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

    23 June 2023 366 KB PDF
    • Bunds rallied as the flash euro area PMIs for June signalled a significant loss of economic growth momentum.  
    • While the flash UK PMIs also missed expectations, Gilts made losses at the short end of the curve but gains further out as retail sales rose for a second successive month and consumer confidence improved.
  • US Economic Comment

    US Economic Comment

    23 June 2023 509 KB PDF
    • U.S. economy: growth track in 23-H1, but possible (mild) recession in H2
    • The yield curve: inversion to persist in 2023
  • Euro Wrap-up

    Euro Wrap-up

    22 June 2023 253 KB PDF
    • Gilts made losses at the short end but gains at the long end as the BoE raised Bank Rate by 50bps and signalled the likelihood of further tightening to come.
    • Bunds made losses as euro area consumer confidence beat expectations.
  • Euro Wrap-up

    Euro Wrap-up

    21 June 2023 302 KB PDF
    • Gilts sold off once again as the UK’s May inflation data exceeded expectations with the core CPI rate rising to a new three-decade high.
    • Bunds also made losses while euro car registrations once again posted solid growth.
  • US Data Review

    US Data Review

    20 June 2023 278 KB PDF
    • Housing Starts: jump in May; new cycle high for multi-family building; stabilizing single-family activity
  • Euro Wrap-up

    Euro Wrap-up

    16 June 2023 359 KB PDF
    • Bunds made gains particularly at the longer end of the curve and BTPs outperformed as euro area labour cost growth moderated and various measures of euro area underlying inflation improved slightly.
    • Gilts made losses despite a moderation in UK inflation expectations.
  • US Data Review

    US Data Review

    15 June 2023 343 KB PDF
    • Retail sales: modest increase in May
    • Industrial production: pickup in manufacturing, declines in mining and utility output
  • Euro Wrap-up

    Euro Wrap-up

    15 June 2023 273 KB PDF
    • Bunds made significant losses as the ECB raised rates by 25bps, signalled the likelihood of further tightening to come, and revised up its forecast for core inflation.
    • Shorter-dated Gilts followed Bunds lower on a quiet day for UK economic data.