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

    21 April 2020 304 KB PDF
    • While the German ZEW survey reported a marked improvement in analyst expectations, Bunds made gains and euro area periphery government bonds and stocks made significant losses as the drop in global oil prices hit risk appetite.
    • Gilts made gains but sterling weakened as the UK government reported a steady flow in the number of new welfare benefit claimants.
  • US Data Review

    US Data Review

    21 April 2020 156 KB PDF
    • Existing home sales: down from an elevated level in February
  • US Economic Comment

    US Economic Comment

    20 April 2020 292 KB PDF
    • Recent economic statistics: Retail Sales & IP push Q1 GDP into negative territory
    • Thoughts on Q2: dreadful
    • Bank capital: a shock absorber
  • European Banks - Credit Update

    European Banks - Credit Update

    20 April 2020 756 KB PDF
    • Market conditions led U.S. banks to report strong trading gains in 1Q20, yet this was overshadowed by a sharp increase in impairment losses and lower CET1 ratios.
    • European banks are expected to follow the trend, yet regulatory flexibility, particularly in the euro area, will allow for lower impairment charges and a lower impact on capital. 
    • French banks reopened the unsecured primary market for euro area names with 3 SNP placements, while the tightening trend in secondary spreads continued.
  • Euro Wrap-up

    Euro Wrap-up

    17 April 2020 311 KB PDF
    • While euro area stocks rallied, Bunds made modest gains as falling energy prices raised the likelihood of negative euro area inflation over coming months. While Italy’s Central Bank suggested that its national GDP fell 5%Q/Q in Q1, BTPs outperformed.  
    • Gilts made losses at the short end of the curve while BoE Governor Bailey said it was not implausible that UK GDP will shrink by one third in Q2.
  • US Data Review

    US Data Review

    16 April 2020 254 KB PDF
    • Housing starts: back to the low portion of the range of the past several years
    • Unemployment claims: initial claims slowly easing, recipients still surging
    • Philly Fed index: close to a record low
  • Euro Wrap-up

    Euro Wrap-up

    16 April 2020 290 KB PDF
    • Before a late announcement by the ECB that it will temporarily allow lower capital requirements for market risk, Bunds made modest gains at the longer end of the curve after the German government decided to ease gradually its restrictions on activity.
    • Longer-dated Gilts were little changed as a survey of UK businesses highlighted the major shock to the labour market from Covid-19. 
  • US Data Review

    US Data Review

    15 April 2020 251 KB PDF
    • Retail sales: record decline, by a wide margin
    • Empire manufacturing index: desperately soft
    • Industrial production: broad-based retreat