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

    1 July 2019 427 KB PDF
    • While EU leaders failed to appoint a successor to Draghi, Bunds made gains as ECB policymakers acknowledged the possible case for further easing on a day of decidedly mixed euro area economic data.
    • Gilts also made gains as the UK manufacturing PMIs indicated contraction in the sector at end-Q2.
  • US Data Review

    US Data Review

    1 July 2019 189 KB PDF
    • ISM: above 50; soft orders, but respectable employment and production
    • Construction: all three components decline (residential, private nonresidential, public)
  • Euro Wrap-up

    Euro Wrap-up

    28 June 2019 491 KB PDF
    • Bunds made modest gains despite a jump in core inflation in the euro area.
    • Gilts made modest losses despite a fall in UK consumer confidence.
  • US Economic Comment

    US Economic Comment

    28 June 2019 283 KB PDF
    • Global economic activity: still a concern
    • Domestic considerations: little spark in investment spending; inflation picking up slowly
  • Euro Wrap-up

    Euro Wrap-up

    27 June 2019 412 KB PDF
    • Despite an upside surprise to the flash national measure of German inflation, Bunds made modest gains as the Commission economic sentiment index suggested a further loss of momentum in the euro area.
    • Gilts were little changed despite further weak UK car production data.
  • Yen 4Sight

    Yen 4Sight

    26 June 2019 460 KB PDF
    • The BoJ left monetary policy and its economic assessment unchanged, but Kuroda restated his readiness to ease further if necessary.
    • Machine orders have held up but exports have fallen sharply and GDP growth in Q2 will be weak. Inflation has likely peaked.
  • Euro Wrap-up

    Euro Wrap-up

    25 June 2019 258 KB PDF
    • Bunds made gains to send 10Y yields to new record lows despite a broadly upbeat French business survey.
    • Gilts also followed USTs higher as a UK business survey pointed to a very subdued second quarter for retail sales.
  • European Banks - Credit Update

    European Banks - Credit Update

    25 June 2019 461 KB PDF
    • The dovish shift from the Fed and the ECB last week has led to a further tightening of European banks spreads, yet the long-term impact of low interest rates on banks’ profitability will further weaken their overall credit profile.
    • European banks remained active in the JPY market in June, with BPCE showing that there remains demand for TLAC paper issued by G-SIBs.