London & NY Research


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


    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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  • European Banks - Credit Update

    European Banks - Credit Update

    18 May 2020 701 KB PDF
    • The increased flexibility within the P2R offered by the ECB changed somewhat the dynamics of capital requirements, and was a key driver of the Tier 2 placement by Deutsche Bank last week.
    • European banks’ CET1 ratio declined by 29bps on average last quarter to 14.1%, with the changes ranging from +40bps to -110bps. The average LCR was down 1ppt at 145%.
    • Activity in the primary market was decent, with placements in a range of currencies and across the capital stack, whilst the trend in the secondary market was mixed.
  • Euro Wrap-up

    Euro Wrap-up

    15 May 2020 490 KB PDF
    • Bunds made modest losses as data confirmed that Germany contracted in Q1 at a softer pace than other large member states, while employment in the euro area declined for the first time since the euro crisis.
    • Gilts also made losses on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    15 May 2020 244 KB PDF
    • Retail sales: broad and deep weakness
    • Industrial production: a manufacturing-led decline
    • Consumer sentiment: a surprising increase
  • Euro Wrap-up

    Euro Wrap-up

    13 May 2020 396 KB PDF
    • Bunds made gains and BTPs outperformed as data confirmed a record drop in euro area industrial output in March, and as ECB Chief Economist Lane made clear the Governing Council is ready to adjust policy if needed.  
    • Gilts also made gains as UK GDP in Q1 fell at the fastest rate since Q408.
  • US Data Review

    US Data Review

    13 May 2020 154 KB PDF
    • PPI pronounced softness
  • US Data Review

    US Data Review

    12 May 2020 154 KB PDF
    • CPI: energy prices tumble; core weak, only partially because of the coronavirus
  • US Economic Comment

    US Economic Comment

    11 May 2020 386 KB PDF
    • Employment data: insights into the softest spots
    • Treasury funding: shifting to a longer-turn strategy
  • European Banks - Credit Update

    European Banks - Credit Update

    11 May 2020 630 KB PDF
    • The “desktop” stress test performed by the BoE found the UK banking sector to be well positioned to weather a plausible sharp economic downturn.  
    • French and Italian names dominated last week’s results calendar, with the varying approach towards reserves building undermining the insightfulness of banks’ data.
    • Activity picked up in the primary market as the Q1 earnings season approached its end, whilst the trend in the secondary market was mixed.