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

  • US Data Review

    US Data Review

    23 March 2021 153 KB PDF
    • New home sales: sharp decline driven by adverse weather.
  • US Economic Comment

    US Economic Comment

    22 March 2021 315 KB PDF
    • Lingering effects of February weather.
    • FOMC: flawed guidance, but clear signals.
  • US Data Review

    US Data Review

    22 March 2021 153 KB PDF
    • Existing home sales: off in February, most likely constrained by weather.
  • European Banks - Credit Update

    European Banks - Credit Update

    22 March 2021 1122 KB PDF
    • Credit Suisse’s strong financial start to 2021 can’t dispel reputational damage from Greensill fallout.
    • Greek banks still have long way to go in terms of balance sheet de-risking as delayed economic recovery could offset benefits from government guaranteed NPL disposals.
    • Last week’s congested FIG pipeline saw volumes catch up considerably with 2020 levels while the FIG subordinated space was dominated by UK issuers.
  • Euro Wrap-up

    Euro Wrap-up

    19 March 2021 502 KB PDF
    • After France tightened its pandemic containment measures and the coronavirus trend in Germany remained adverse, Bunds made gains despite a further jump in German producer price inflation.  
    • Despite a further improvement in UK consumer confidence, Gilts also made gains while the latest public borrowing figures again undershot expectations.
  • US FOMC Review

    US FOMC Review

    18 March 2021 218 KB PDF
    • FOMC: more optimistic on the outlook, but still highly accommodative.
  • Euro Wrap-up

    Euro Wrap-up

    18 March 2021 328 KB PDF
    • Bunds followed USTs lower while take-up at the ECB’s latest TLTRO-III operation was higher than expected but euro area export data were weaker than expected.
    • Gilts also made losses as the BoE left its forward guidance unchanged but were unconcerned by recent curve-steepening and were upbeat about the near-term outlook.
  • US Data Review

    US Data Review

    17 March 2021 154 KB PDF
    • Housing starts: marked decline, probably weather related.