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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  • Euro Wrap-up

    Euro Wrap-up

    17 June 2020 370 KB PDF
    • Bunds were little changed as the drop in euro area inflation close to zero in May was confirmed, as were precipitous declines in euro area car sales and construction output.
    • Gilts made gains as data showed that UK inflation fell in May to its lowest level in almost four years.
  • US Data Review

    US Data Review

    16 June 2020 238 KB PDF
    • Retail sales: solid rebound
    • Industrial production: up in May, but not impressively so
  • Euro Wrap-up

    Euro Wrap-up

    16 June 2020 263 KB PDF
    • Bunds followed Treasuries lower as a German survey signalled a further marked improvement in investor expectations about the economic outlook.  
    • Gilts were little changed even as UK labour market data reported a further increase in the claimant count to the highest since the 1990s.
  • US Economic Comment

    US Economic Comment

    15 June 2020 334 KB PDF
    • FOMC: on hold for an extended period, maybe
  • European Banks - Credit Update

    European Banks - Credit Update

    15 June 2020 642 KB PDF
    • Deutsche Bank expects 2020 loan loss provisions to peak in Q2 at around €800m, with the CET1 ratio reaching its trough at around 12.5%, supported by a rebound in the German economy.
    • The European Parliament approved a “prudential filter” to reduce the impact of higher sovereign bond yields on banks’ capital base. 
    • Weaker market sentiment lead to a reversal of the tightening trend, yet primary markets remained in rude health.
  • Euro Wrap-up

    Euro Wrap-up

    12 June 2020 512 KB PDF
    • Euro area government bonds made significant gains as data confirmed a record drop in euro area industrial production in April.
    • Gilts were little changed as data confirmed a record drop in UK GDP in April and Governor Bailey said that the BoE was “ready to take action”.
  • Euro Wrap-up

    Euro Wrap-up

    11 June 2020 360 KB PDF
    • As equities fell sharply, euro area government bonds rallied as steep drops in Italian production and French payrolls were confirmed, while the French government announced new fiscal policy support.
    • Gilts also followed USTs higher as the latest UK housing market survey signalled expectations of price declines ahead.
  • US Data Review

    US Data Review

    10 June 2020 154 KB PDF
    • CPI: energy down; virus-related softness in core