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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2020

2019

  • Euro Wrap-up

    Euro Wrap-up

    7 April 2020 267 KB PDF
    • With equity markets making further gains, Bunds and other euro area government bonds made losses as the Eurogroup discussed new pandemic crisis support. Late in the day, the ECB announced a relaxation of its collateral rules, including acceptance of Greek bonds in its operations.  
    • Gilts also made losses as Boris Johnson remained hospitalised in intensive care and the number of UK Covid-19 deaths rose to a new daily high.
  • US Economic Comment

    US Economic Comment

    6 April 2020 359 KB PDF
    • Data watch: focus on unemployment claims, not payrolls
    • Other indicators: all showing marked retreat
    • Fed: in high gear
    • International trade: favorable recently, but only on the surface
  • Euro Wrap-up

    Euro Wrap-up

    6 April 2020 287 KB PDF
    • Equities rallied, BTPs made gains and Bunds made losses as investors took comfort from the downwards trends in Italian and Spanish coronavirus deaths, while ECB data confirmed that it spent €30.2bn on PEPP purchases last week.    
    • Gilts made modest losses despite weak UK construction and car registration data, while UK PM Johnson remained hospitalised with Covid-19.
  • European Banks - Credit Update

    European Banks - Credit Update

    6 April 2020 546 KB PDF
    • The SRB has signaled it may take a flexible approach towards MREL requirements.
    • The restrictions on capital redistributions announced last week will have limited positive impact on banks’ capital buffers, yet already unloved banks’ shares will become even less attractive given the increased uncertainty regarding dividend payments.
    • Unsecured primary market activity was weak; secondary spreads tightened further, albeit remaining still substantially above pre-Covid-19 crisis levels.
  • Euro Wrap-up

    Euro Wrap-up

    3 April 2020 326 KB PDF
    • Bunds largely made modest gains and periphery bonds made losses as the euro area services PMIs plummeted, with an unprecedented plunge in the Italian and Spanish indices.
    • Gilts made gains as the final UK services PMIs signalled a record pace of contraction.
  • US Data Review

    US Data Review

    3 April 2020 219 KB PDF
    • Employment: virus-related softness
    • ISM nonmfg: still Above 50, but supported by supplier deliveries
  • 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