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

    24 March 2020 283 KB PDF
    • While the flash euro area March composite PMI fell to a record low, Bunds made losses and euro area stocks rallied the most since 2008 as risk appetite improved. 
    • Gilts also made losses and UK equities rallied even as the UK PMIs similarly suggested a record drop in the economic activity.
  • US Economic Comment

    US Economic Comment

    23 March 2020 283 KB PDF
    • The U.S. economy: an abrupt turn; possible help from fiscal policy
    • The Fed’s new facilities: in active use, but not overwhelmed
  • European Banks - Credit Update

    European Banks - Credit Update

    23 March 2020 412 KB PDF
    • More than a decade of making European banks far more robust and ready for the next crisis is now coming to fruit, yet their fundamentals will invariably weaken. The duration of the crisis will be a key determinant on the magnitude of its impact.
    • Flexibilization on the recognition and impairments of NPLs by both the BoE and the ECB will be welcomed by the banks, yet flexibility of IFRS9 rules is limited.
    • Secondary spreads continue to widen significantly, primary markets remained shut.
  • Euro Wrap-up

    Euro Wrap-up

    23 March 2020 313 KB PDF
    • While Germany unveiled a sizable support package implying an increase in new government debt this year, Bunds followed Treasuries higher as the Fed took extraordinary monetary policy action.
    • Gilts also rallied in line with the global trend.
  • US Data Review

    US Data Review

    20 March 2020 156 KB PDF
    • Existing home sales: new cyclical high in February
  • Euro Wrap-up

    Euro Wrap-up

    19 March 2020 419 KB PDF
    • While the flash March ifo survey illustrated the marked deterioration underway in the German economy, Bunds made losses and BTPs rallied hard following last night’s emergency ECB policy announcement.
    • Gilts rallied in the afternoon session after the BoE cut Bank Rate to 0.1%, re-launched QE and expanded its new Term Funding scheme.
  • Euro Wrap-up

    Euro Wrap-up

    18 March 2020 378 KB PDF
    • Bunds made notable losses again, but BTPs reversed a big further sell-off on reports that euro area officials are considering activation of the ESM to contain the economic and financial impact of Covid-19.
    • The pound plunged to its weakest level since 1985 and Gilts also made further losses as BoE Governor Bailey signalled his willingness to take additional unconventional measures.  
  • US Data Review

    US Data Review

    18 March 2020 158 KB PDF
    • Housing starts: brisk in February