London & NY Research


    Daiwa Europe’s market-leading research on the Japanese economy.


    Daiwa’s research coverage of the euro area and UK economies.

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    Daiwa’s coverage of the US economy from our colleagues in New York


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  • Euro Wrap-up

    Euro Wrap-up

    21 October 2022 604 KB PDF

    Shorter-dated Bunds followed their UST counterparts higher, while the European Commission’s consumer confidence index remained close to a series low despite ticking slightly higher in October.

    Despite another poor UK retail sales report, Gilts made large losses as former Prime Minister Boris Johnson appeared to receive greater support, maintaining uncertainty regarding the outcome of next week’s Tory leadership vote.

  • US Economic Comment

    US Economic Comment

    21 October 2022 315 KB PDF
    • Policy restraint thus far: moderate outside of housing
    • Federal budget FY2022: solid revenue growth, light Covid spending
  • Euro Wrap-up

    Euro Wrap-up

    20 October 2022 598 KB PDF
    • Bunds made losses as German producer price inflation remained at a record high and the euro area’s nominal current account deficit also reached the highest on the series.
    • While a BoE Deputy Governor suggested strongly that market-implied expectations of rate hikes to come were overdone, Gilts made losses at the shorter end of the curve as Liz Truss announced her intention to resign as Prime Minister.
  • US Data Review

    US Data Review

    19 October 2022 154 KB PDF
    • Housing starts: weak single-family; correction in multi-family from elevated level
  • Euro Wrap-up

    Euro Wrap-up

    19 October 2022 508 KB PDF
    • Despite a slight downside revision to euro area inflation in September, Bunds followed USTs lower.
    • While UK inflation rose back into double-digits, Gilts made gains.
  • Euro Wrap-up

    Euro Wrap-up

    17 October 2022 538 KB PDF
    • Gilts rallied hard as new UK Chancellor Hunt cancelled most of PM Truss’s planned tax cuts and also his intention to reduce the generosity of the government’s support for household energy bills from April on.
    • Bunds followed Gilts higher while European natural gas prices fell to the lowest since mid-June on expectations of new EU policy interventions in the market.
  • US Data Review

    US Data Review

    14 October 2022 151 KB PDF
    • Retail sales: activity ex autos and gas tilts positive

  • Euro Wrap-up

    Euro Wrap-up

    14 October 2022 413 KB PDF
    • Bunds made losses while the euro area trade deficit hit a new record high.
    • Gilts made bigger losses as Liz Truss fired her Chancellor, reverted to increasing corporation tax, but still left uncertainty about the UK fiscal outlook and appeared to remain extremely lacking in market and political credibility.