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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  • US Data Review

    US Data Review

    4 January 2021 155 KB PDF
    • Construction: strong residential activity; a sign of life among state & local governments.
  • Euro Wrap-up

    Euro Wrap-up

    4 January 2021 363 KB PDF
    • While the final euro area manufacturing PMIs signalled ongoing growth in the sector at the end of 2020, Bunds made gains in anticipation of a tightening and extension of Germany’s pandemic containment measures.
    • Sterling weakened and Gilts made modest gains at the longer end of the curve ahead of the expected announcement this evening of tighter pandemic restrictions across England.
  • US Data Review

    US Data Review

    30 December 2020 156 KB PDF
    • International trade in goods: respectable gain in exports; larger increase in imports.


  • US Data Review

    US Data Review

    23 December 2020 235 KB PDF
    • Personal income: constrained by transfers and farm subsidies.
    • Personal spending: consumers tapped out on goods; still limiting services.
    • Durable goods orders: still advancing; could be viewed as fully recovered.
    • New home sales: notable cooling, but still OK.
    • Unemployment claims: mixed results, but tilting on the favorable side.
  • US Data Review

    US Data Review

    22 December 2020 253 KB PDF
    • Existing home sales: modest decline from an elevated level.
    • Consumer confidence: depressed.
    • Revised GDP: modest upward adjustment.
  • US Economic Comment

    US Economic Comment

    21 December 2020 309 KB PDF
    • The U.S. economy: withstanding the near-term surge in Covid.
    • A vaccine-fueled recovery after the winter months.
  • European Banks - Credit Update

    European Banks - Credit Update

    21 December 2020 743 KB PDF
    • Draft Taxonomy criteria risk being too lenient in meeting low carbon economy targets while green covered bond issuers face overregulation which could significantly hit green issuance.  
    • ECB permits resumption of dividend payouts for euro area banks under narrow guardrails.
    • Issuers expected to take advantage of stable funding conditions in early January 2021 following favorable policy announcements before adverse economic reality catches up with markets.
  • Euro Wrap-up

    Euro Wrap-up

    18 December 2020 485 KB PDF
    • Bunds were little changed as the German ifo business survey suggested resilience to the second wave of pandemic.
    • While UK retail sales data beat expectations, Sterling depreciated and Gilts made significant gains as an agreement between the EU and UK on fish remained elusive.