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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  • Euro Wrap-up

    Euro Wrap-up

    17 December 2020 377 KB PDF
    • Longer-dated euro area government bonds followed USTs higher while final euro area inflation data for November provided no surprises.
    • Sterling strengthened further while Gilts were little changed as reports suggested further progress towards a deal between the EU and UK and the BoE left policy unchanged but signalled a readiness to ease further if necessary.
  • US Data Review

    US Data Review

    16 December 2020 163 KB PDF
    • Retail sales: soft results; part lockdown effect, part regression to trend.
  • Euro Wrap-up

    Euro Wrap-up

    16 December 2020 380 KB PDF
    • With reports that the EU and UK are getting closer to a deal, and as the flash euro area PMIs beat expectations, Bunds made significant losses.
    • Despite a downside surprise to UK inflation, the Brexit reports also pushed longer-dated Gilts lower while the flash PMIs suggested a stabilisation of UK output.
  • US FOMC Review

    US FOMC Review

    16 December 2020 218 KB PDF
    • FOMC: a germ of forward guidance on QE; an inconsequential change in the dot plot.
  • Euro Wrap-up

    Euro Wrap-up

    15 December 2020 344 KB PDF
    • After the Netherlands became the latest euro area member state to tighten its pandemic containment restrictions, Bunds followed USTs lower on a quiet day for economic data from the euro area.
    • Gilts also weakened despite a new record level of UK redundancies and a drop in payrolls.
  • US Data Review

    US Data Review

    15 December 2020 152 KB PDF
    • Industrial production: continued recovery in manufacturing; mining shows signs of life.
    • Utility output restrained by shifts in weather rather than economic fundamentals.
  • US Economic Comment

    US Economic Comment

    14 December 2020 337 KB PDF
    • FOMC: a QE meeting; SEP merits attention.
    • High-Frequency indicators: softening, but not signaling a downturn.
    • Productivity: perhaps some fundamental improvement; more likely a flurry.
  • Euro Wrap-up

    Euro Wrap-up

    14 December 2020 315 KB PDF
    • While Germany’s government announced a tightening of its pandemic containment measures over the weekend, Bunds made losses as hopes of a deal between the EU and UK increased.
    • Gilts made significant losses as reports suggested that the EU had eased demands on the post-Brexit level playing field.