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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  • Euro Wrap-up

    Euro Wrap-up

    4 May 2020 400 KB PDF
    • While euro area equities fell sharply and most economic data from the region remained exceptionally weak, Bunds made losses ahead of tomorrow’s ruling by Germany’s Constitutional Court on the ECB’s asset purchase programme.
    • Gilts made gains as the UK government announced that 6.3mn jobs had been furloughed via its Job Retention Scheme.
  • Euro Wrap-up

    Euro Wrap-up

    1 May 2020 385 KB PDF
    • While most euro area financial markets were shut for May Day, the ECB published some downbeat scenarios for GDP, while its Chief Economist signalled a readiness to augment the PEPP asset purchase programme.  
    • Gilts made losses as UK data showed a jump in bank lending to firms in March and downwards revisions to the April manufacturing PMIs.
  • US Data Review

    US Data Review

    1 May 2020 157 KB PDF
    • ISM manufacturing index: key components tumble in April… headline index supported (distorted) by supplier deliveries component
    • Construction: modest virus effects; generally firm in March
  • Euro Wrap-up

    Euro Wrap-up

    30 April 2020 324 KB PDF
    • Euro area equities fell sharply but most government bonds rallied as the ECB cut rates on its special loan facilities while GDP in the euro area and several member states posted record declines in Q1.
    • Gilts made gains as UK data provided further evidence of business stress under the lockdown and confirmed a sharp drop in car production.
  • US Data Review

    US Data Review

    29 April 2020 157 KB PDF
    • GDP: lockdown constrains growth
  • Euro Wrap-up

    Euro Wrap-up

    29 April 2020 526 KB PDF
    • While BTPs made losses after Fitch downgraded Italy’s credit rating, most euro area government bonds made gains as the Commission’s euro area sentiment index, Belgian GDP and Spanish retail sales posted record falls, and German inflation fell sharply.
    • Gilts were little changed despite a very weak UK retail price survey.
  • US FOMC Review

    US FOMC Review

    29 April 2020 112 KB PDF
    • FOMC: no new action, but maintaining aggressive policy stance
  • US Data Review

    US Data Review

    28 April 2020 233 KB PDF
    • International trade in goods: imports decline, exports fall by more
    • Consumer confidence: pronounced reassessment of the present situation