London & NY Research

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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

  • European Banks - Credit Update

    European Banks - Credit Update

    25 January 2021 888 KB PDF
    • Strong results by Goldman, Morgan Stanley and Bank of America confirm US investment banks entered 2021 from a position of relative strength.
    • SSAs continue soaring with landmark deals in primaries while EUR supply from European FIGs almost runs dry.
    • Spreads in the secondary market tightened as Italy averted political turmoil, the US presidential inauguration went smoothly and the ECB reaffirmed its policy stance.
  • Euro Wrap-up

    Euro Wrap-up

    22 January 2021 511 KB PDF
    • Bunds made gains as the flash euro area PMIs pointed to a weakening of activity in January while BTPs continued to sell off following yesterday’s comments by Lagarde that the ECB is not targeting yields and might not use the PEPP envelope in full.
    • Gilts made gains as the UK flash PMIs signalled a significant deterioration at the start of the year while December retail sales data also disappointed.
  • US Data Review

    US Data Review

    22 January 2021 155 KB PDF
    • Existing home sales: running hot.
  • Qatar National Bank - Issuer Profile

    Qatar National Bank - Issuer Profile

    22 January 2021 648 KB PDF
  • US Data Review

    US Data Review

    21 January 2021 155 KB PDF
    • Housing starts: robust single-family activity.
  • Euro Wrap-up

    Euro Wrap-up

    21 January 2021 361 KB PDF
    • While euro area consumer confidence deteriorated, Bunds made losses and BTPs underperformed as the ECB reiterated that it need not use its PEPP purchase envelope in full and downplayed suggestions that it was targeting yields.
    • Gilts also made losses despite a very downbeat survey of UK manufacturers.
  • Euro Wrap-up

    Euro Wrap-up

    20 January 2021 343 KB PDF
    • Bunds were little changed after Germany’s government confirmed an extension of its pandemic containment measures, but BTPs made losses despite the survival of Italian PM Conte in yesterday evening’s Senate confidence vote.
    • Gilts made modest losses as the latest UK inflation data surprised on the upside.
  • Euro Wrap-up

    Euro Wrap-up

    19 January 2021 369 KB PDF
    • As the German ZEW survey reported greater confidence in the outlook, Bunds made modest losses while BTPs made gains as Italian PM Conte was expected to survive his confidence vote in the Senate this evening.
    • Gilts were little changed on a quiet day for UK economic news.