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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  • US Economic Comment

    US Economic Comment

    3 May 2019 278 KB PDF
    • Slow inflation in Q1: transitory or fundamental?
    • IOER confusion: ceiling or floor?
  • Euro Wrap-up

    Euro Wrap-up

    3 May 2019 541 KB PDF
    • Bunds followed US Treasuries slightly higher despite a jump in euro area inflation in April.
    • Gilt yields rose despite another subdued UK services PMI survey at the start of Q2. 
  • US Data Review

    US Data Review

    3 May 2019 196 KB PDF
    • Employment: Robust payrolls; a “soft” decline in unemployment; moderate wage growth
    • ISM Non-Mfg.: Off for the fourth time in the past five months
    • Trade: A slight widening in the monthly deficit
  • Credit Comment - French Banking Sector

    Credit Comment - French Banking Sector

    3 May 2019 502 KB PDF
    • The fundamentals of the top five French banks are solid, backed by their diversified business models, stable earnings, clean balance sheets, and comfortable funding and liquidity positions. Yet the picture on capitalization is mixed.
    • The bonds of the five largest French banks are often priced at similar levels in primary markets, but a clearer differentiation is warranted.
  • Euro Wrap-up

    Euro Wrap-up

    2 May 2019 459 KB PDF
    • Bunds made modest losses at the long end of the curve while data confirmed strong growth in German retail sales in Q1.
    • Gilts made larger losses as the BoE repeated that it would need to raise rates if the economy performs in line with its central economic forecast.
  • Euro Wrap-up

    Euro Wrap-up

    1 May 2019 396 KB PDF
    • While most European markets were closed for May Day, Gilts made gains as the UK manufacturing PMI declined significantly at the start of Q2.
    • Brexit uncertainty was also evident in the latest UK lending figures, with consumer credit also easing further.
  • US Data Review

    US Data Review

    1 May 2019 194 KB PDF
    • ISM: orders & employment soften considerably in April
    • Construction: residential losing ground, nonresidential flattish, gov’t corrects slightly
  • US FOMC Review

    US FOMC Review

    1 May 2019 140 KB PDF
    • FOMC: No policy change; technical adjustment only
    • Press briefing: Focus on inflation