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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

  • US Economic Comment

    US Economic Comment

    29 June 2020 338 KB PDF
    • U.S. economy: coming into clearer focus
  • European Banks - Credit Update

    European Banks - Credit Update

    29 June 2020 641 KB PDF
    • The fraud-related bankruptcy of Wirecard will have a limited impact on European banks, as the reported €1.75bn exposure is spread across a large number of financial institutions.
    • European banks performed well in the Fed’s stress test disclosed last week, yet capital redistribution capacity will be monitored on a quarterly basis.
    • Primary market activity weakened last week amid the increase of Covid-19 cases in the U.S, whilst German names were the clear underperformers in the secondary market.
  • Euro Wrap-up

    Euro Wrap-up

    29 June 2020 461 KB PDF
    • Bunds made losses as German inflation surprised on the upside and the Commission reported a further significant improvement in economic sentiment.
    • Gilts made gains as UK consumers paid down debt and mortgage approvals fell to a record low.
  • US Data Review

    US Data Review

    26 June 2020 158 KB PDF
    • Personal income: down in May, but still elevated by gov’t support
    • Personal spending: up in May, but still far below pre-virus levels
  • Euro Wrap-up

    Euro Wrap-up

    26 June 2020 510 KB PDF
    • Bunds were little changed as the ECB reported another month of strong growth of lending to non-financial corporations in the euro area.
    • Gilts made modest losses on another quiet day for UK economic news.
  • US Data Review

    US Data Review

    25 June 2020 239 KB PDF
    • International trade in goods: the pandemic hits hard
    • Durable goods orders: manufacturing begins to revive
    • Revised GDP: modest adjustments
  • Euro Wrap-up

    Euro Wrap-up

    25 June 2020 338 KB PDF
    • Bunds made gains despite new German survey results suggesting improved consumer willingness to spend and export expectations.
    • Gilts followed USTs higher as new UK survey results suggested that retailers expect sales to remain weak and that a large share of businesses are cutting investment.
  • Euro Wrap-up

    Euro Wrap-up

    24 June 2020 350 KB PDF
    • While German and French business surveys reported increased optimism about the outlook, Bunds made gains on coronavirus concerns.
    • Gilts followed USTs and Bunds higher on a quiet day for UK economic news.