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

    21 April 2021 367 KB PDF
    • Bunds were little changed but BTPs and other periphery bonds made gains as the German Federal Constitutional Court gave the green light for the EU recovery funds to go ahead as planned.
    • Gilts made modest losses despite a smaller-than-expected rise in UK inflation in March.
  • Euro Wrap-up

    Euro Wrap-up

    20 April 2021 356 KB PDF
    • While the German CDU and CSU settled on a candidate to be the next Chancellor, Bunds made gains despite a rise in German producer price inflation to the highest in almost a decade.
    • Gilts also made gains despite a further drop in the UK unemployment rate.
  • US Economic Comment

    US Economic Comment

    19 April 2021 294 KB PDF
    • Recovery rebate checks: supporting both elevated saving and brisk spending.
    • Upcoming inflation: probably transitory, but some potential for a fundamental pickup.
  • European Banks - Credit Update

    European Banks - Credit Update

    19 April 2021 1287 KB PDF
    • US investment banks report strong 1Q21 profitability on the back of capital market activity and credit reserve releases. They remained largely unscathed by the Archegos fallout.
    • European Union set to provide a sizeable boost to global ESG bond supply once NGEU takes off.
    • Muted primary market activity, particularly for FIGs ahead of the European 1Q21 reporting season. Secondary market spreads hold firm in EUR with minor widening in USD despite strong macros.
  • US Data Review

    US Data Review

    16 April 2021 152 KB PDF
    • Housing starts: brisk rebound from weather-constrained results.
  • Euro Wrap-up

    Euro Wrap-up

    16 April 2021 512 KB PDF
    • Bunds made losses while the rise in euro area inflation in March was confirmed but exports fell for a second month in February.
    • Gilts also made losses on a quiet end to the week for UK economic data.
  • US Data Review

    US Data Review

    15 April 2021 232 KB PDF
    • Retail sales: stimulus-led vigor.
    • Unemployment claims: a quickening in the recovery.
    • IP: weather-related drop in utility output; manufacturing a bit light.
  • Euro Wrap-up

    Euro Wrap-up

    14 April 2021 320 KB PDF
    • Bunds made losses despite a drop in euro area industrial production and comments from ECB President Lagarde emphasising that monetary and fiscal policy support will be required “well into the recovery”.
    • Gilts also made losses on a quiet day for UK economic news.