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 Economic Comment

    US Economic Comment

    8 March 2021 305 KB PDF
    • The Fed, the labour market, the bond market: a confusing picture.
    • U.S. consumers: amazing fire power.
    • ISMs: elevated price indexes, but weak inflation signals.
  • European Banks - Credit Update

    European Banks - Credit Update

    8 March 2021 940 KB PDF
    • EBA Green Asset Ratio proposal expected to help quantify ESG risks.
    • The newly formed UK development bank (UKIB) will partially offset loss of funding access to the EIB and follows the example of several European peers, albeit on a smaller scale.
    • Several ESG-themed primary issues among SSAs and FIGs supported overall volume growth while the dormant subordinated debt market was revitalised with a host of AT1s and Tier 2.
  • Euro Wrap-up

    Euro Wrap-up

    8 March 2021 330 KB PDF
    • With ECB net PEPP purchases settled in the past week edging down again, to €11.9bn, Bunds made losses despite some weaker-than-expected German industrial production data.
    • Gilts were little changed as BoE Governor Bailey emphasised the uncertainty of the UK economic outlook and insisted that all monetary policy tools – including more QE and negative rates – remain on the table.  
  • US Data Review

    US Data Review

    5 March 2021 225 KB PDF
    • Employment: respectable job growth; unemployment inches lower.
    • International trade: modest widening in the deficit.
  • Euro Wrap-up

    Euro Wrap-up

    5 March 2021 503 KB PDF
    • Bunds largely made further modest losses while data showed that German factory orders and French goods trade grew at the start of the year.
    • Gilts made losses while the aforementioned French trade data illustrated the hit to UK exports in January from the end of the Brexit transition.
  • At a Glance: Supranational and Agency Issuers

    At a Glance: Supranational and Agency Issuers

    4 March 2021 1037 KB PDF
  • Euro Wrap-up

    Euro Wrap-up

    4 March 2021 346 KB PDF
    • Bunds made gains as euro area data confirmed a drop in retail sales at the start of the year, ongoing weakness in construction but continued stability in the labour market.
    • Gilts also made gains while UK car registrations fell to their weakest February level since 1959 but construction activity picked up.
  • Euro Wrap-up

    Euro Wrap-up

    3 March 2021 382 KB PDF
    • Euro area government bonds followed USTs lower as the February services and composite PMIs were revised up but German car production and sales data disappointed.
    • Gilts made losses as the UK Government announced near-term fiscal support for the economy before tightening in two years’ time, and gave an environmental objective for the BoE’s monetary policy.