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

    24 June 2020 350 KB PDF
    • While German and French business surveys reported increased optimism about the outlook, Bunds made gains on coronavirus concerns.
    • Gilts followed USTs and Bunds higher on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    23 June 2020 157 KB PDF
    • New home sales: solid gain in May
  • Euro Wrap-up

    Euro Wrap-up

    23 June 2020 257 KB PDF
    • Bunds weakened today as the euro area flash PMIs suggested a stablisation of economic conditions. 
    • Gilts also made losses as the UK flash PMIs similarly exceeded expectations, suggesting a significant easing in the pace of deterioration in the economy.
  • US Economic Comment

    US Economic Comment

    22 June 2020 313 KB PDF
    • Recent economic statistics: a muddled picture, but tilting on the positive side
    • Support from commercial banks: helpful in promoting recovery
  • European Banks - Credit Update

    European Banks - Credit Update

    22 June 2020 649 KB PDF
    • The very high take-up by euro area banks in the latest TLTRO.iii round will negatively impact their supply of CP, CB and SP paper and, for a while at least, further promote the ‘doom loop’. Generous pricing conditions will allow for carry trades, partly offsetting costs from excess liquidity. 
    • The past week’s market trend was mixed, with USD markets significantly outperforming their EUR equivalent following the Fed’s announcement that it will finally start purchasing corporate bonds.
  • US Data Review

    US Data Review

    22 June 2020 157 KB PDF
    • Existing home sales: third consecutive drop to low end of historical range
  • Euro Wrap-up

    Euro Wrap-up

    22 June 2020 252 KB PDF
    • Bunds followed Treasuries higher even as the European Commission’s flash consumer confidence index improved in June, albeit remaining at an extremely weak level.
    • Gilts also made gains as a UK manufacturing survey implied a further significant decline in output and orders.
  • Euro Wrap-up

    Euro Wrap-up

    19 June 2020 492 KB PDF
    • Bunds made gains, particularly at the short end, as EU leaders predictably failed to reach agreement on the Commission’s Recovery Plan.
    • Gilts made losses at the long end of the curve as UK retail sales data beat expectations but public borrowing hit a new record.