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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  • Credit Comment

    Credit Comment

    13 September 2019 350 KB PDF
    • ECB's lower ad infinitum
  • US Data Review

    US Data Review

    13 September 2019 204 KB PDF
    • Retail sales: a pause in August after strong results in July
    • Consumer sentiment: modest rebound in Sept; still in low end of recent range
  • US Economic Comment

    US Economic Comment

    13 September 2019 245 KB PDF
    • FOMC preview: a friendlier Fed
    • Inflation: hints of a pickup, but non-issue at this time
  • Euro Wrap-up

    Euro Wrap-up

    12 September 2019 568 KB PDF
    • As the ECB cut rates, introduced a tiering framework and launched a new open-ended QE programme, euro area govvies made losses at the shorter end of the curve but longer-dated periphery bonds made gains.
    • Gilts were little changed despite a more downbeat UK housing survey.
  • Euro Wrap-up

    Euro Wrap-up

    10 September 2019 273 KB PDF
    • Bunds made losses despite some disappointing French and Italian IP data.
    • Gilts also made losses as UK data showed the strongest wage growth for eleven years.
  • 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