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

    10 August 2022 427 KB PDF
    • Bunds followed USTs higher, while final German national inflation data confirmed a slight easing in July thanks to temporary support measures. A Bank of France survey suggested that output was stable at the start of Q3.  
    • Longer-dated Gilts also made modest gains on a quiet day for UK economic data releases.
  • US Data Review

    US Data Review

    9 August 2022 349 KB PDF
    • Productivity: weak again
  • Euro Wrap-up

    Euro Wrap-up

    5 August 2022 488 KB PDF
    • Bunds followed USTs lower today, while German IP data suggested an underwhelming performance in June. French IP surprised on the upside, but Italian industrial output slumped.
    • Gilts also made large losses, after a UK survey pointed to softer job demand in July while suggesting that supply shortages kept starting salaries high.
  • US Data Review

    US Data Review

    5 August 2022 198 KB PDF
    • Employment growth: still robust
  • US Economic Comment

    US Economic Comment

    5 August 2022 300 KB PDF
    • (Weak GDP) + (Strong Employment) = Dreadful Productivity
    • Recession or No Recession?
  • US Data Review

    US Data Review

    4 August 2022 154 KB PDF
    • International trade: improvement in June and Q2…
    • …but only partial offset to slippage in Q1
  • Euro Wrap-up

    Euro Wrap-up

    4 August 2022 552 KB PDF
    • While the BoE raised Bank Rate by 50bps and increased substantially its near-term inflation forecasts, Gilts made gains as the MPC forecast a recession ahead.
    • Bunds also made gains as German factory orders maintained a downwards trend and the construction PMIs signalled a steeper pace of decline.
  • Euro wrap-up

    Euro wrap-up

    3 August 2022 505 KB PDF
    • Bunds followed the global trend lower, while euro area retail sales fell in June to be a drag on GDP growth in Q2 and the final euro area composite PMI remained in contractionary territory despite an upwards revision.
    • Gilts also made losses, even as the UK services PMIs signalled a more significant slowdown at the start of Q3 than initially implied.