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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  • Euro wrap-up

    Euro wrap-up

    28 August 2020 500 KB PDF
    • Shorter-dated Bunds made modest gains as a German consumer survey flagged uncertainties ahead, while the Commission’s sentiment indicator pointed to ongoing recovery.
    • Gilts made gains as BoE Governor Bailey stated that the MPC still had plenty of firepower to add extra stimulus if necessary.
  • US Economic Comment

    US Economic Comment

    28 August 2020 316 KB PDF
    • U.S. economy: early reports for Q3 suggest a solid bounce 
    • The Fed’s new strategy: no surprise on inflation targeting...
    • ...but a new perspective on the labour market
  • Euro wrap-up

    Euro wrap-up

    27 August 2020 377 KB PDF
    • After ECB Chief Economist Lane stated that the performance of the euro area economy over the summer had been broadly as expected and the Governing Council stood ready to add stimulus, Bunds were relatively immune to the significant weakening in USTs that followed Powell’s Jackson Hole speech.
    • Gilts were dragged lower by USTs despite some weak UK car production figures.
  • US Data Review

    US Data Review

    27 August 2020 243 KB PDF
    • Powell at Jackson Hole: the Philips curve has died, or is at least in a coma
    • Q2 GDP: inconsequential upward revision
  • US Data Review

    US Data Review

    26 August 2020 151 KB PDF
    • Durable goods orders: brisk advance led by motor vehicles
  • Euro wrap-up

    Euro wrap-up

    25 August 2020 377 KB PDF
    • Bunds and other euro area government bonds made significant losses as the latest German ifo survey signalled ongoing economic recovery. 
    • Gilts also followed USTs lower despite a weaker-than-expected UK retail sector survey.
  • US Data Review

    US Data Review

    25 August 2020 239 KB PDF
    • New home sales: vigorous
    • Consumer confidence: a surprising drop
  • Euro Wrap-up

    Euro Wrap-up

    21 August 2020 681 KB PDF
    • Bunds made modest gains as the flash euro area PMIs fell short of expectations and signalled a loss of recovery momentum.
    • Gilts also made gains even as the UK’s composite PMI rose to a seven-year high and the level of retail sales returned back above the pre-pandemic peak.