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 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.
  • European Banks - Credit Update

    European Banks - Credit Update

    15 March 2021 931 KB PDF
    • BNP streamlines its CIB offering by acquiring the remaining 50% stake in investment firm Exane.
    • First T-LTRO auction this week following the mandate widening in December 2020.
    • Strong primary market activity across SSA and FIG issuers last week was supported in secondary market as the ECB policy meeting resulted in EUR spread tightening.
  • Euro Wrap-up

    Euro Wrap-up

    12 March 2021 472 KB PDF
    • Euro area government bonds made losses as data confirmed a further rise in industrial production in the region at the start of the year.
    • Gilts followed USTs sharply lower as UK GDP dropped by less than feared in January but exports to the EU fell at a record pace.
  • Euro Wrap-up

    Euro Wrap-up

    11 March 2021 342 KB PDF
    • Euro area government bonds rallied as the ECB stated that it expects to increase significantly its pace of PEPP purchases over the coming quarter.
    • In contrast, Gilts followed USTs lower on a quiet day for economic news from the UK.
  • US Data Review

    US Data Review

    10 March 2021 152 KB PDF
    • CPI: higher energy and food prices; core price increase modestly.