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

    31 March 2020 295 KB PDF
    • While euro area inflation plunged and almost 500k German firms applied for wage subsidies, Bunds made losses.  
    • Gilts also made losses ahead of April’s record amount of new issuance.
  • US Data Review

    US Data Review

    31 March 2020 160 KB PDF
    • Consumer confidence: noticeable softening, although less than expected
    • Chicago purchasing managers’ index: not so bad
  • US Economic Comment

    US Economic Comment

    30 March 2020 299 KB PDF
    • The virus: hitting hard
    • The stimulus package: welcome in the near term; a challenge in the long run
  • European Banks - Credit Update

    European Banks - Credit Update

    30 March 2020 699 KB PDF
    • The largest European banks accessing the JPY market have around $500bn of excess capital to weather the current crisis, an increase of around $210bn as a result of the recent measures announced by central banks across the region.
    • Liquidity levels at the start of the crisis were comfortable, whilst new funding and liquidity facilities provided by central banks should alleviate any short-term market strain.
    • Unsecured primary markets re-opened last week for European FIGs, with very attractive spreads.
  • Euro Wrap-up

    Euro Wrap-up

    30 March 2020 351 KB PDF
    • While the ECB announced that it purchased €15.6bn of bonds over the first two days of its new PEPP programme last week, Bunds made gains and BTPs made losses as the prospect of issuance of common euro area ‘coronabonds’ appeared to diminish further.
    • Gilts made gains, ignoring Friday’s one-notch UK sovereign downgrade by Fitch, as the UK deputy chief medical officer said that current lockdown measures could be in place for six months.
  • Euro Wrap-up

    Euro Wrap-up

    27 March 2020 384 KB PDF
    • Bunds made significant gains but BTPs made losses after EU leaders failed to agree a new pandemic crisis support initiative.
    • Gilts made gains while Prime Minister Johnson and his Health Secretary fell ill with Covid-19.
  • US Data Review

    US Data Review

    26 March 2020 253 KB PDF
    • Initial claims for unemployment insurance: shocking
    • International trade in goods: moderate growth in exports; a retreat in imports
    • GDP: no revision to Q4
  • Euro Wrap-up

    Euro Wrap-up

    26 March 2020 347 KB PDF
    • Ahead of the outcome of the EU leaders’ videoconference and after the ECB confirmed legally that its issue limits will not apply to its PEPP scheme, Bunds made notable gains while periphery spreads narrowed.
    • Longer-dated Gilts also made gains as the BoE kept monetary policy unchanged but signalled that it was prepared to increase its asset purchases if required.