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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

  • Euro Wrap-up

    Euro Wrap-up

    11 May 2020 367 KB PDF
    • Bunds and other euro area government bonds made gains as Christine Lagarde signalled that the ECB would not respond to the German Constitutional Court’s call to justify its bond purchases, while the euro area economic dataflow confirmed record weakness.
    • Gilts were little changed as the BoE left policy unchanged but kept the possibility of additional QE very much on the table.
  • Euro Wrap-up

    Euro Wrap-up

    7 May 2020 535 KB PDF
    • Bunds and other euro area government bonds made gains as Christine Lagarde signalled that the ECB would not respond to the German Constitutional Court’s call to justify its bond purchases, while the euro area economic dataflow confirmed record weakness.
    • Gilts were little changed as the BoE left policy unchanged but kept the possibility of additional QE very much on the table.
  • Euro Wrap-up

    Euro Wrap-up

    6 May 2020 399 KB PDF
    • Bunds followed Treasuries lower, despite record declines in euro area retail sales and German factory orders, car production and registrations.
    • Gilts also made modest losses even as the UK construction PMI signalled a collapse in activity in the sector.
  • Euro Wrap-up

    Euro Wrap-up

    5 May 2020 314 KB PDF
    • While euro area equities made solid gains, Bunds were also firmer and BTPs made losses as Germany’s Constitutional Court demanded that the ECB justify its public sector bond purchases and flagged the importance of the issuer limits and capital key in constraining the programme.
    • Gilts made gains as UK car registrations posted a record decline.
  • US Data Review

    US Data Review

    5 May 2020 229 KB PDF
    • International trade: virus leaves its mark in March
    • ISM non-manufacturing: key components at record lows; distortion from supplier deliveries

     

  • US Economic Comment

    US Economic Comment

    4 May 2020 304 KB PDF
    • Clues and insights into second quarter growth in the U.S. economy
    • Deflation risks: not inconsequential
  • European Banks - Credit Update

    European Banks - Credit Update

    4 May 2020 555 KB PDF
    • Banks with sizeable investment banking operations have been able to navigate the current crisis from a stronger position than pure retail-focused peers. 
    • A strong performance in FICC earnings led European investment banks to outperform their American peers in Q1.
    • Measures announced by the European Commission and the ECB will provide material capital relief and liquidity support to European banks.
  • US Data Review

    US Data Review

    4 May 2020 150 KB PDF
    • Factory orders: soft headline figure, but also hints of resilience