London & NY Research


    Daiwa Europe’s market-leading research on the Japanese economy.


    Daiwa’s research coverage of the euro area and UK economies.

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    Daiwa’s coverage of the US economy from our colleagues in New York


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  • Euro Wrap-up

    Euro Wrap-up

    17 July 2020 474 KB PDF
    • As leaders met to discuss the EU recovery plan, Bunds made losses as data confirmed a rebound in euro area construction activity and a small uptick in headline inflation.
    • Gilts made losses on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    16 July 2020 162 KB PDF
    • Retail sales: back to normal?
    • Unemployment claims: still far from normal
  • Euro Wrap-up

    Euro Wrap-up

    16 July 2020 367 KB PDF
    • Despite some improved French retail and euro area car sales data, Bunds and other euro area govvies made gains as Lagarde stated that the ECB expects to purchase the full PEPP envelope of EUR1.35trn bonds.  
    • With equity markets weaker, Gilts also made gains as the latest UK labour market data suggested only modest improvement in conditions last month following marked deterioration in April and May.
  • US Data Review

    US Data Review

    15 July 2020 225 KB PDF
    • Industrial production: further improvement in June
    • Other data: surge in the Empire index; moderate increase in non-petro import prices
  • Euro Wrap-up

    Euro Wrap-up

    15 July 2020 286 KB PDF
    • Despite strong gains in equity markets in the region, Bunds lacked direction on a day of little substantive economic news from the euro area.
    • Gilts made losses as UK inflation data exceeded expectations.
  • US Data Review

    US Data Review

    14 July 2020 154 KB PDF
    • CPI: energy prices jump; pandemic-related discounting begins to unwind
  • Euro Wrap-up

    Euro Wrap-up

    14 July 2020 281 KB PDF
    • Bunds made gains as an investor survey suggested that confidence in the German economic outlook has softened somewhat.
    • Gilts also made gains as UK GDP data for May were significantly weaker than expected.
  • European Banks – Credit Update

    European Banks – Credit Update

    13 July 2020 654 KB PDF
    • The Q2 earnings season starts this week with the Nordic and American banks – we expect most large trading houses to perform well, whilst provisioning levels remain uncertain.
    • Lloyds’ departing CEO has materially strengthened the bank’s credit profile, yet its interest rate sensitivity will present a challenge in the new environment.
    • Primary markets were mostly quiet over the past week, with less than a handful of issuers targeting lower- ranked paper; the trend in the secondary market was mixed.