London & NY Research

  • JAPAN

    Daiwa Europe’s market-leading research on the Japanese economy.

  • EUROPE

    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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2021

2020

  • Euro wrap-up

    Euro wrap-up

    18 May 2021 365 KB PDF
    • Bunds were little changed while new data reported a drop in euro area exports in March and a fall in euro area employment in Q1.
    • Gilts were also little changed despite evidence of a firming labour market in the latest UK data.
  • US Economic Comment

    US Economic Comment

    17 May 2021 319 KB PDF
    • Inflation: transitory, at least for now.
    • Inflation expectations: beginning to shift.
  • HSBC Holdings plc - Issuer Profile

    HSBC Holdings plc - Issuer Profile

    17 May 2021 805 KB PDF
  • European Banks - Credit Update

    European Banks - Credit Update

    17 May 2021 951 KB PDF
    • As European banks lobby for extended capital relief measures, the ECB amended its guideline to make the leverage ratio a binding Pillar 1 own-funds requirement as of end-June 2021.
    • Primary market activity picked up again after several slow weeks showcasing new three-month call features on Tier 2 instruments.
    • Secondary market spreads, particularly EUR, have been impacted by recent increases in yields driven by rising expectations of recovery and a pick-up in inflation.
  • Euro Wrap-up

    Euro Wrap-up

    14 May 2021 505 KB PDF
    • Bunds were little changed as the account of the ECB’s April meeting gave few insights into the likely future path of PEPP asset purchases.
    • Gilts followed USTs higher on a quiet end to the week for economic news from the UK.
  • US Data Review

    US Data Review

    12 May 2021 151 KB PDF
    • CPI: shocking change, but concentrated and heavily influenced by the pandemic.
  • Euro Wrap-up

    Euro Wrap-up

    12 May 2021 365 KB PDF
    • While euro area IP data were subdued, and French inflation was revised down, Bunds made losses in the wake of the higher-than-expected US inflation report.
    • Gilts also followed USTs lower as UK GDP data for Q1 suggested resilience to lockdown and a firm pickup in activity in March.
  • Euro wrap-up

    Euro wrap-up

    11 May 2021 370 KB PDF
    • Bunds made significant losses as the ZEW survey emphasised the significant level of investor optimism about the German economic outlook.
    • Gilts also made losses as the BRC survey reported a surge in UK retail sales in April.