London & NY Research

  • JAPAN

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

  • EUROPE

    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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2023

2022

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  • Euro wrap-up

    Euro wrap-up

    2 September 2022 671 KB PDF
    • Bunds followed USTs higher, despite an upwards surprise to euro area producer price inflation on the back of a substantial rise in energy prices.
    • Ahead of the announcement on Monday of the next Conservative Party leader and UK Prime Minister, Gilts made further losses as markets remained concerned about the likely future path for macroeconomic policy.
  • US Economic Comment

    US Economic Comment

    2 September 2022 313 KB PDF
    • U.S. labor market: easing but still firm
    • The new ADP report: no better than the old
  • Euro wrap-up

    Euro wrap-up

    1 September 2022 416 KB PDF
    • Bunds made further losses at the longer end of the curve as the euro area unemployment rate fell to a series low and German retail sales rebounded moderately in July following significant weakness in Q2.
    • Gilts underperformed significantly yet again as markets appeared to remain extremely uneasy about policies advocated by Liz Truss, who remains highly likely to become UK Prime Minister next week.
  • Euro wrap-up

    Euro wrap-up

    31 August 2022 672 KB PDF
    • Bunds made losses as the flash estimates of euro area inflation in August surprised on the upside, with a notable rise in the core measure, to increase the likelihood that the ECB will raise rates by 75bps next week.
    • Gilts made substantive further losses as a survey suggested an intensification of UK price pressures while the ONS ruled that government support to reduce household energy bills would not subtract from inflation.
  • Euro wrap-up

    Euro wrap-up

    30 August 2022 488 KB PDF
    • Bunds made losses as German inflation resumed an upwards trend, but the Commission survey measures of price expectations fell back as headline sentiment in the euro area dropped to the lowest level since February 2021.
    • Gilts made sizeable losses while UK bank lending figures suggested that demand for consumer credit rose despite a further rise in interest rates.
  • US Data Review

    US Data Review

    30 August 2022 230 KB PDF
    • Consumer confidence: modest rebound from a low level
    • JOLTS: openings off record high, but still elevated
  • US Data Review

    US Data Review

    26 August 2022 225 KB PDF
    • Inflation: food prices jump, energy prices ease, core increases modestly
    • Real consumer spending: results for July suggest subdued growth in Q3
    • International trade in goods: soft imports; narrower deficit
  • US Data Review

    US Data Review

    25 August 2022 158 KB PDF
    • Q2 GDP: modest upward revision led by consumer spending
    • Gross Domestic Income (GDI) suggests a better performance in the economy