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 Economic Comment

    US Economic Comment

    9 March 2020 307 KB PDF
    • Coronavirus and the U.S. economy: searching for clues
    • The Fed on March 18: flip a coin
  • Euro Wrap-up

    Euro Wrap-up

    9 March 2020 366 KB PDF
    • With risk appetite having evaporated, euro area stocks fell sharply and Bund yields plunged to record lows as Italy implemented controls on movement and activity in Lombardy and neighbouring provinces.
    • Gilt yields also registered new lows, for a while falling into negative territory out to 7Y maturities.
  • US Data Review

    US Data Review

    6 March 2020 225 KB PDF
    • Employment: strong in most respects
    • International trade: softer flows, but narrower deficit
  • Euro Wrap-up

    Euro Wrap-up

    6 March 2020 508 KB PDF
    • Bunds made further gains, with 10Y yields briefly at a record low, as the coronavirus continued to spook investors.
    • Gilts plunged to record lows across the curve after Carney did not rule out the BoE easing policy ahead of the next scheduled MPC meeting.
  • US Data Review

    US Data Review

    4 March 2020 156 KB PDF
    • ISM non-manufacturing: solid report for February
  • Euro Wrap-up

    Euro Wrap-up

    4 March 2020 396 KB PDF
    • As the coronavirus continued to spread across Europe, Bunds made further modest gains.
    • Gilts also made gains as Governor-designate Bailey suggested that the BoE would need to act quickly to address the economic and financial impact of the coronavirus.  
  • Euro Wrap-up

    Euro Wrap-up

    3 March 2020 310 KB PDF
    • While the ECB response to the coronavirus appeared sluggish compared to the Fed, Bunds made modest gains and BTPs rallied.
    • Gilts also rallied as Carney stated that the BoE stands ready to take “all necessary steps” to support the UK economy.
  • US FOMC Review

    US FOMC Review

    3 March 2020 133 KB PDF
    • FOMC: what’s next?