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 June 2020 601 KB PDF
    • Bunds followed Treasuries lower, despite a big jump in German unemployment and a plunge in Italian employment.
    • Gilts also made losses, even as the final UK services PMIs remained consistent with marked contraction and inflation on the high street fell sharply.
  • US Data Review

    US Data Review

    3 June 2020 240 KB PDF
    • ISM Nonmfg: slight improvement as components move away from record readings
    • Factory orders: soft, but less severe than other areas
  • Euro Wrap-up

    Euro Wrap-up

    2 June 2020 291 KB PDF
    • Longer-dated Bunds reversed only some of yesterday’s losses, while Spanish labour market data showed jobless claims rising to a four-year high.
    • Gilts also made modest gains as UK lending figures reported another sizeable decline in the net flow of consumer credit in April, while the number of mortgage approvals also declined to the lowest on record. 
  • US Economic Comment

    US Economic Comment

    1 June 2020 354 KB PDF
    • Hints of economic improvement
  • European Banks - Credit Update

    European Banks - Credit Update

    1 June 2020 642 KB PDF
    • Assessments performed by the EBA and the Danish Central Bank reinforced the view that most European banks should be able to absorb the losses related to the Covid-19 crisis without hitting their minimal capital requirements.
    • Activity in the primary market remained decent, whilst Credit Agricole tapped the JPY market with the largest deal since the implementation of the new risk-weight regime in Japan in April 2019. Secondary spreads rallied in both EUR and USD.
  • US Data Review

    US Data Review

    1 June 2020 152 KB PDF
    • ISM: better, but still soft
    • Construction modest constraint from the virus
  • Euro Wrap-up

    Euro Wrap-up

    1 June 2020 374 KB PDF
    • Bunds made losses as reports suggested that Germany was preparing a second-phase fiscal support package as final manufacturing PMIs and car sales figures for May emphasised the weak economic backdrop.
    • Gilts also made losses as an FT report suggested that the UK government was preparing to unveil an economic stimulus package in July.
  • Euro Wrap-up

    Euro Wrap-up

    29 May 2020 512 KB PDF
    • Bunds made gains and BTPs made losses as euro area inflation fell close to zero, growth in euro area bank loans jumped further, and French spending on goods dropped the most on record.
    • Gilts also made gains as data confirmed that UK car production came to a near-halt last month.