier 2 instruments.
    • Secondary market spreads, particularly EUR, have been impacted by recent increases in yields driven by rising expectations of recovery and a pick-up in inflation.