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 FOMC Review

    US FOMC Review

    10 April 2024 249 KB PDF
    • FOMC minutes: significant progress on inflation, although recent readings firmer than expected 
    • The Fed’s balance sheet: likely upcoming changes to QT
    • Staff projections: uncertainty around baseline projections “diminished substantially” 
    • In light of the March CPI, potential cuts may be delayed further
  • Euro Wrap-up

    Euro Wrap-up

    9 April 2024 311 KB PDF
    • Bunds followed USTs higher while the ECB’s Bank Lending Survey reported a further drop in demand for business loans amid a further tightening of credit standards.
    • Gilts also made gains despite a firm survey of UK retail sales.
  • Euro Wrap-up

    Euro Wrap-up

    8 April 2024 232 KB PDF
    • Bunds made losses as German industrial production data beat expectations and the Sentix survey pointed to a further significant improvement in investor perceptions of the economic outlook.
    • Gilts made somewhat smaller losses as the KPMG/REC survey of recruitment consultants reported that UK pay growth continues to moderate amid a rise in candidate availability and a decline in recruitment activity.
  • Euro wrap-up

    Euro wrap-up

    5 April 2024 345 KB PDF
    • Bunds followed USTs lower despite some soft data for euro area retail sales and German factory orders and weak construction PMIs.
    • Gilts also made losses while the UK construction PMIs suggested some stabilisation in activity at the end of Q1.
  • US Economic Comment

    US Economic Comment

    5 April 2024 554 KB PDF
    • March employment: strong job growth; ongoing easing in supply-demand imbalances 
    • Average hourly earnings: modest deceleration in wage growth
    • Production hours: suggesting moderate economic growth in Q1
  • Euro wrap-up

    Euro wrap-up

    4 April 2024 358 KB PDF
    • Bunds made gains as the account of the ECB’s March policy meeting suggested that it was “wise to await incoming data and evidence” but also that “the date of a first rate cut [was] coming more clearly into view”.
    • Gilts also made gains as a BoE survey reported a further moderation of business wage and price expectations.
  • Euro Wrap-up

    Euro Wrap-up

    3 April 2024 278 KB PDF
    • While the flash March estimate of euro area inflation surprised slightly to the downside, shorter-dated Bunds made modest losses as services inflation remained sticky at double the ECB’s 2% target.
    • Gilts made gains on a quiet day for UK economic releases.
  • Euro Wrap-up

    Euro Wrap-up

    2 April 2024 289 KB PDF
    • Longer-dated Bunds followed USTs lower even as German inflation fell more than expected in March, with the core CPI rate down to a two-year low.
    • Despite a marked slowdown in a survey measure of UK shop price inflation, Gilts also made sizable losses in line with the global trend as UK mortgage approvals rose the most since September 2022.