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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  • European Banks - Credit Update

    European Banks - Credit Update

    22 March 2021 1122 KB PDF
    • Credit Suisse’s strong financial start to 2021 can’t dispel reputational damage from Greensill fallout.
    • Greek banks still have long way to go in terms of balance sheet de-risking as delayed economic recovery could offset benefits from government guaranteed NPL disposals.
    • Last week’s congested FIG pipeline saw volumes catch up considerably with 2020 levels while the FIG subordinated space was dominated by UK issuers.
  • Euro Wrap-up

    Euro Wrap-up

    19 March 2021 502 KB PDF
    • After France tightened its pandemic containment measures and the coronavirus trend in Germany remained adverse, Bunds made gains despite a further jump in German producer price inflation.  
    • Despite a further improvement in UK consumer confidence, Gilts also made gains while the latest public borrowing figures again undershot expectations.
  • US FOMC Review

    US FOMC Review

    18 March 2021 218 KB PDF
    • FOMC: more optimistic on the outlook, but still highly accommodative.
  • Euro Wrap-up

    Euro Wrap-up

    18 March 2021 328 KB PDF
    • Bunds followed USTs lower while take-up at the ECB’s latest TLTRO-III operation was higher than expected but euro area export data were weaker than expected.
    • Gilts also made losses as the BoE left its forward guidance unchanged but were unconcerned by recent curve-steepening and were upbeat about the near-term outlook.
  • US Data Review

    US Data Review

    17 March 2021 154 KB PDF
    • Housing starts: marked decline, probably weather related.
  • Euro Wrap-up

    Euro Wrap-up

    17 March 2021 382 KB PDF
    • Bunds followed USTs lower ahead of the Fed announcements, while final euro area inflation figures for February aligned with the flash estimates and data suggested contrasting fortunes for new car registrations and construction output in the euro area.   
    • Gilts also made significant losses ahead of tomorrow’s BoE monetary policy announcement.
  • US Data Review

    US Data Review

    16 March 2021 231 KB PDF
    • Retail sales: sharp decline in February; payback for January surge; still strong.
    • Industrial production: sharp decline, primarily reflecting adverse weather.
  • US Economic Comment

    US Economic Comment

    15 March 2021 303 KB PDF
    • An interesting FOMC meeting: possible yield curve adjustments likely shift in the dot plot.