London & NY Research

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    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

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  • Euro Wrap-up

    Euro Wrap-up

    3 July 2020 484 KB PDF
    • Bunds were little changed as data showed that German car sales and production in June remained well down on last year’s levels, and OATs made modest losses as French President Macron replaced his Prime Minister.
    • Gilts were little changed ahead of tomorrow’s reopening of English pubs and restaurants.
  • US FOMC Review

    US FOMC Review

    2 July 2020 114 KB PDF
    • FOMC: cool to yield curve control…
    • …but more forward guidance seems likely
  • Euro Wrap-up

    Euro Wrap-up

    2 July 2020 342 KB PDF
    • Bunds and other euro area government bonds made gains as data pointed to a gradual rise in joblessness in the region as Q2 went on.
    • Gilts also made gains as a survey suggested that UK firms expect to keep cutting jobs through to the end of the year.
  • US Economic Comment

    US Economic Comment

    2 July 2020 364 KB PDF
    • Employment: one-third of the way back
    • The manufacturing sector: rebounding, but not surging
    • International trade: hit hard by the pandemic
    • FOMC: leaning toward more forward guidance, but not yield curve control
  • US Data Review

    US Data Review

    1 July 2020 156 KB PDF
    • ISM: vigorous rebound; orders and production led the surge
    • Construction: slow private-sector building
  • Euro Wrap-up

    Euro Wrap-up

    1 July 2020 374 KB PDF
    • Bunds and other core euro area government bonds made big losses as German retail sales rose above the pre-pandemic peak and French car registrations rose above their level a year earlier.
    • Gilts also made losses despite a further fall in UK house prices.
  • Euro Wrap-up

    Euro Wrap-up

    30 June 2020 286 KB PDF
    • While euro area core inflation fell back, longer-dated Bunds made modest losses after Executive Board member Schnabel reiterated that the ECB would not necessarily use the full €1.35trn envelope of the PEPP programme.
    • Gilts were little changed as revised data revealed that the hit to GDP in Q1 was bigger than previously thought, but MPC member Haldane emphasised that the drop in Q2 will be less than the BoE had previously expected.
  • US Data Review

    US Data Review

    30 June 2020 165 KB PDF
    • Consumer confidence: solid pickup in June, but still restrained
    • Chicago purchasing managers’ index: modest increase