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

  • US Data Review

    US Data Review

    3 August 2020 154 KB PDF
    • ISM: further improvement in July
    • Construction: still light residential building; business & government little changed
  • Euro Wrap-up

    Euro Wrap-up

    3 August 2020 349 KB PDF
    • Longer-dated Bunds ended the day little changed as the euro area’s manufacturing PMIs pointed to recovery, while the Bundesbank confirmed that it would continue to conduct purchases under the ECB’s PSPP framework.
    • Gilts were also broadly unchanged, as the UK’s final manufacturing PMI signalled meaningful expansion despite a slight downwards revision.
  • Euro Wrap-up

    Euro Wrap-up

    31 July 2020 508 KB PDF
    • Bunds ended the day little changed, even as euro area GDP contracted at a record double-digit quarterly rate as lockdowns took their toll.  
    • Gilts were also little changed, even as the UK government slowed the easing of some lockdown restrictions across England.
  • US FOMC Review

    US FOMC Review

    30 July 2020 195 KB PDF
    • FOMC policy statement: inconsequential changes
    • The press conference: a dovish tilt
  • US Data Review

    US Data Review

    30 July 2020 167 KB PDF
    • Q2 GDP: as expected, dreadful 
  • Euro Wrap-up

    Euro Wrap-up

    30 July 2020 459 KB PDF
    • Bunds made gains as the flash estimates of German Q2 GDP and July inflation declined by more than expected.
    • Gilts also made gains as UK car production figures remained relatively weak in June, as output was limited by strict social distancing rules and subdued demand.
  • US Data Review

    US Data Review

    29 July 2020 153 KB PDF
    • International trade in goods: improvement after virus-related disruptions
  • Euro Wrap-up

    Euro Wrap-up

    29 July 2020 352 KB PDF
    • Bunds made very modest losses today, even as a French survey reported a deterioration in consumer confidence in July.  
    • Gilts also made losses as UK lending data showed some recovery in mortgage lending, while demand for loans from SMEs remained strong.