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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  • US FOMC Review

    US FOMC Review

    21 August 2019 100 KB PDF
    • FOMC: divided views, but look for continued support
  • Euro Wrap-up

    Euro Wrap-up

    20 August 2019 274 KB PDF
    • Bunds and BTPs made significant gains as Italian PM Conte announced his resignation and data confirmed another poor month for euro area construction output.
    • Gilts were little changed after UK PM Johnson proposed a Brexit policy incompatible with an open border on the island of Ireland.
  • Euro Wrap-up

    Euro Wrap-up

    19 August 2019 323 KB PDF
    • Despite a downwards revision to euro area CPI and a Bundesbank report flagging recession risks, euro area equities made solid gains while govvies made notable losses.
    • Gilts also made modest losses, despite a leaked UK government paper suggesting widespread disruption in a no-deal Brexit outcome.
  • Euro Wrap-up

    Euro Wrap-up

    16 August 2019 461 KB PDF
    • Bunds made losses as reports suggested Germany’s government might be willing to loosen fiscal policy in the event of a recession.
    • Gilts also made losses as UK opposition leaders sought to find a way to stop a no-deal Brexit.
  • US Data Review

    US Data Review

    16 August 2019 176 KB PDF
    • Housing starts: downside volatility in multi-family; small gain in single-family
    • Consumer sentiment: equity volatility and trade dispute take a toll
  • European Banks - Credit Update

    European Banks - Credit Update

    16 August 2019 381 KB PDF
    • Another quarter of declining IB revenues across Europe and America, whilst Barclays and Credit Suisse overtook Deutsche as the largest European banks by IB fees.
    • UK banks are feeling the heat from high competition on mortgage lending in the country, yet solid capital and liquidity positions makes them ready to withstand any turmoil from a potential no-deal Brexit. 
  • US Economic Comment

    US Economic Comment

    16 August 2019 282 KB PDF
    • Trade war: flirting with trouble
    • Inflation developments: still restrained despite a jump in core CPI
  • Euro Wrap-up

    Euro Wrap-up

    15 August 2019 334 KB PDF
    • Bunds made further notable gains as comments from the ECB’s Rehn further hinted at an extensive policy package in September.
    • Longer-dated Gilts also followed the global trend higher, with 10Y Gilt yields falling further below 2Y yields, despite some stronger than expected UK retail sales data.