London & NY Research

  • JAPAN

    Daiwa Europe’s market-leading research on the Japanese economy.

  • EUROPE

    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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2020

  • European Banks - Credit Update

    European Banks - Credit Update

    10 August 2020 859 KB PDF
    • The full impact of the pandemic on European banks is not yet clear, but Q2 figures gave an impression of resilience.
    • Profit numbers were certainly not very encouraging, but capital and liquidity remain strong, rebounding from the deterioration in Q1. As a result, with ongoing support from regulators and governments, we remain confident that all of the banks in our coverage are well positioned to face the current crisis. 
  • US Data Review

    US Data Review

    7 August 2020 199 KB PDF
    • Employment: further recovery
  • Euro Wrap-up

    Euro Wrap-up

    7 August 2020 470 KB PDF
    • Bunds made losses as industrial production data from Germany and other member states beat expectations.
    • Gilts also made losses on a quiet day for UK economic news.
  • Euro Wrap-up

    Euro Wrap-up

    6 August 2020 360 KB PDF
    • Bunds made gains even as German factory orders data significantly beat expectations.
    • Gilts made losses at the short end but gains at the longer end of the curve, as the BoE suggested that it was less inclined to ease policy further over the near term but similarly was in no rush to raise rates.
  • US Data Review

    US Data Review

    5 August 2020 220 KB PDF
    • ISM nonmanufacturing index: strong orders support firm activity
    • International trade: exports and imports improve, although still shy of pre-virus totals
  • Euro Wrap-up

    Euro Wrap-up

    5 August 2020 386 KB PDF
    • Bunds followed Treasuries lower as euro area retail sales returned to their pre-Covid level in June and the final July services PMIs signalled meaningful expansion.  
    • Gilts also made losses as the UK services PMI rose to a five-year high and car registrations bounced back.
  • US Data Review

    US Data Review

    4 August 2020 149 KB PDF
    • Factory orders: further improvement in June, but still shy of pre-virus levels
  • US Economic Comment

    US Economic Comment

    3 August 2020 319 KB PDF
    • The U.S. economy: likely up in Q3; risks for Q4
    • Powell: both optimistic and dovish
    • Employment costs: limited response to the soft labor market