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

    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?
  • US Economic Comment

    US Economic Comment

    2 March 2020 316 KB PDF
    • The coronavirus and monetary policy: finger on the trigger
    • The U.S. economy: modest room to absorb downside risks
  • Euro Wrap-up

    Euro Wrap-up

    2 March 2020 400 KB PDF
    • Bunds rallied and BTPs continued to sell as the coronavirus continued to spread in Europe and expectations of a near-term policy response from the ECB continued to rise.
    • Gilts also rallied as market expectations of a rate cut as soon as this month also increased further.
  • US Data Review

    US Data Review

    2 March 2020 154 KB PDF
    • ISM: still above 50 despite notable drops in orders and production
    • Construction: all three major components advance in January
  • Euro Wrap-up

    Euro Wrap-up

    28 February 2020 495 KB PDF
    • As the rout in global stocks continued, Bunds rallied and BTPs continued to sell off as concerns about the coronavirus epidemic mounted further and financial markets priced in near-term monetary policy easing.
    • Gilts also made gains and sterling depreciated again on heightened risk aversion.  
  • Euro Wrap-up

    Euro Wrap-up

    27 February 2020 501 KB PDF
    • Despite some adequate economic data from the euro area, Bunds made big gains, BTPs made further losses and stocks tumbled as the spread of the COVID-19 coronavirus continued to spook markets.  
    • Gilts also rallied and sterling depreciated as the UK government set out its plans for the imminent negotiations on the future relationship with the EU.
  • US Data Review

    US Data Review

    27 February 2020 236 KB PDF
    • Durable goods orders: signs of life in manufacturing
    • Revised GDP: modest, offsetting adjustments in Q4