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 Data Review

    US Data Review

    3 December 2020 154 KB PDF
    • ISM Services: modest decline in November; still respectable.
  • Euro Wrap-up

    Euro Wrap-up

    2 December 2020 346 KB PDF
    • Bunds made modest losses as German retail sales beat expectations and the euro area unemployment rate fell for a third successive month.
    • While sterling weakened as EU chief negotiator Barnier reportedly flagged risks of a no-deal end to the Brexit transition, and a UK retail survey pointed to renewed downwards pressure on prices, Gilts made gains at the shorter end of the curve.
  • Euro Wrap-up

    Euro Wrap-up

    1 December 2020 372 KB PDF
    • With risk appetite strong and German labour market data resilient, Bunds sold off and the euro strengthened even as euro area inflation remained at a record low and new car registrations fell sharply.
    • Gilts also made losses as UK house price inflation rose to the highest since early 2015.
  • Euro Wrap-up

    Euro Wrap-up

    30 November 2020 364 KB PDF
    • Bunds made losses even as a measure of German inflation dropped more than expected to its series low.
    • Gilts also made losses as UK mortgage approvals rebounded despite a further fall in unsecured consumer credit.
  • Euro Wrap-up

    Euro Wrap-up

    27 November 2020 692 KB PDF
    • Bunds were little changed as the Commission survey signalled a widespread deterioration in euro area economic sentiment but flash French inflation figures surprised on the upside.
    • Gilts were also little changed ahead of the resumption of the EU-UK negotiations tomorrow.
    • The coming week brings the flash November estimate of euro area inflation as well as new data on car registrations and retail sales, while ECB policy-makers will make final public comments before the next policy meeting.    
  • US Economic Comment

    US Economic Comment

    26 November 2020 337 KB PDF
    • The U.S. economy: early evidence on Q4 growth
    • FOMC minutes: highly favorable views on QE and 13(3) facilities
  • Euro Wrap-up

    Euro Wrap-up

    26 November 2020 376 KB PDF
    • Bunds made gains as national consumer surveys signalled a deterioration of sentiment, euro area bank lending to NFCs remained subdued, and the ECB’s flagged growing concerns about the outlook.  
    • Although late reports hinted that a breakthrough on fisheries might be close, Gilts made gains as reports for much of the day suggested that little progress had been made in the EU-UK negotiations.
  • Euro Wrap-up

    Euro Wrap-up

    24 November 2020 506 KB PDF
    • On a day of positive risk appetite, Bunds made losses as the ifo business survey suggested only a relatively modest drop in German GDP in Q4. 
    • Gilts also made losses as a survey also suggested that UK retail sales remain relatively resilient in Q4.