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.

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    Daiwa’s coverage of the US economy from our colleagues in New York

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2022

2021

  • US Economic Comment

    US Economic Comment

    15 February 2021 292 KB PDF
    • Fiscal and monetary support: excessive?
  • European Banks - Credit Update

    European Banks - Credit Update

    15 February 2021 774 KB PDF
    • Commerzbank 4Q20 loss due to deepest cost cutting measures in recent history – why its restructuring is different from domestic rival Deutsche.
    • European banks M&A expected to continue in Italy and France.
    • Benign funding conditions for SSA and FIG primaries and generally better than expected quarterly FIG results reflected in tightening secondary spreads.
  • Euro Wrap-up

    Euro Wrap-up

    15 February 2021 369 KB PDF
    • Bunds and other euro area govvies made further losses despite weaker-than-expected euro area industrial production data for December.
    • Gilts also made losses after the weekend saw the number of UK inhabitants vaccinated again coronavirus surpass 15mn.
  • Euro Wrap-up

    Euro Wrap-up

    12 February 2021 502 KB PDF
    • On a quiet end to the week for euro area economic news, Bunds made losses but BTPs outperformed as Mario Draghi finalised plans for the new Italian government.
    • Gilts made further significant losses at the longer end of the curve as the UK’s Q4 GDP data beat expectations.
  • Intesa Sanpaolo SpA - Issuer Profile

    Intesa Sanpaolo SpA - Issuer Profile

    11 February 2021 653 KB PDF
  • Euro Wrap-up

    Euro Wrap-up

    10 February 2021 348 KB PDF
    • While the sharp rise in German inflation at the start of the year was confirmed, Bunds were little changed as Christine Lagarde insisted that the ECB was “very far away” from meeting its inflation target and French production data disappointed.
    • Gilts made losses on an uneventful day for UK economic news.
  • US Economic Comment

    US Economic Comment

    8 February 2021 309 KB PDF
    • Labour market improvement: slow and skewed, but still improvement.
  • Euro Wrap-up

    Euro Wrap-up

    8 February 2021 333 KB PDF
    • Bunds made modest losses while the latest German IP data slightly disappointed expectations, but BTPs again outperformed as Mario Draghi appeared firmly on course to form a new Italian government.
    • Gilts ended little changed on a day free of new top-tier UK economic data.