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

    19 January 2023 155 KB PDF
    • Housing starts: upward wiggle from low level in single-family; multi-family cools (and possibly peaked)
    • Building permits: single-family remained soft; multi-family hinting at slowdown
  • Euro Wrap-up

    Euro Wrap-up

    18 January 2023 504 KB PDF
    • Euro area government bonds followed USTs significantly higher as the drop in the region’s headline inflation rate in December was confirmed.
    • Gilts made far more modest gains as UK inflation fell in December but the core measure exceeded expectations.
  • US Data Review

    US Data Review

    18 January 2023 243 KB PDF
    • Retail sales: cautious spending by consumers
    • PPI: food and energy prices drop; deceleration in prices ex. food & energy
    • Industrial production: softness in manufacturing and mining
  • Euro Wrap-up

    Euro Wrap-up

    17 January 2023 475 KB PDF
    • While the ZEW survey signalled much improved expectations for German economic activity and inflation, euro area government bonds made significant gains as a Bloomberg report suggested the ECB would consider a slowing in the pace of rate hikes in March.
    • Gilts made smaller gains as UK pay accelerated amid a still-tight labour market.
  • Euro Wrap-up

    Euro Wrap-up

    13 January 2023 347 KB PDF

    Bunds were little changed as a rebound in euro area IP in November was confirmed, while German full-year GDP data pointed to resilience in Q4.

    Gilts made losses as UK GDP beat expectations in November, eking out a second-successive month of growth.

  • US Economic Comment

    US Economic Comment

    13 January 2023 303 KB PDF
    • Consumer prices: some encouraging news, but still some concerns
    • Probably a slower pace of tightening, but the Fed is most likely not done
    • The outlook for rents: favorable (maybe)
  • US Data Review

    US Data Review

    12 January 2023 154 KB PDF
    • Headline CPI: weak energy prices, cooling in the food component
    • Core CPI: soft goods prices, rent-led advance in service prices
  • Euro Wrap-up

    Euro Wrap-up

    10 January 2023 496 KB PDF
    • Bunds made losses as ECB Executive Board hawk Schnabel suggested interest rates will need to rise significantly to be sufficiently restrictive to return inflation back to target.
    • Gilts also made modest losses as a retail sales survey implied a better end to the year for UK retailers, but a separate survey suggested a significant softening in the labour market.