London & NY Research

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

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    Daiwa’s research coverage of the euro area and UK economies.

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    Daiwa’s coverage of the US economy from our colleagues in New York

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2020

2019

  • 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.
  • US Data Review

    US Data Review

    25 March 2020 152 KB PDF
    • Durable goods orders: surprising increase; noise in transportation category
  • Euro Wrap-up

    Euro Wrap-up

    25 March 2020 351 KB PDF
    • Bunds made losses while periphery bonds made gains after euro area finance ministers agreed that the ESM should make available new Pandemic Crisis Support and nine EU leaders called for ‘coronabonds’.
    • As the BoE’s purchases and new liquidity support provided support to markets, Gilts made gains as UK inflation remained well-behaved and a survey pointed to subdued retail sales in March.
  • US Data Review

    US Data Review

    24 March 2020 346 KB PDF
    • New home sales: off in February, but from an upwardly revised level; firm on balance
    • Early reports for March: less than dire
  • 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.