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

    16 June 2021 419 KB PDF
    • Bunds made modest gains as weaker euro area labour cost figures contrasted with a pickup in the job vacancy rate.
    • While short-dated gilts were little changed, long-dated gilts also made modest gains even as the latest UK inflation data exceeded expectations. 
  • Euro wrap-up

    Euro wrap-up

    15 June 2021 421 KB PDF
    • Bunds made modest losses as final inflation figures in Germany and France confirmed multi-year highs but Italian inflation was revised down and euro area exports weakened in April.
    • Gilts also made modest losses as data pointed to recovery in the UK’s labour market.
  • US Data Review

    US Data Review

    15 June 2021 233 KB PDF
    • Retail sales: natural easing from rebate-led strength; still strong
    • Industrial production: continued recovery
    • PPI: more pressure in May
  • US Economic Comment

    US Economic Comment

    14 June 2021 321 KB PDF
    • FOMC: some interesting developments could emerge.
    • Inflation: largely transitory thus far, but other risk factors also present.
  • 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.