London & NY Research

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

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    Daiwa’s research coverage of the euro area and UK economies.

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    Daiwa’s coverage of the US economy from our colleagues in New York

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2021

2020

  • 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.
  • Euro Wrap-up

    Euro Wrap-up

    9 March 2021 344 KB PDF
    • Bunds followed USTs higher while German exports maintained their uptrend, a business survey suggested modest growth in French economic activity in Q1, and data showed that investment rose in the euro area in Q4.
    • Gilts also made gains while a survey suggested positive growth in UK retail sales in February.
  • US Economic Comment

    US Economic Comment

    8 March 2021 305 KB PDF
    • The Fed, the labour market, the bond market: a confusing picture.
    • U.S. consumers: amazing fire power.
    • ISMs: elevated price indexes, but weak inflation signals.
  • European Banks - Credit Update

    European Banks - Credit Update

    8 March 2021 940 KB PDF
    • EBA Green Asset Ratio proposal expected to help quantify ESG risks.
    • The newly formed UK development bank (UKIB) will partially offset loss of funding access to the EIB and follows the example of several European peers, albeit on a smaller scale.
    • Several ESG-themed primary issues among SSAs and FIGs supported overall volume growth while the dormant subordinated debt market was revitalised with a host of AT1s and Tier 2.
  • Euro Wrap-up

    Euro Wrap-up

    8 March 2021 330 KB PDF
    • With ECB net PEPP purchases settled in the past week edging down again, to €11.9bn, Bunds made losses despite some weaker-than-expected German industrial production data.
    • Gilts were little changed as BoE Governor Bailey emphasised the uncertainty of the UK economic outlook and insisted that all monetary policy tools – including more QE and negative rates – remain on the table.