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

    12 May 2021 151 KB PDF
    • CPI: shocking change, but concentrated and heavily influenced by the pandemic.
  • Euro Wrap-up

    Euro Wrap-up

    12 May 2021 365 KB PDF
    • While euro area IP data were subdued, and French inflation was revised down, Bunds made losses in the wake of the higher-than-expected US inflation report.
    • Gilts also followed USTs lower as UK GDP data for Q1 suggested resilience to lockdown and a firm pickup in activity in March.
  • Euro wrap-up

    Euro wrap-up

    11 May 2021 370 KB PDF
    • Bunds made significant losses as the ZEW survey emphasised the significant level of investor optimism about the German economic outlook.
    • Gilts also made losses as the BRC survey reported a surge in UK retail sales in April. 
  • US Data Review

    US Data Review

    11 May 2021 161 KB PDF
    • Job openings: record level; quits rate also elevated.
  • US Economic Comment

    US Economic Comment

    10 May 2021 293 KB PDF
    • A worker shortage, of sorts.
    • Insights from brisk vehicle sales.
  • Lloyds Banking Group - Issuer Profile

    Lloyds Banking Group - Issuer Profile

    10 May 2021 786 KB PDF
  • European Banks - Credit Update

    European Banks - Credit Update

    10 May 2021 957 KB PDF
    • Outcome of European Commission consultation on crisis management reform expected next week.
    • Primary markets saw increased activity among European FIGs, particularly as capital ratios face regulatory headwinds while legacy sub-debt approaches end of regulatory lifecycle.
    • Secondary market spreads broadly hold firm as recovery prospects fill the horizon.
  • Euro Wrap-up

    Euro Wrap-up

    7 May 2021 479 KB PDF
    • Bunds made modest losses even while the latest German and French IP data showed that manufacturing output continued to significantly lag the recovery in orders and sentiment at the end of Q1.
    • After the soft US payroll report, Gilts followed USTs higher despite another strong UK construction sector survey.