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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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2021

2020

  • Intesa Sanpaolo SpA - Issuer Profile

    Intesa Sanpaolo SpA - Issuer Profile

    11 February 2021 653 KB PDF
  • Euro Wrap-up

    Euro Wrap-up

    10 February 2021 348 KB PDF
    • While the sharp rise in German inflation at the start of the year was confirmed, Bunds were little changed as Christine Lagarde insisted that the ECB was “very far away” from meeting its inflation target and French production data disappointed.
    • Gilts made losses on an uneventful day for UK economic news.
  • US Economic Comment

    US Economic Comment

    8 February 2021 309 KB PDF
    • Labour market improvement: slow and skewed, but still improvement.
  • Euro Wrap-up

    Euro Wrap-up

    8 February 2021 333 KB PDF
    • Bunds made modest losses while the latest German IP data slightly disappointed expectations, but BTPs again outperformed as Mario Draghi appeared firmly on course to form a new Italian government.
    • Gilts ended little changed on a day free of new top-tier UK economic data. 
  • Daiwa: Japan Chart Book

    Daiwa: Japan Chart Book

    8 February 2021 1058 KB PDF
    • While activity has rebounded from earlier lows, Covid-19 continues to weigh on Japan's economy.
    • Pre-pandemic GDP levels are unlikely to be recaptured before 2023.
    • While inflation dropped to multi-year lows, the BoJ will only modestly tweak its policy framework.
    • Time is of essence for PM Suga with a LDP leadership vote and General Election ahead later this year.
  • European Banks - Credit Update

    European Banks - Credit Update

    8 February 2021 884 KB PDF
    • 2021 SREP findings warn of cliff edge for bank balance sheets in the sudden absence of Covid-related support measures, despite rising regulatory capital ratios.
    • Capital strength and business model sustainability among ECB’s key supervisory priorities for 2021.
    • Resurgence of senior FIG primary issuance on the back of improved sentiment and solid 4Q20 reporting carried through to secondary, helped by Italian politics with hopes pinned on Mario Draghi.
  • Euro Wrap-up

    Euro Wrap-up

    5 February 2021 465 KB PDF
    • Despite softer-than-expected German factory orders data, Bunds made modest losses while BTPs again outperformed on hopes that Mario Draghi was moving closer to forming a new Italian government.
    • On a quiet day for UK economic news, Gilts made further losses as yesterday's BoE optimism continued to resonate.
  • 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.