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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  • Euro wrap-up

    Euro wrap-up

    15 September 2020 384 KB PDF
    • Bunds were little changed despite a strong German ZEW investor sentiment survey while French retail sales fell back.
    • Gilts made losses despite a further drop in UK payrolls, weak pay growth and evidence of a surge in redundancies to come.
  • US Economic Comment

    US Economic Comment

    14 September 2020 320 KB PDF
    • FOMC preview: a new view on QE; no urgency on forward guidance; perhaps more information on the new long-run strategy
    • Inflation expectations: the key variable in future Fed policy decisions
  • Euro Wrap-up

    Euro Wrap-up

    14 September 2020 334 KB PDF
    • Euro area government bonds were little changed after Christine Lagarde stated that the ECB was not complacent about the inflation outlook and that monetary policy would continue to play its role.  
    • Gilts made losses as the BoE postponed a scheduled purchase operation due to technical problems at the CREST settlement system.
  • US Data Review

    US Data Review

    11 September 2020 154 KB PDF
    • CPI: reversal of earlier discounts
  • 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