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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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  • US Economic Comment

    US Economic Comment

    7 December 2020 303 KB PDF
    • The November employment report: not so bad.
    • Bank profits: an encouraging sign.
  • Euro Wrap-up

    Euro Wrap-up

    7 December 2020 324 KB PDF
    • Bunds and other European government bonds made gains despite strong German industrial production data and an improved survey of euro area investor sentiment.
    • While Johnson and von der Leyen were holding another call to try to find a solution, Gilts made significant gains as the EU-UK negotiations remained deadlocked and seemingly at risk of collapse.
  • European Banks - Credit Update

    European Banks - Credit Update

    7 December 2020 758 KB PDF
    • European banking sector consolidation is picking up in an effort to rein in costs and improve weak profitability, a process accelerated by the pandemic and its adverse economic effects.
    • New capital requirements in Sweden are likely to make dividend payouts and AT1 coupons less desirable while the central bank sets first of its kind sustainability standards for asset purchases.
    • Adequate primary market activity with some debut ESG-themed bonds and opportunistic issuance by sub-investment grade borrowers. While market conditions remain favourable, outlook for spreads remains uncertain due to the pandemic, vaccine news and Brexit risks.
  • Euro Wrap-up

    Euro Wrap-up

    4 December 2020 516 KB PDF
    • Despite a weak construction sector survey, Bunds made losses at the longer end as German factory orders leapt above their pre-pandemic level.
    • While UK car registrations fell sharply, sterling strengthened and Gilts made losses as hopes rose that agreement between the EU and UK might be reached this weekend.
  • US Data Review

    US Data Review

    4 December 2020 235 KB PDF
    • Labour market: limping ahead.
    • International trade: exports and imports advance, imports more so; deficit widens slightly.
    • Factory orders: key items above pre-virus levels.
  • Euro Wrap-up

    Euro Wrap-up

    3 December 2020 359 KB PDF
    • As the US dollar weakened further, Bunds made gains despite stronger-than-expected data for euro area retail sales, firm German car production figures, and a Germany composite PMI that was consistent with growth.
    • While reports on the state of play in the Brexit negotiations remained confused, Gilts also made gains despite an upwards revision to the UK services PMI.
  • US Data Review

    US Data Review

    3 December 2020 154 KB PDF
    • ISM Services: modest decline in November; still respectable.
  • Euro Wrap-up

    Euro Wrap-up

    2 December 2020 346 KB PDF
    • Bunds made modest losses as German retail sales beat expectations and the euro area unemployment rate fell for a third successive month.
    • While sterling weakened as EU chief negotiator Barnier reportedly flagged risks of a no-deal end to the Brexit transition, and a UK retail survey pointed to renewed downwards pressure on prices, Gilts made gains at the shorter end of the curve.