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 Economic Comment

    US Economic Comment

    19 April 2021 294 KB PDF
    • Recovery rebate checks: supporting both elevated saving and brisk spending.
    • Upcoming inflation: probably transitory, but some potential for a fundamental pickup.
  • European Banks - Credit Update

    European Banks - Credit Update

    19 April 2021 1287 KB PDF
    • US investment banks report strong 1Q21 profitability on the back of capital market activity and credit reserve releases. They remained largely unscathed by the Archegos fallout.
    • European Union set to provide a sizeable boost to global ESG bond supply once NGEU takes off.
    • Muted primary market activity, particularly for FIGs ahead of the European 1Q21 reporting season. Secondary market spreads hold firm in EUR with minor widening in USD despite strong macros.
  • US Data Review

    US Data Review

    16 April 2021 152 KB PDF
    • Housing starts: brisk rebound from weather-constrained results.
  • Euro Wrap-up

    Euro Wrap-up

    16 April 2021 512 KB PDF
    • Bunds made losses while the rise in euro area inflation in March was confirmed but exports fell for a second month in February.
    • Gilts also made losses on a quiet end to the week for UK economic data.
  • US Data Review

    US Data Review

    15 April 2021 232 KB PDF
    • Retail sales: stimulus-led vigor.
    • Unemployment claims: a quickening in the recovery.
    • IP: weather-related drop in utility output; manufacturing a bit light.
  • Euro Wrap-up

    Euro Wrap-up

    14 April 2021 320 KB PDF
    • Bunds made losses despite a drop in euro area industrial production and comments from ECB President Lagarde emphasising that monetary and fiscal policy support will be required “well into the recovery”.
    • Gilts also made losses on a quiet day for UK economic news.
  • Euro Wrap-up

    Euro Wrap-up

    13 April 2021 343 KB PDF
    • Bunds made modest losses as the German ZEW survey reported an improved assessment of current conditions but slightly less upbeat expectations of the economic outlook.
    • Gilts were little changed as the BoE announced the imminent departure of the MPC’s most hawkish member while UK GDP and trade data for February provided few surprises.
  • US Data Review

    US Data Review

    13 April 2021 148 KB PDF
    • CPI: pressure in the energy sector; noise in the core component.