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

    27 January 2021 152 KB PDF
    • Durable goods orders: constrained by aircraft; reasonably good elsewhere.


  • Euro Wrap-up

    Euro Wrap-up

    27 January 2021 274 KB PDF
    • Bunds made gains and the euro weakened as ECB officials flagged the possibility of a further rate cut and a survey reported a marked deterioration in German consumer confidence.  
    • Gilts were little changed while a survey indicated additional downwards pressure on UK high street prices at the start of the year.
  • Euro Wrap-up

    Euro Wrap-up

    26 January 2021 335 KB PDF
    • Bunds made modest losses but BTPs made gains as Italian PM Conte resigned in a tactical move aimed at strengthening his position.
    • Gilts were little changed even as the latest data suggested that the UK labour market fared better than had been feared at the end of 2020.


  • US Economic Comment

    US Economic Comment

    25 January 2021 283 KB PDF
    • FOMC: driving with cruise control; no changes on the horizon.
    • FOMC: the meaning of “maximum employment”.
    • GDP preview: still on track in Q4.
  • Euro Wrap-up

    Euro Wrap-up

    25 January 2021 328 KB PDF
    • With the ifo survey pointing to a notable weakening in German business sentiment and expectations of a new French lockdown within days, Bunds made gains while BTPs outperformed despite ongoing Italian political uncertainty.
    • Gilts followed other major government bonds higher on a quiet day for UK economic news.
  • European Banks - Credit Update

    European Banks - Credit Update

    25 January 2021 888 KB PDF
    • Strong results by Goldman, Morgan Stanley and Bank of America confirm US investment banks entered 2021 from a position of relative strength.
    • SSAs continue soaring with landmark deals in primaries while EUR supply from European FIGs almost runs dry.
    • Spreads in the secondary market tightened as Italy averted political turmoil, the US presidential inauguration went smoothly and the ECB reaffirmed its policy stance.
  • Euro Wrap-up

    Euro Wrap-up

    22 January 2021 511 KB PDF
    • Bunds made gains as the flash euro area PMIs pointed to a weakening of activity in January while BTPs continued to sell off following yesterday’s comments by Lagarde that the ECB is not targeting yields and might not use the PEPP envelope in full.
    • Gilts made gains as the UK flash PMIs signalled a significant deterioration at the start of the year while December retail sales data also disappointed.
  • US Data Review

    US Data Review

    22 January 2021 155 KB PDF
    • Existing home sales: running hot.