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.

  • 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

    15 January 2021 379 KB PDF
    • As euro area export data continued to improve, Bunds were little changed and BTPs made gains while former PM Renzi suggested he would abstain in an Italian parliamentary confidence vote next week.
    • Gilts were also little changed even as data showed that UK GDP contracted far less than expected in November.
  • Euro Wrap-up

    Euro Wrap-up

    14 January 2021 346 KB PDF
    • Bunds made gains as Germany’s GDP and fiscal data beat expectations while BTPs made measured losses following yesterday’s withdrawal of support for Italy’s government by former PM Renzi.
    • Gilts made gains despite another strong UK housing survey.
  • US Data Review

    US Data Review

    13 January 2021 152 KB PDF
    • CPI: upward pressure on food and energy; subdued elsewhere, partly pandemic-related.
  • Euro Wrap-up

    Euro Wrap-up

    13 January 2021 336 KB PDF
    • Despite an upside surprise to the latest euro IP data, Bunds followed USTs higher while BTPs outperformed on hopes that Italy’s PM Conte would manage to keep his government coalition together.
    • Gilts also made significant gains as the number of daily deaths in the UK from Covid-19 reached a new high.
  • US Economic Comment

    US Economic Comment

    11 January 2021 301 KB PDF
    • December employment: concentrated softness; reasonably favorable in several areas; but even the favorable areas are lagging other economic indicators.
    • Budget reconciliation: a path to fiscal stimulus.

     

  • European Banks - Credit Update

    European Banks - Credit Update

    11 January 2021 894 KB PDF
    • The publication of a climate transition-finance handbook by ICMA in December and subsequent benchmark transition bond issuance by the Bank of China gives traction to this ESG sub-segment.
    • New Year European primary market activity saw SSA’s pick up where they left off in terms of healthy volume growth while FIG issuance is down 30% and limited to Sr/HoldCo, Tier 2 and AT1.
    • Spreads in EUR and USD secondary market remain tight on back of supportive ECB and Fed policy.
  • Deutsche Bank AG - Issuer Profile

    Deutsche Bank AG - Issuer Profile

    11 January 2021 871 KB PDF
  • US Data Review

    US Data Review

    8 January 2021 200 KB PDF
    • Employment: leisure, gov’t, education hit hard; otherwise, reasonably good.