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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2021

2020

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  • Euro Wrap-up

    Euro Wrap-up

    14 December 2020 315 KB PDF
    • While Germany’s government announced a tightening of its pandemic containment measures over the weekend, Bunds made losses as hopes of a deal between the EU and UK increased.
    • Gilts made significant losses as reports suggested that the EU had eased demands on the post-Brexit level playing field.
  • European Banks - Credit Update

    European Banks - Credit Update

    14 December 2020 771 KB PDF
    • Extension to ECB funding programmes broadly in line with market consensus. PEPP extension implicitly acts to contain yields while T-LTRO provides additional EUR300bn in cheap financing.
    • BoE allows resumption of dividend pay-outs under temporary guardrails and deems UK banks sufficiently resilient to withstand a wide range of severe economic scenarios, including no-deal Brexit.
    • Limited EUR primary activity puts spotlight on USD issuances by SocGen and HSCB that took advantage of stable market conditions for 2021 pre-funding and the replacement of a legacy AT1.
  • Commerzbank AG - Issuer Profile

    Commerzbank AG - Issuer Profile

    14 December 2020 794 KB PDF
  • Euro Wrap-up

    Euro Wrap-up

    11 December 2020 498 KB PDF
    • On a risk-off end to the week with few top-tier economic data, Bunds and other euro area government bonds rallied.
    • Gilts also rallied further ahead of the weekend’s last-ditch negotiations between the EU and UK.
  • US Data Review

    US Data Review

    10 December 2020 230 KB PDF
    • CPI: pandemic-related reversals.
    • Unemployment claims: marked increases.
  • Euro Wrap-up

    Euro Wrap-up

    10 December 2020 377 KB PDF
    • The euro strengthened and Bunds made modest losses as the ECB’s policy announcements failed to exceed market expectations.
    • While UK GDP posted another month of growth in October, sterling depreciated and Gilts rallied again after last night’s dinner between von der Leyen and Johnson set Sunday as the new deadline for a deal.
  • Euro Wrap-up

    Euro Wrap-up

    9 December 2020 355 KB PDF
    • Ahead of tomorrow’s long-awaited ECB policy announcements, Bunds ended the day little changed despite further solid German export data.
    • Gilts were also little changed ahead of this evening’s Brussels Brexit dinner between the UK PM and Commission President.
  • Euro Wrap-up

    Euro Wrap-up

    8 December 2020 498 KB PDF
    • Bunds made gains despite an upbeat ZEW investor survey and an upwards revision to the estimate of euro area job growth in Q3.
    • Gilts also made further gains but sterling remained off yesterday’s lows as the UK government withdrew its Internal Markets Bill clauses inconsistent with international law and also started its Covid-19 vaccine programme.