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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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2020

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  • US Data Review

    US Data Review

    4 September 2020 200 KB PDF
    • The labour market: continued improvement, but still far to go
  • Euro Wrap-up

    Euro Wrap-up

    4 September 2020 491 KB PDF
    • While the region’s equity indices fell again, Bunds and other euro area government bonds also made losses despite a moderation of German factory orders growth and a weak euro area construction sector survey.
    • Gilts also fell even as a member of the MPC made the case for further monetary easing and UK car sales data disappointed.
  • Euro Wrap-up

    Euro Wrap-up

    3 September 2020 433 KB PDF
    • Bunds made gains as euro area retail sales missed expectations and the services PMIs and German car registration data pointed to a loss of recovery momentum.
    • Gilts made modest losses as the final UK PMIs pointed to solid expansion despite a downwards revision from the flash estimates.
  • US Data Review

    US Data Review

    3 September 2020 228 KB PDF
    • International trade: notable slippage in early Q3, adding to softness in Q2.
    • ISM nonmanufacturing: modest correction to a firm reading in the prior month
    • Unemployment claims: notable improvement in latest week, largely statistically induced
  • US Data Review

    US Data Review

    2 September 2020 149 KB PDF
    • Factory orders: good progress in the manufacturing sector
  • Euro Wrap-up

    Euro Wrap-up

    2 September 2020 377 KB PDF
    • Bunds made gains as German retail sales unexpectedly slipped back despite the VAT cut in July.
    • Gilts made gains as BoE officials emphasised the downside risks to the near-term economic outlook, while also reminding that the MPC could boost QE significantly in terms of both size and pace if necessary.  
  • Euro wrap-up

    Euro wrap-up

    1 September 2020 413 KB PDF
    • Bunds made gains and BTPs outperformed as euro area headline inflation fell into negative territory and core inflation hit a record low.
    • Gilts also made gains as BoE data showed ongoing strong loan demand from SMEs while demand for credit from individuals picked up.
  • US Data Review

    US Data Review

    1 September 2020 221 KB PDF
    • ISM: fourth consecutive increase to a firm level
    • Construction: some improvement in residential building, but otherwise, little sign of recovery