London & NY Research


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


    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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  • Euro Wrap-up

    Euro Wrap-up

    24 January 2020 518 KB PDF
    • Bunds made gains as the flash euro area PMIs pointed to continued subdued GDP growth, despite some signs of improvement in Germany.
    • Gilts made also made gains even as the flash UK PMIs surprised on the upside and reduced the likelihood of rate cut at next week’s BoE meeting.
  • Euro Wrap-up

    Euro Wrap-up

    23 January 2020 363 KB PDF
    • On a day of diminished risk appetite, Bunds made gains, particularly at the long end, as Lagarde suggested that near-term euro area economic growth would remain in the recent range and the Commission’s flash estimate of consumer confidence suggested no improvement at the start of 2020.
    • Gilts also made gains and the yield curve flattened on a day without any top-tier UK economic data.
  • Euro Wrap-up

    Euro Wrap-up

    22 January 2020 386 KB PDF
    • Bunds and other euro area government bonds made gains as a French survey suggested a softening of business sentiment and Italian political uncertainty intensified.
    • Gilts made losses as a survey suggested a marked improvement in optimism in the UK’s manufacturing sector.
  • US Data Review

    US Data Review

    22 January 2020 158 KB PDF
    • Existing home sales: firm increase to the highest level of 2019
  • Euro Wrap-up

    Euro Wrap-up

    21 January 2020 326 KB PDF
    • Bunds followed the global trend higher as concerns of China’s coronavirus hit risk appetite, while the ECB’s lending survey implied a drop in demand for business loans.
    • Gilts also made gains despite a significant upside surprise to today’s UK employment data.
  • European Banks – Credit Update

    European Banks – Credit Update

    21 January 2020 276 KB PDF
    • The largest US banks ended last year with solid Q4 investment banking revenues, yet full-year 2019 numbers were less stellar. A somewhat similar performance for Q4 is expected from European banks, as suggested by UBS this morning.
    • Strong and consistent primary market conditions have so far lead to the highest issuance volumes of recent years, with banks also using the opportunity to place subordinated paper early on.
  • US Economic Comment

    US Economic Comment

    20 January 2020 318 KB PDF
    • Inflation expectations: well anchored, especially among the young
    • Holiday retail activity: disappointing
    • The US-China trade agreement: interpretation, commitment are the keys
    • New data lock-up provisions: probably workable
  • Euro Wrap-up

    Euro Wrap-up

    17 January 2020 481 KB PDF
    • Bunds ended the day little changed as final euro area CPI figures confirmed that underlying inflation moved sideways at the end of 2019.   
    • Shorter-dated Gilts made more notable gains as very weak UK retail sales data added to the case for a near-term cut in Bank Rate.