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

    15 July 2020 225 KB PDF
    • Industrial production: further improvement in June
    • Other data: surge in the Empire index; moderate increase in non-petro import prices
  • Euro Wrap-up

    Euro Wrap-up

    15 July 2020 286 KB PDF
    • Despite strong gains in equity markets in the region, Bunds lacked direction on a day of little substantive economic news from the euro area.
    • Gilts made losses as UK inflation data exceeded expectations.
  • US Data Review

    US Data Review

    14 July 2020 154 KB PDF
    • CPI: energy prices jump; pandemic-related discounting begins to unwind
  • Euro Wrap-up

    Euro Wrap-up

    14 July 2020 281 KB PDF
    • Bunds made gains as an investor survey suggested that confidence in the German economic outlook has softened somewhat.
    • Gilts also made gains as UK GDP data for May were significantly weaker than expected.
  • European Banks – Credit Update

    European Banks – Credit Update

    13 July 2020 654 KB PDF
    • The Q2 earnings season starts this week with the Nordic and American banks – we expect most large trading houses to perform well, whilst provisioning levels remain uncertain.
    • Lloyds’ departing CEO has materially strengthened the bank’s credit profile, yet its interest rate sensitivity will present a challenge in the new environment.
    • Primary markets were mostly quiet over the past week, with less than a handful of issuers targeting lower- ranked paper; the trend in the secondary market was mixed. 
  • Euro Wrap-up

    Euro Wrap-up

    10 July 2020 513 KB PDF
    • Bunds followed USTs higher even as French and Italian industrial production data beat expectations.
    • Gilts also made gains on a quiet end to the week for UK economic news.
  • US Economic Comment

    US Economic Comment

    10 July 2020 552 KB PDF
    • Covid acceleration: modest economic fallout thus far
    • Fed balance sheet: favorable shrinkage, perhaps the Fed has done too much
  • Euro Wrap-up

    Euro Wrap-up

    9 July 2020 347 KB PDF
    • Bunds made gains as German goods trade data disappointed expectations.
    • Gilts made gains as doubts were raised over the macroeconomic boost from yesterday’s new UK fiscal policy package and a survey suggested ongoing downwards pressure on house prices.