London & NY Research


    Daiwa Europe’s market-leading research on the Japanese economy.


    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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  • Euro Wrap-up

    Euro Wrap-up

    11 September 2020 477 KB PDF
    • Bunds made gains as dovish commentary by ECB Chief Economist Lane countered yesterday’s optimism from ECB President Lagarde.
    • Gilts also made gains despite confirmation of firm economic growth in July.
  • Euro Wrap-up

    Euro Wrap-up

    10 September 2020 347 KB PDF
    • Bunds made losses and the euro strengthened after the ECB left policy unchanged and revised up its forecasts for both GDP and inflation.
    • Gilts made modest gains at the shorter end of the curve and sterling depreciated as the EU gave the UK until the end of the month to amend its internal market bill to bring it in line with the Brexit Withdrawal Agreement.
  • Euro Wrap-up

    Euro Wrap-up

    8 September 2020 377 KB PDF
    • On a day of weaker risk appetite, Bunds made gains while data showed that German trade growth moderated at the start of Q3.
    • Gilts made significant gains and sterling weakened as the UK Government confirmed it will present draft legislation that would “break international law” in the event that no new free trade agreement is reached with the EU.
    • The next focus for the euro area economy will be Thursday’s ECB policy meeting conclusion, which will also bring updated forecasts.
  • US Economic Comment

    US Economic Comment

    7 September 2020 311 KB PDF
    • The labour market: still improving, still far to go
    • Risk areas: not extreme, except for air travel
  • Euro Wrap-up

    Euro Wrap-up

    7 September 2020 358 KB PDF
    • Bunds and other euro area government bonds made losses despite a weaker-than-expected increase in German industrial production.
    • Gilts made gains and sterling weakened after an FT report suggested that the UK Government was preparing legislation inconsistent with the Brexit Withdrawal Agreement, highlighting risks of a breakdown in the negotiations on an EU-UK FTA.
  • US Data Review

    US Data Review

    4 September 2020 200 KB PDF
    • The labour market: continued improvement, but still far to go
  • Euro Wrap-up

    Euro Wrap-up

    4 September 2020 491 KB PDF
    • While the region’s equity indices fell again, Bunds and other euro area government bonds also made losses despite a moderation of German factory orders growth and a weak euro area construction sector survey.
    • Gilts also fell even as a member of the MPC made the case for further monetary easing and UK car sales data disappointed.
  • Euro Wrap-up

    Euro Wrap-up

    3 September 2020 433 KB PDF
    • Bunds made gains as euro area retail sales missed expectations and the services PMIs and German car registration data pointed to a loss of recovery momentum.
    • Gilts made modest losses as the final UK PMIs pointed to solid expansion despite a downwards revision from the flash estimates.