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

    4 February 2021 339 KB PDF
    • Bunds made modest losses despite softer-than-expected growth in euro area retail sales in December while BTPs made further gains as former PM Conte suggested he might support a new Draghi-led Italian government.
    • While the MPC continued its preparatory work on negative rates, Gilts made sizeable losses as the BoE was sanguine about the UK economic outlook as it left the current policy stance unchanged.
  • US Data Review

    US Data Review

    3 February 2021 152 KB PDF
    • ISM services: a new pandemic high; improvement in the employment component.
  • Euro Wrap-up

    Euro Wrap-up

    3 February 2021 363 KB PDF
    • Bunds made losses as euro area inflation posted a record monthly rise in January, but BTPs rallied as Italy’s President invited Mario Draghi to try to form the next national government.
    • Gilts made losses while the UK’s services and composite PMIs were revised up modestly.
  • Euro Wrap-up

    Euro Wrap-up

    2 February 2021 337 KB PDF
    • Bunds made losses as euro area GDP fell less than expected in Q4 and French inflation jumped more than expected in January.
    • Gilts also made losses despite some softer UK house price data.
  • US Economic Comment

    US Economic Comment

    1 February 2021 315 KB PDF
    • US economy: support from businesses.
    • Are consumers in retreat?
    • Inflation watch: noise in the PCE price indexes.
  • US Data Review

    US Data Review

    1 February 2021 155 KB PDF
    • ISM: modest cooling in orders & production; still elevated.
    • Construction: respectable growth led by single-family activity (again).
  • Euro Wrap-up

    Euro Wrap-up

    1 February 2021 369 KB PDF
    • With the euro area manufacturing PMIs largely upbeat and unemployment stable, Bunds were little changed despite confirmation of steep drops in German retail sales and Spanish car registrations.  
    • Gilts were also little changed despite upwards revisions to the UK manufacturing PMIs and further strong mortgage approvals data.
  • European Banks - Credit Update

    European Banks - Credit Update

    1 February 2021 1080 KB PDF
    • Redemptions of legacy AT1 instruments and upcoming call dates for high coupon yielding AT1s will likely see issuance volumes of the same paper increase over the course of 2021.
    • January primary market volumes see SSAs outpace last year’s performance while FIGs lag.
    • Spread widening in the secondary as initial vaccine euphoria makes way for sober outlook on the operating environment of European FIGs.