London & NY Research

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    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

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  • 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.
  • US Data Review

    US Data Review

    3 March 2021 155 KB PDF
    • ISM services: moderate easing from firm readings.
  • Euro Wrap-up

    Euro Wrap-up

    2 March 2021 353 KB PDF
    • While ECB Executive Board member Panetta called for action to resist a steepening of the yield curve, the latest German economic data were soft, and Chancellor Merkel was reportedly seeking a further extension of most current German lockdown restrictions, Bunds made only modest gains.
    • Gilts made significant gains ahead of tomorrow’s UK Budget statement.
  • US Economic Comment

    US Economic Comment

    1 March 2021 311 KB PDF
    • U.S. economy: on track in Q1.
    • Fiscal and monetary support: perhaps excessive.
  • Euro Wrap-up

    Euro Wrap-up

    1 March 2021 382 KB PDF
    • Euro area government bonds made big gains while the latest German and Italian inflation data were mixed, ECB Governing Council speakers remained dovish but, due to higher redemptions, ECB net PEPP purchases slowed last week to €12bn, close to the average so far this year.
    • Gilts also made big gains while data showed a further significant rise in UK household deposits in January but the final manufacturing PMIs signalled significant supply-side problems.