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

    28 January 2022 646 KB PDF
    • Bunds made modest losses even as data confirmed a contraction in German GDP in Q4 and the Commission’s economic sentiment indicator deteriorated more than expected.
    • Gilts also made modest losses at the long end of the curve on a quiet end to the week for UK economic news.
  • US Data Review

    US Data Review

    27 January 2022 233 KB PDF
    • Q4 U.S. GDP: surge led by inventory investment; consumption also supportive.
    • Durable goods orders: down-side volatility in aircraft; moderate results elsewhere.
  • Euro Wrap-up

    Euro Wrap-up

    27 January 2022 545 KB PDF
    • Following overnight moves in USTs, Bunds made losses while German consumer confidence was broadly stable.
    • Gilts also made losses despite downbeat surveys of UK retail sales and business turnover.
  • US Data Review

    US Data Review

    26 January 2022 220 KB PDF
    • International trade in goods: import surge outweighs firm exports.
    • New home sales: surge in December suggests revival.
  • US FOMC Review

    US FOMC Review

    26 January 2022 193 KB PDF
    • FOMC: ready to tighten, perhaps aggressively
  • Euro wrap-up

    Euro wrap-up

    25 January 2022 514 KB PDF
    • Bunds made losses as euro area equities fared better, while the latest ifo survey suggested that German firms were more upbeat about the outlook at the start of the year.
    • Gilts also made losses despite a slightly softer UK manufacturing survey and some lower-than-expected public borrowing numbers.
  • Euro wrap-up

    Euro wrap-up

    24 January 2022 423 KB PDF
    • Despite an unexpected big improvement in the German survey, Bunds made gains and euro area stocks fell the most since June 2020 as the euro area flash PMIs suggested softening economic growth in the region and concerns persisted over events on the Russia-Ukraine border.
    • Gilts also made gains as the UK flash PMIs suggested broadly stable economic activity but rising price pressures in the services sector.
  • Euro Wrap-up

    Euro Wrap-up

    21 January 2022 730 KB PDF
    • Bunds made gains as euro area consumer confidence fell to a 10-month low and Christine Lagarde repeated that economic conditions in the euro area were very different from those in the US.
    • While an MPC member argued that the BoE needed to act to restrain wage and price expectations, Gilts also made gains as UK retail sales fell sharply and consumer confidence deteriorated.