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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  • US FOMC Review

    US FOMC Review

    28 July 2021 114 KB PDF
    • FOMC: little insight into QE
    • No change in inflation views
  • US Data Review

    US Data Review

    27 July 2021 210 KB PDF
    • Durable goods orders: hints of easing, but still advancing.
    • Consumer confidence: closing in on pre-pandemic levels.
  • Euro Wrap-up

    Euro Wrap-up

    27 July 2021 359 KB PDF
    • Bunds followed USTs higher, despite a pickup in euro area bank lending at the end of the second quarter.
    • Gilts also made gains, even though a UK retail survey signalled solid sales growth in July while also citing ongoing concerns about supply and labour shortages.
  • US Economic Comment

    US Economic Comment

    26 July 2021 322 KB PDF
    • FOMC preview: lots of discussion, but no conclusions, on QE.
    • GDP preview: firm results in Q2; still on track in H2.


  • US Data Review

    US Data Review

    26 July 2021 152 KB PDF
    • New home sales: noticeable decline from downwardly revised results.
  • Euro Wrap-up

    Euro Wrap-up

    26 July 2021 347 KB PDF
    • Bunds made modest losses while the latest ifo business survey pointed to firm current conditions but a slight softening of expectations.
    • Gilts were little changed as MPC member Vlieghe signalled that he would not favour any change to monetary policy at next week’s BoE policy meeting.
  • European Banks - Quarterly ESG Update

    European Banks - Quarterly ESG Update

    26 July 2021 1140 KB PDF
    • ESG-themed bonds continue to increase their share of total bond issuance.
    • The EU is set to become the largest green bond issuer in the world with its NGEU programme.
    • European Green Bond Standard and enhanced disclosure regulation set gold standards.
    • ESG bonds in the primary market become increasingly commonplace among sub-debt issuers.
    • ‘Greeniums’ at issue persist while only gradually levelling off in secondary due to increasing supply.
  • Euro wrap-up

    Euro wrap-up

    23 July 2021 876 KB PDF
    • Bunds made modest losses at the longer end of the curve as the euro area flash PMIs suggested strengthening recovery momentum led by Germany.
    • Despite some softer flash UK PMIs, Gilts made losses as the latest retail data reported firm sales in June.