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

    20 February 2024 265 KB PDF
    • Bunds followed USTs higher even as the ECB’s measure of negotiated wage growth moderated only slightly in Q4 to be still more than double the long-run average, while euro area construction output unexpectedly rose in December.
    • Gilts also made gains on a quiet day for UK economic releases.
  • US Economic Comment

    US Economic Comment

    16 February 2024 586 KB PDF
    • Inflation in January: ending talk of a Fed pivot in the spring
    • Housing starts: signs of revival in single-family housing
    • Consumer sentiment: modest improvement tied to views on inflation
  • Euro Wrap-up

    Euro Wrap-up

    15 February 2024 356 KB PDF
    • Bunds followed USTs lower, while the euro area goods trade surplus rose in Q4 to its highest since Q121 despite a modest narrowing in December.
    • Gilts made modest losses even as the UK’s economy slipped into recession in H223 and GDP per capita extended the longest run without growth since at least 1955.
  • Euro Wrap-up

    Euro Wrap-up

    14 February 2024 303 KB PDF
    • Bunds made gains even as euro area industrial production surprised significantly to the upside and employment growth picked up in Q4 despite flat GDP.
    • Gilts made notable gains as UK inflation came in below expectations to move sideways in January, despite a modest uptick in services inflation.
  • Euro Wrap-up

    Euro Wrap-up

    13 February 2024 277 KB PDF
    • Bunds followed USTs lower, while an investor survey suggested a further deterioration in German economic conditions in Q1, but greater optimism about the coming six months.
    • Gilts made more sizeable losses as UK pay growth exceeded expectations, while the unemployment rate fell to an eleven-month low.
  • US Data Review

    US Data Review

    13 February 2024 381 KB PDF
    • CPI: a jump in core spurred by a surge in service prices
    • The January CPI reduces further odds of a rate cut before the June FOMC meeting
  • Euro Wrap-up

    Euro Wrap-up

    9 February 2024 338 KB PDF
    • Euro area govvies made losses as December industrial production surprised on the upside in Italy, Ireland and the Netherlands, while final German inflation estimates confirmed a moderation in goods inflation but a slight uptick in services in January.  
    • Gilts also made losses on a quiet end to the week for top-tier UK data.
  • US Economic Comment

    US Economic Comment

    9 February 2024 595 KB PDF
    • CPI revisions: modest changes; decelerating trend remained intact
    • Forecasters’ inflation expectations: anchored at two percent
    • The U.S. budget outlook: dire with little hope for near-term course correction