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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  • US Data Review

    US Data Review

    26 February 2024 345 KB PDF
    • New home sales: pickup from downward-revised pace
    • Inventory of unsold homes: elevated from longer-term perspective
    • Prices: off recent highs but well-above pre-pandemic norms
  • Euro Wrap-up

    Euro Wrap-up

    23 February 2024 342 KB PDF
    • Despite some mixed commentary from ECB Governing Council members, Bunds made gains as the ifo survey suggested that the German economy remains in recession.
    • Gilts also rose as a UK consumer confidence survey disappointed expectations and suggested that purchase intentions remained subdued.
  • Euro Wrap-up

    Euro Wrap-up

    22 February 2024 337 KB PDF
    • Shorter-dated Bunds made losses as the flash euro area PMIs beat expectations, but the German composite PMI implied a steeper pace of contraction, while final euro area inflation figures suggested a further slowing in momentum.
    • Gilts had a mixed performance, even as the flash February PMIs signalled an accelerated pace of recovery and persisting services price pressures.
  • Euro Wrap-up

    Euro Wrap-up

    21 February 2024 254 KB PDF
    • Bunds followed USTs lower, even as the Commission’s flash consumer confidence survey saw only a modest improvement in February.  
    • Gilts also made losses as the latest UK public finances data flagged additional fiscal headwind and reinforced expectations that tax cuts will be announced in the Budget next month.
  • 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.