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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  • European Banks - Credit Update

    European Banks - Credit Update

    21 December 2020 743 KB PDF
    • Draft Taxonomy criteria risk being too lenient in meeting low carbon economy targets while green covered bond issuers face overregulation which could significantly hit green issuance.  
    • ECB permits resumption of dividend payouts for euro area banks under narrow guardrails.
    • Issuers expected to take advantage of stable funding conditions in early January 2021 following favorable policy announcements before adverse economic reality catches up with markets.
  • Euro Wrap-up

    Euro Wrap-up

    18 December 2020 485 KB PDF
    • Bunds were little changed as the German ifo business survey suggested resilience to the second wave of pandemic.
    • While UK retail sales data beat expectations, Sterling depreciated and Gilts made significant gains as an agreement between the EU and UK on fish remained elusive.
  • US Data Review

    US Data Review

    17 December 2020 231 KB PDF
    • Housing starts: further improvement.
    • Unemployment claims: pandemic-related slippage, but only moderate thus far.
  • Euro Wrap-up

    Euro Wrap-up

    17 December 2020 377 KB PDF
    • Longer-dated euro area government bonds followed USTs higher while final euro area inflation data for November provided no surprises.
    • Sterling strengthened further while Gilts were little changed as reports suggested further progress towards a deal between the EU and UK and the BoE left policy unchanged but signalled a readiness to ease further if necessary.
  • US Data Review

    US Data Review

    16 December 2020 163 KB PDF
    • Retail sales: soft results; part lockdown effect, part regression to trend.
  • Euro Wrap-up

    Euro Wrap-up

    16 December 2020 380 KB PDF
    • With reports that the EU and UK are getting closer to a deal, and as the flash euro area PMIs beat expectations, Bunds made significant losses.
    • Despite a downside surprise to UK inflation, the Brexit reports also pushed longer-dated Gilts lower while the flash PMIs suggested a stabilisation of UK output.
  • US FOMC Review

    US FOMC Review

    16 December 2020 218 KB PDF
    • FOMC: a germ of forward guidance on QE; an inconsequential change in the dot plot.
  • Euro Wrap-up

    Euro Wrap-up

    15 December 2020 344 KB PDF
    • After the Netherlands became the latest euro area member state to tighten its pandemic containment restrictions, Bunds followed USTs lower on a quiet day for economic data from the euro area.
    • Gilts also weakened despite a new record level of UK redundancies and a drop in payrolls.