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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2020

  • US Economic Comment

    US Economic Comment

    22 May 2020 284 KB PDF
    • What type of recovery: V, U, W, L?
    • Upcoming report on personal income: insights into government support
  • US Data Review

    US Data Review

    21 May 2020 157 KB PDF
    • Existing home sales: decidedly soft, but still above previous lows
    • Leading indicators: more coincident than leading in this cycle
  • Euro Wrap-up

    Euro Wrap-up

    21 May 2020 347 KB PDF
    • Bunds made gains as the flash euro area PMIs remained extremely weak despite a bounce back from April’s record low.
    • Gilts made more significant gains and saw a negative yield at the 5Y maturity for the first time as the flash UK PMIs remained consistent with a significant drop in economic output despite the improvement in May.
  • Euro Wrap-up

    Euro Wrap-up

    20 May 2020 340 KB PDF
    • Bunds were little changed while the estimate of euro area inflation in April was revised down but the latest Commission consumer confidence indicator showed an improvement.
    • Gilts made gains at the longer end of the curve, and saw a negative yield at auction for the first time, as BoE Governor Bailey refused to rule out sub-zero policy rates and UK inflation fell sharply.
  • US FOMC Review

    US FOMC Review

    20 May 2020 241 KB PDF
    • April FOMC: largely uneventful, but a few hints on potential future actions
  • Euro Wrap-up

    Euro Wrap-up

    19 May 2020 318 KB PDF
    • Following yesterday’s Franco-German proposal for the EU Commission to borrow €500bn to support the recovery from the pandemic, Bunds made losses particularly at the shorter end while Southern European government bonds made further gains.   
    • Gilts made gains, particularly at the shorter end, as UK jobless claims jumped the most on record while vacancies and wage growth fell.
  • US Data Review

    US Data Review

    19 May 2020 154 KB PDF
    • Housing starts: in retreat, but perhaps nearing a bottom
  • US Economic Comment

    US Economic Comment

    18 May 2020 279 KB PDF
    • Recent economic data: mostly dreadful, but some positive developments
    • Powell’s view: worst case scenario, not the modal outlook