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

    21 January 2020 276 KB PDF
    • The largest US banks ended last year with solid Q4 investment banking revenues, yet full-year 2019 numbers were less stellar. A somewhat similar performance for Q4 is expected from European banks, as suggested by UBS this morning.
    • Strong and consistent primary market conditions have so far lead to the highest issuance volumes of recent years, with banks also using the opportunity to place subordinated paper early on.
  • US Economic Comment

    US Economic Comment

    20 January 2020 318 KB PDF
    • Inflation expectations: well anchored, especially among the young
    • Holiday retail activity: disappointing
    • The US-China trade agreement: interpretation, commitment are the keys
    • New data lock-up provisions: probably workable
  • Euro Wrap-up

    Euro Wrap-up

    17 January 2020 481 KB PDF
    • Bunds ended the day little changed as final euro area CPI figures confirmed that underlying inflation moved sideways at the end of 2019.   
    • Shorter-dated Gilts made more notable gains as very weak UK retail sales data added to the case for a near-term cut in Bank Rate.
  • Yen 4Sight

    Yen 4Sight

    17 January 2020 595 KB PDF
    • Business surveys have been mixed, but some tentatively suggest stabilisation in conditions at the start of 2020. The external environment is somewhat more encouraging too.
    • The post-tax hike pullback in consumption appears slightly smaller than in 2014. And consumers appear somewhat more upbeat too.
  • US Data Review

    US Data Review

    17 January 2020 230 KB PDF
    • Housing starts: striking advance in single & multi; permits less impressive
    • Industrial production: utility-related drop in December; manufacturing & mining post gains
  • Euro Wrap-up

    Euro Wrap-up

    16 January 2020 359 KB PDF
    • Bunds made gains even as the ECB account signalled somewhat greater optimism about the outlook and wariness of potential harmful side effects of negative rates.
    • Gilts also made modest gains despite a relatively upbeat UK housing survey.  
  • US Data Review

    US Data Review

    16 January 2020 160 KB PDF
    • Retail sales: firm results at brick & mortar outlets; non-store activity cools
  • Euro Wrap-up

    Euro Wrap-up

    15 January 2020 391 KB PDF
    • Bunds made gains as euro area manufacturing output and export figures disappointed and data confirmed the softest full-year GDP growth in Germany for six years.
    • Gilts made significant gains as UK inflation fell well short of expectations.