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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  • 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
  • Euro Wrap-up

    Euro Wrap-up

    13 March 2020 451 KB PDF
    • European equities had a somewhat better end to the week, Bund yields rose notably higher while Italian BTP spreads reversed some of yesterday’s widening, as the ECB attempted to restore faith that it is mindful of fragmentation risks. 
    • Gilts also followed the global trend lower on a quiet day for UK economic news. 
  • Yen 4Sight

    Yen 4Sight

    13 March 2020 415 KB PDF
    • At its Policy Board meeting on Thursday, the BoJ will likely annouce a new loan facility to support businesses impacted by the coronavirus.
    • Having recently increased its asset purchases, it will also likely pledge to do more in this respect, perhaps increasing the range of private sector bonds bought and its rate of ETF purchases.
    • However, while surveys point strongly to recession, it will also likely leave its interest rates unchanged.   
  • Euro Wrap-up

    Euro Wrap-up

    12 March 2020 297 KB PDF
    • Stocks crashed and euro area periphery bonds saw a massive sell off as the ECB’s policy response to the coronavirus crisis disappointed and Lagarde stated that it wasn’t the ECB’s job to close spreads.
    • Bunds and Gilts struggled for direction but ended the day little changed at 10Y maturities.  
  • US FOMC Review

    US FOMC Review

    12 March 2020 116 KB PDF
    • The Fed: market-friendly changes, but not quite an easing in policy
  • Euro Wrap-up

    Euro Wrap-up

    11 March 2020 385 KB PDF
    • Gilts made losses today despite the BoE’s emergency easing measures, including a 50bps cut in Bank Rate to 0.25%, while the government’s budget confirmed fiscal stimulus.
    • Bunds also made losses even as a report suggested that the ECB is considering deploying all of its policy tools.
  • US Data Review

    US Data Review

    11 March 2020 158 KB PDF
    • CPI: soft energy, firm food, trend-like core