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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2018

  • Euro Wrap-up

    Euro Wrap-up

    24 September 2018 384 KB PDF
    • Despite a slightly softer Ifo business survey, Bunds made losses as Draghi spoke of “a relatively vigorous pick-up in underlying inflation”. 
    • Gilts followed Bunds lower despite an underwhelming CBI industrial trends survey.
  • Euro Wrap-up

    Euro Wrap-up

    21 September 2018 570 KB PDF
    • Bunds made modest gains as the flash euro area PMIs suggested further weakening in the manufacturing sector.
    • Gilts made gains and sterling fell the most in ten months as PM May insisted she would not compromise with the EU on her Brexit policy.
  • Yen 4Sight

    Yen 4Sight

    21 September 2018 469 KB PDF
    • As expected Shinzo Abe was elected to lead the LDP for an historic third term, ensuring the continuation of Abenomics.
    • The BoJ made no changes to either its policy settings or its description of the economy.
  • US Economic Comment

    US Economic Comment

    21 September 2018 134 KB PDF
    • FOMC preview: little doubt about September tightening; high probability for December
    • Household balance sheets: further improvement in Q2
    • Corporate balance sheets: some influence from the new tax act
  • US Data Review

    US Data Review

    20 September 2018 49 KB PDF
    • Existing home sales: flat at a low level
  • Euro Wrap-up

    Euro Wrap-up

    20 September 2018 372 KB PDF
    • Bunds were little changed despite a further drop in the Commission’s euro area consumer confidence index. 
    • Despite an upbeat UK retail sales report, Gilts made gains as EU leaders were in no mood to shift their ‘red lines’ on Brexit.
  • Euro Wrap-up

    Euro Wrap-up

    19 September 2018 406 KB PDF
    • Bunds were little changed despite upbeat new car registration and construction data from the euro area. 
    • Gilts made losses as the latest UK inflation data surprised significantly on the upside.
  • European Banks - Credit Update

    European Banks - Credit Update

    19 September 2018 364 KB PDF
    • Danske concluded its own investigation on money laundering in Estonia, in which it found that about €200bn of payments flowed through its Estonian non-resident portfolio, yet the bank failed to come up with a more accurate estimate of suspicious transactions.
    • Primary market volumes were lighter in the past two weeks, following a flood of issuance in the prior weeks.