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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  • 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.
  • BBVA - Issuer Profile

    BBVA - Issuer Profile

    6 May 2021 796 KB PDF
  • Euro Wrap-up

    Euro Wrap-up

    6 May 2021 468 KB PDF
    • Bunds made very modest gains even as data for German factory orders and euro area retail sales beat expectations.
    • Gilts made gains as the BoE left its asset purchase target unchanged while reducing its weekly pace of purchase, and revised up its GDP forecast while also expecting inflation to be close to target at the end of its projection horizon.
  • US Data Review

    US Data Review

    5 May 2021 153 KB PDF
    • ISM services: off marginally from a record level.
  • Euro Wrap-up

    Euro Wrap-up

    5 May 2021 395 KB PDF
    • Bunds made modest losses as the final euro area services and composite PMIs underscored improvement at the start of Q2, producer price inflation picked up to a 2½-year high, and German car production and sales continued to trend below pre-pandemic levels.
    • Gilts made losses as UK new car registrations rebounded but similarly remained well down on pre-pandemic levels.
  • Euro Wrap-up

    Euro Wrap-up

    30 April 2021 534 KB PDF
    • Bunds made gains while flash euro area data revealed a modest drop in GDP in Q1, a rise in headline inflation in April to a two-year high but also a drop in core inflation. 
    • Gilts were little changed ahead of Monday’s UK bank holiday.
  • US FOMC Review

    US FOMC Review

    29 April 2021 113 KB PDF
    • FOMC: an improved outlook, but no hint of upcoming policy changes.