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

  • Euro Wrap-up

    Euro Wrap-up

    22 April 2021 347 KB PDF
    • While euro area consumer confidence improved to a fourteen-month high, Bunds were little changed as the ECB left policy unchanged and gave few clues as to the likely pace of PEPP purchases this quarter or beyond.
    • Gilts were also little changed despite a strong survey of UK manufacturers.
  • European Banks - Quarterly ESG Update

    European Banks - Quarterly ESG Update

    21 April 2021 1128 KB PDF
    • European issuers play key role in global ESG bond surge, likely to surpass EUR850bn in 2021.
    • Regulatory progress in Europe will set standards for transparency and define what is ‘sustainable’.
    • The EU will provide a substantial boost to green bond supply following its social bond programmes.
    • Transition finance remains niche for now but could see wider adoption to support net zero goals.
    • ‘Greeniums’ at issue appear to be carried over and maintained in secondary market spreads.
  • Euro Wrap-up

    Euro Wrap-up

    21 April 2021 367 KB PDF
    • Bunds were little changed but BTPs and other periphery bonds made gains as the German Federal Constitutional Court gave the green light for the EU recovery funds to go ahead as planned.
    • Gilts made modest losses despite a smaller-than-expected rise in UK inflation in March.
  • Euro Wrap-up

    Euro Wrap-up

    20 April 2021 356 KB PDF
    • While the German CDU and CSU settled on a candidate to be the next Chancellor, Bunds made gains despite a rise in German producer price inflation to the highest in almost a decade.
    • Gilts also made gains despite a further drop in the UK unemployment rate.
  • US Economic Comment

    US Economic Comment

    19 April 2021 294 KB PDF
    • Recovery rebate checks: supporting both elevated saving and brisk spending.
    • Upcoming inflation: probably transitory, but some potential for a fundamental pickup.
  • European Banks - Credit Update

    European Banks - Credit Update

    19 April 2021 1287 KB PDF
    • US investment banks report strong 1Q21 profitability on the back of capital market activity and credit reserve releases. They remained largely unscathed by the Archegos fallout.
    • European Union set to provide a sizeable boost to global ESG bond supply once NGEU takes off.
    • Muted primary market activity, particularly for FIGs ahead of the European 1Q21 reporting season. Secondary market spreads hold firm in EUR with minor widening in USD despite strong macros.
  • US Data Review

    US Data Review

    16 April 2021 152 KB PDF
    • Housing starts: brisk rebound from weather-constrained results.
  • Euro Wrap-up

    Euro Wrap-up

    16 April 2021 512 KB PDF
    • Bunds made losses while the rise in euro area inflation in March was confirmed but exports fell for a second month in February.
    • Gilts also made losses on a quiet end to the week for UK economic data.