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 FOMC Review

    US FOMC Review

    10 June 2020 218 KB PDF
    • FOMC: highly supportive

  • Euro Wrap-up

    Euro Wrap-up

    9 June 2020 268 KB PDF
    • Bunds made modest losses even as record declines in German and French exports and euro area GDP and household spending were confirmed.
    • Gilts were little changed while UK spending data pointed to a gradual recovery in May.
  • US Economic Comment

    US Economic Comment

    8 June 2020 297 KB PDF
    • The labour market: a muddled picture, but probably on the mend
    • FOMC: no policy change, but more guidance, either explicit or implicit
    • CBO economic outlook: not so radical
  • European Banks - Credit Update

    European Banks - Credit Update

    8 June 2020 637 KB PDF
    • The recent increase in excess liquidity placed at the ECB will cost euro area banks an additional EUR1.3bn per year, assuming constant excess liquidity levels. Yet as the latter is in fact expected to increase further, the ECB will be under pressure to adjust the tiering multiplier.
    • Primary market activity remained adequate, backed by the strong rally in secondaries. This resilience of the primary market has eased concerns on banks’ funding and liquidity needs, raised after the unsecured market closed for several weeks from mid-February.
  • Euro Wrap-up

    Euro Wrap-up

    8 June 2020 359 KB PDF
    • Bunds made gains as data reported a record decline in German industrial production and Christine Lagarde warned of severe risks to price stability.   
    • Gilts made more limited gains on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    5 June 2020 155 KB PDF
    • The labour market: go figure
  • Euro Wrap-up

    Euro Wrap-up

    5 June 2020 538 KB PDF
    • While German factory orders fell sharply, Bunds followed USTs lower after the stronger-than-expected US labour market report.
    • Given the stronger global risks appetite, Gilts also made losses despite weak surveys on UK consumer confidence and labour market conditions. 
  • Euro Wrap-up

    Euro Wrap-up

    4 June 2020 396 KB PDF
    • Bunds made losses but BTPs rallied as the ECB increased its PEPP programme after Germany’s coalition partners agreed a new large-scale fiscal stimulus.
    • Gilts followed USTs lower despite some further very weak UK economic data.