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 Economic Comment

    US Economic Comment

    26 January 2024 512 KB PDF
    • FOMC: on hold next week
    • QT update: taper unlikely in near term, but possible update in coming months
    • Inflation: significant progress, but further slowing required
  • Euro Wrap-up

    Euro Wrap-up

    25 January 2024 286 KB PDF
    • Bunds rallied as the ECB’s policy statement had a dovish tone and President Lagarde refused to rule out a rate cut in April, while the latest ifo survey signalled a deterioration in German business conditions.
    • Gilts also made gains as a survey suggested that UK retail sales were extremely weak in January.
  • US Data Review

    US Data Review

    25 January 2024 291 KB PDF
    • Q4 GDP: firm growth led by brisk consumer spending
    • Inflation: tame readings on the GDP and PCE price indexes
  • Euro Wrap-up

    Euro Wrap-up

    24 January 2024 313 KB PDF
    • While the euro area flash PMIs reported a slight easing of the economic downturn and a pickup in service sector cost pressures, Bunds made modest gains as the German and French surveys suggested a deterioration in momentum.
    • Gilts made relatively modest losses as the UK flash PMIs pointed to a pickup in growth momentum at the start of the year.
  • Euro Wrap-up

    Euro Wrap-up

    23 January 2024 285 KB PDF
    • Despite an unexpected drop in euro area consumer confidence, Bunds made losses as the ECB’s Q4 Bank Lending Survey suggested that credit standards tightened only moderately further and loan demand declined at a softer pace than in Q3.
    • Gilts also made losses as the latest UK public finances data underscored the likelihood that substantive tax cuts will be announced in March.
  • Euro Wrap-up

    Euro Wrap-up

    19 January 2024 308 KB PDF
    • Shorter-dated Bunds followed USTs lower, even as German industrial producer prices fell again.
    • Gilts ended little changed on the day at the short end of the curve but made gains at the long end as UK retail sales fell at the sharpest rate since pandemic restrictions were imposed at the start of 2021.
  • US Economic Comment

    US Economic Comment

    19 January 2024 526 KB PDF
    • Q4 GDP: A firm performance ahead of slowdown in 2024
    • Qualitative data: often volatile, but useful in assessing economic momentum
    • Consumer sentiment: a favorable turn?
  • Euro Wrap-up

    Euro Wrap-up

    18 January 2024 279 KB PDF
    • Bunds made gains at the short end but losses further out as the ECB's account of its December policy meeting noted the intention to push against market rate-cut expectations but the downtrend in euro area construction activity continued.
    • Gilts made notable gains even as a UK housing survey offered some signs of stabilisation at the turn of the year, with a notable improvement in sales expectations.