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 Data Review

    US Data Review

    5 October 2020 158 KB PDF
    • ISM Nonmanufacturing: above pre-virus level
  • Euro Wrap-up

    Euro Wrap-up

    5 October 2020 360 KB PDF
    • Bunds followed USTs lower even as the euro area services PMIs pointed to weakening activity in September, with France and Spain particularly suffering from the accelerated spread of Covid-19.
    • While BoE external MPC member Haskel stated that he stands ready to vote for more stimulus and UK new car registration data were weak, Gilts also made losses as the UK services PMIs were revised up.
  • Euro Wrap-up

    Euro Wrap-up

    2 October 2020 457 KB PDF
    • Bunds made modest gains as the euro area’s flash CPI estimate saw headline inflation fall further into negative territory and core inflation drop to a record low.
    • Gilts made very modest losses as PM Johnson and European Commission President von der Leyen confirmed that they would hold talks over the weekend to try to unlock a potential trade deal.
  • US Data Review

    US Data Review

    2 October 2020 220 KB PDF
    • Employment: limping ahead
    • Factory orders: moderate increase
  • Euro Wrap-up

    Euro Wrap-up

    1 October 2020 349 KB PDF
    • Bunds were little changed even as euro area unemployment edged higher and car registrations in France and Spain remained in reverse.
    • Gilts ended the day little changed, as initial reports suggesting EU and UK officials had made some progress in the FTA discussions were followed by reports that EU officials saw no increased optimism.
  • Euro Wrap-up

    Euro Wrap-up

    30 September 2020 375 KB PDF
    • As German retail sales data beat expectations, Bunds made losses despite further notable declines in French and Italian inflation and signals from Lagarde of possible future amendments to the ECB’s policy strategy.
    • Gilts made steeper losses as BoE Chief Economist Haldane suggested that pessimism regarding the UK economy had been overdone.
  • Euro wrap-up

    Euro wrap-up

    29 September 2020 362 KB PDF
    • While the Commission sentiment survey suggested ongoing economic recovery in the euro area, Bunds and other euro area government bonds made gains as flash German inflation data surprised on the downside.
    • Longer-dated Gilts also made gains despite a marked jump in UK mortgage approvals.
  • US Data Review

    US Data Review

    29 September 2020 236 KB PDF
    • International trade in goods: strong imports exceed firm exports
    • Consumer confidence: noticeable improvement, but still restrained