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

2019

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  • Euro Wrap-up

    Euro Wrap-up

    2 April 2020 282 KB PDF
    • Bunds made modest losses as Germany’s Economy Minister noted that the contraction in GDP will be deeper than during the global financial crisis. Spanish government bonds were little changed despite a record rise in unemployment.
    • Gilts made modest losses at the longer end of the curve despite a massive increase in UK welfare benefit claims.
  • US Data Review

    US Data Review

    2 April 2020 246 KB PDF
    • International trade: weak imports, narrower deficit
    • Factory orders: soft nondurable orders; soft durable ex-transportation
    • Unemployment claims: even more striking results
  • Euro Wrap-up

    Euro Wrap-up

    1 April 2020 383 KB PDF
    • While Bunds and other euro area government bonds made losses, equities fell sharply as the initial impact of the Covid-19 crisis was evident in sharp declines in new car registrations and very weak manufacturing PMIs.
    • Despite a huge volume of new issuance this month, Gilts made gains as the final UK manufacturing PMIs signalled a significantly worse production outlook.
  • US Data Review

    US Data Review

    1 April 2020 154 KB PDF
    • ISM: headline off modestly; key components show larger declines
    • Construction: a downside surprise
  • Euro Wrap-up

    Euro Wrap-up

    31 March 2020 295 KB PDF
    • While euro area inflation plunged and almost 500k German firms applied for wage subsidies, Bunds made losses.  
    • Gilts also made losses ahead of April’s record amount of new issuance.
  • US Data Review

    US Data Review

    31 March 2020 160 KB PDF
    • Consumer confidence: noticeable softening, although less than expected
    • Chicago purchasing managers’ index: not so bad
  • US Economic Comment

    US Economic Comment

    30 March 2020 299 KB PDF
    • The virus: hitting hard
    • The stimulus package: welcome in the near term; a challenge in the long run
  • European Banks - Credit Update

    European Banks - Credit Update

    30 March 2020 699 KB PDF
    • The largest European banks accessing the JPY market have around $500bn of excess capital to weather the current crisis, an increase of around $210bn as a result of the recent measures announced by central banks across the region.
    • Liquidity levels at the start of the crisis were comfortable, whilst new funding and liquidity facilities provided by central banks should alleviate any short-term market strain.
    • Unsecured primary markets re-opened last week for European FIGs, with very attractive spreads.