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

    19 March 2020 419 KB PDF
    • While the flash March ifo survey illustrated the marked deterioration underway in the German economy, Bunds made losses and BTPs rallied hard following last night’s emergency ECB policy announcement.
    • Gilts rallied in the afternoon session after the BoE cut Bank Rate to 0.1%, re-launched QE and expanded its new Term Funding scheme.
  • Euro Wrap-up

    Euro Wrap-up

    18 March 2020 378 KB PDF
    • Bunds made notable losses again, but BTPs reversed a big further sell-off on reports that euro area officials are considering activation of the ESM to contain the economic and financial impact of Covid-19.
    • The pound plunged to its weakest level since 1985 and Gilts also made further losses as BoE Governor Bailey signalled his willingness to take additional unconventional measures.  
  • US Data Review

    US Data Review

    18 March 2020 158 KB PDF
    • Housing starts: brisk in February
  • US Data Review

    US Data Review

    17 March 2020 241 KB PDF
    • Retail sales: Soft in February after a firm January; modest on balance even before virus effect
    • Industrial production: utility-led increase; manufacturing & mining soft
  • Euro Wrap-up

    Euro Wrap-up

    17 March 2020 299 KB PDF
    • Bunds made losses and periphery bond spreads widened as France and Spain announced new fiscal support packages.
    • Gilts made significant losses ahead of the announcement of a new UK loan guarantee package. 
  • European Banks – Credit Update

    European Banks – Credit Update

    17 March 2020 396 KB PDF
    • Financial institutions across Europe are taking a range of exceptional measures to continue to support borrowers impacted by the Covid-19 outbreak, with additional financial flexibility being provided by central banks, yet these will weaken banks’ credit profile.
    • Banks’ secondary spread levels have now reached early 2016 levels, with the tightening observed throughout 2019 and early 2020 now more than reversed.
  • US FOMC Review

    US FOMC Review

    15 March 2020 196 KB PDF
    • The Federal Reserve: using all available tools
  • US Economic Comment

    US Economic Comment

    15 March 2020 353 KB PDF
    • Federal Reserve: policy in play this week
    • Data watch: a dip in consumer sentiment, first sign of a virus effect