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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  • European Banks - Credit Update

    European Banks - Credit Update

    10 September 2019 311 KB PDF
    • The spike in PPI charges faced by UK banks is material and its timing is unfortunate. But their resilience to the current political turmoil and a potential no-deal Brexit is unchanged.
    • Primary markets have returned from the summer break, yet investors have been selective. Average EUR senior preferred paper continued to deliver negative yields, although the trend reversed in recent days following the sell-off of sovereign bonds.
  • Euro Wrap-up

    Euro Wrap-up

    9 September 2019 544 KB PDF
    • Bunds made significant losses as German trade data and a French business survey beat expectations.
    • Gilts also made big losses as UK GDP returned to growth and anti-no-deal legislation passed into law. 
  • US Data Review

    US Data Review

    6 September 2019 125 KB PDF
    • The labor market: soft payrolls; other elements favorable
  • Yen 4Sight

    Yen 4Sight

    6 September 2019 589 KB PDF
    • Against a backdrop of weaker consumer confidence and bad weather, consumption declined sharply at the start of Q3.
    • While IP rose in July, it maintained a downward trend. And surveys point to ongoing weakness ahead.
  • Euro Wrap-up

    Euro Wrap-up

    6 September 2019 548 KB PDF
    • Longer-dated Bunds reversed some of yesterday’s losses as German manufacturing production data disappointed expectations.  
    • Gilts also made notable gains, while UK opposition parties looked set to block another attempt on Monday by PM Johnson to hold a general election in mid-October.
  • US Economic Comment

    US Economic Comment

    6 September 2019 266 KB PDF
    • Job growth: adjust your perceptions
    • Manufacturing: soft, but not recession-like
  • Euro Wrap-up

    Euro Wrap-up

    5 September 2019 352 KB PDF
    • Despite some disappointing German factory orders data, Bunds followed USTs significantly lower as risk appetite returned on the back of more positive geopolitical news and US economic data.
    • Gilts made big losses as draft legislation seeking to prevent a no-deal Brexit looked set to be approved by the House of Lords tomorrow.
  • US Data Review

    US Data Review

    5 September 2019 199 KB PDF
    • ISM nonmanufacturing: orders and business activity rebound; employment softens
    • Factory orders: mildly encouraging results