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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  • Credit Comment - Senior MREL/TLAC Debt in Europe

    Credit Comment - Senior MREL/TLAC Debt in Europe

    31 May 2019 402 KB PDF
    • As a relatively new asset class, the dynamics of senior MREL/TLAC eligible debt in both primary and secondary markets are still evolving.
    • Given similar purpose of the instruments, senior HoldCo/SNP and T2 spreads should converge over time, particularly in risk-off periods. 
  • US Economic Comment

    US Economic Comment

    31 May 2019 292 KB PDF
    • Financial markets: pricing in recession, but the economy still on track (for now)
    • Housing: mild response to lower interest rates; elevated prices represent a constraint
  • US Data Review

    US Data Review

    31 May 2019 181 KB PDF
    • Personal income & consumption for April: respectable start to Q2
    • PCE inflation: pickup in April as transitory influences fade
    • Consumer sentiment: revised downward, but still firm
  • US Data Review

    US Data Review

    30 May 2019 208 KB PDF
    • Q1 GDP: modest revision; still firm growth
    • International trade in goods: notable declines in exports & imports; net little changed
  • Euro Wrap-up

    Euro Wrap-up

    29 May 2019 401 KB PDF
    • Bunds made modest gains as the latest German labour market figures showed a surprising, but likely temporary, jump in unemployment.
    • Gilts also followed the global trend higher on a relatively quiet day for UK economic news.
  • Euro Wrap-up

    Euro Wrap-up

    28 May 2019 427 KB PDF
    • Bunds were little changed today despite an upside surprise to the European Commission’s latest economic sentiment index. 
    • Gilts made gains as UK politics dominated the headlines on a quiet day for domestic economic news.
  • US Economic Comment

    US Economic Comment

    24 May 2019 254 KB PDF
    • Next step in Fed balance sheet normalization: maturity composition
  • Euro Wrap-up

    Euro Wrap-up

    24 May 2019 564 KB PDF
    • Bunds were little changed on a quiet day for euro area economic news.
    • Gilts were also little changed as Theresa May confirmed her leave date, while UK retail sales figures exceeded expectations.