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

    27 July 2020 276 KB PDF
    • Bunds made gains as concerns about a second wave of coronavirus infections across the euro area offset a further improvement in a German business sentiment survey.
    • Gilts also made gains on a quiet day for UK economic news.
  • European Banks – Credit Update

    European Banks – Credit Update

    27 July 2020 856 KB PDF
    • UBS’ capitalization metrics rebound in Q2 was credit positive, yet its results for the second quarter were largely underwhelming.
    • The ECB is reportedly looking into extending its request for a halt on dividend payments until the end of the year, which we see as somewhat sensible amid the uncertain environment.
    • Primary markets remained quiet, with only UBS and RBI tapping the market; secondaries tightened noticeably amid the approval of the €750bn recovery fund by the EU council.
  • US Data Review

    US Data Review

    27 July 2020 150 KB PDF
    • Durable goods orders: aircraft suffers; most other areas improve further
  • US Data Review

    US Data Review

    24 July 2020 156 KB PDF
    • New home sales: a surge in June reverses Covid-related slowdown
  • Euro Wrap-up

    Euro Wrap-up

    24 July 2020 531 KB PDF
    • Bunds made modest losses as the flash euro area PMIs exceeded expectations and implied meaningful expansion at the start of Q3.
    • Gilts also fell as UK retail sales rebounded sharply in June and the flash July PMIs posted notable gains.
  • Euro Wrap-up

    Euro Wrap-up

    23 July 2020 344 KB PDF
    • Bunds made modest losses as a German consumer confidence survey reported a notable improvement in July, even as the recovery in the consumer climate across the euro area as a whole stalled. 
    • Gilts were little changed as a UK manufacturing survey reported greater optimism about the outlook despite still subdued new orders. 
  • Euro Wrap-up

    Euro Wrap-up

    21 July 2020 251 KB PDF
    • Bunds were little changed but BTPs made further gains after the EU leaders agreed plans to allow the European Commission to issue €750bn of bonds and disburse a large share in grants.  
    • Gilts made gains as UK public borrowing in June undershot expectations.
  • US Economic Comment

    US Economic Comment

    20 July 2020 311 KB PDF
    • Business confidence: holding up well (so far)
    • Consumer sentiment: apparent influence from Covid acceleration
    • Federal budget deficit: not surprising, but striking nevertheless