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

    23 September 2019 339 KB PDF
    • Bunds made significant gains and euro area periphery bonds outperformed as the September flash PMIs suggested notable weakening of the euro area economy.
    • On a quiet day for UK economic news, Gilts also rallied ahead of a Labour Party conference vote to determine its Brexit policy.
  • European Banks - Credit Update

    European Banks - Credit Update

    23 September 2019 395 KB PDF
    • The low take-up of ECB funds in the first round of TLTRO III operations strongly suggests that overall disbursements under the program will be lower than under the TLTROs II.
    • The Fed’s monetary easing is already impacting American banks and is negative for European banks too.
    • Primary markets were busy with solid supply and demand, with strong tightening from IPTs.
  • Euro Wrap-up

    Euro Wrap-up

    20 September 2019 478 KB PDF
    • Longer-dated Bunds made modest gains despite a slightly improved European Commission consumer confidence indicator.
    • Gilts were little changed, while an EU document leaked late in the day suggested the UK had still failed to propose an acceptable alternative to the backstop.
  • Yen 4Sight

    Yen 4Sight

    20 September 2019 458 KB PDF
    • The BoJ kept its main policy parameters unchanged, but pledged to re-examine the case for easing in October. 
    • Core CPI fell to a 2-year low in August. Exports also fell again. And the Reuters Tankan pointed to weakness further ahead.  
  • US Economic Comment

    US Economic Comment

    20 September 2019 282 KB PDF
    • The money market: a new issue for the Fed
    • Uncertainty: starting to weigh more heavily
  • Euro Wrap-up

    Euro Wrap-up

    19 September 2019 423 KB PDF
    • Bunds made modest losses after take-up of the ECB’s first TLTRO-III operation fell well short of expectations.
    • Shorter-dated Gilts also made modest losses despite a more dovish feel to the BoE’s latest policy statement.
  • Euro Wrap-up

    Euro Wrap-up

    18 September 2019 380 KB PDF
    • Bunds made gains as final euro area inflation data for August confirmed weak price pressures while construction and car registration figures also looked underwhelming.
    • Gilts made gains as UK inflation data for August significantly undershot expectations.
  • US Data Review

    US Data Review

    18 September 2019 133 KB PDF
    • Housing starts: firm gain in single-family; jump in multi-family reversed plunge in prior two months