London & NY Research

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

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    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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2021

2020

  • Euro Wrap-up

    Euro Wrap-up

    10 July 2020 513 KB PDF
    • Bunds followed USTs higher even as French and Italian industrial production data beat expectations.
    • Gilts also made gains on a quiet end to the week for UK economic news.
  • US Economic Comment

    US Economic Comment

    10 July 2020 552 KB PDF
    • Covid acceleration: modest economic fallout thus far
    • Fed balance sheet: favorable shrinkage, perhaps the Fed has done too much
  • Euro Wrap-up

    Euro Wrap-up

    9 July 2020 347 KB PDF
    • Bunds made gains as German goods trade data disappointed expectations.
    • Gilts made gains as doubts were raised over the macroeconomic boost from yesterday’s new UK fiscal policy package and a survey suggested ongoing downwards pressure on house prices.
  • Euro Wrap-up

    Euro Wrap-up

    7 July 2020 266 KB PDF
    • Despite a softer-than-expected rise in German IP, Bunds made losses as ECB Board member Schnabel noted that the euro area recession could be shallower than expected and the Bank of France revised up its assessment of economic output.
    • Gilts made modest gains on a quiet day for economic news out of the UK.
  • European Banks - Credit Update

    European Banks - Credit Update

    6 July 2020 656 KB PDF
    • The ECB’s guide on bank mergers published last week brought additional clarity to inform further banking sector consolidation in Europe, yet significant barriers remain.
    • News of a potential NPL sale from Unicredit may confirm the resilience of the NPL market in Italy despite the pandemic, a welcome development for the local banking sector.
    • Markets started last week rather quietly, but rallied somewhat on Thursday on the back of better than expected job figures in the U.S.
  • Euro Wrap-up

    Euro Wrap-up

    6 July 2020 356 KB PDF
    • Bunds made modest losses as some disappointing German factory orders data contrasted with a firmer-than-expected rebound in euro area retail sales.
    • Gilts also made losses as weak UK car registration data contrasted a stronger construction sector survey. 
  • US Data Review

    US Data Review

    6 July 2020 354 KB PDF
    • ISM non-manufacturing index: a surge in June.
  • Euro Wrap-up

    Euro Wrap-up

    3 July 2020 484 KB PDF
    • Bunds were little changed as data showed that German car sales and production in June remained well down on last year’s levels, and OATs made modest losses as French President Macron replaced his Prime Minister.
    • Gilts were little changed ahead of tomorrow’s reopening of English pubs and restaurants.