London & NY Research

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    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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2020

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  • 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
  • Euro wrap-up

    Euro wrap-up

    28 August 2020 500 KB PDF
    • Shorter-dated Bunds made modest gains as a German consumer survey flagged uncertainties ahead, while the Commission’s sentiment indicator pointed to ongoing recovery.
    • Gilts made gains as BoE Governor Bailey stated that the MPC still had plenty of firepower to add extra stimulus if necessary.
  • US Economic Comment

    US Economic Comment

    28 August 2020 316 KB PDF
    • U.S. economy: early reports for Q3 suggest a solid bounce 
    • The Fed’s new strategy: no surprise on inflation targeting...
    • ...but a new perspective on the labour market
  • Euro wrap-up

    Euro wrap-up

    27 August 2020 377 KB PDF
    • After ECB Chief Economist Lane stated that the performance of the euro area economy over the summer had been broadly as expected and the Governing Council stood ready to add stimulus, Bunds were relatively immune to the significant weakening in USTs that followed Powell’s Jackson Hole speech.
    • Gilts were dragged lower by USTs despite some weak UK car production figures.
  • US Data Review

    US Data Review

    27 August 2020 243 KB PDF
    • Powell at Jackson Hole: the Philips curve has died, or is at least in a coma
    • Q2 GDP: inconsequential upward revision
  • US Data Review

    US Data Review

    26 August 2020 151 KB PDF
    • Durable goods orders: brisk advance led by motor vehicles