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

    20 July 2023 243 KB PDF
    • Despite a further easing in German producer price inflation, Bunds made losses as euro area consumer confidence beat expectations.
    • Gilts also followed the global trend lower on a quiet day for UK economic data.
  • US Data Review

    US Data Review

    19 July 2023 279 KB PDF
    • Housing starts: multi-family drops, but signs of revival in single-family activity
  • Euro Wrap-up

    Euro Wrap-up

    19 July 2023 344 KB PDF
    • Bunds followed USTs lower, while final euro area inflation estimates confirmed a drop in the headline rate but a slightly larger uptick in core inflation.
    • Gilts made sizeable gains as UK inflation eased more than expected in July, albeit core and services inflation eased only slightly.
  • US Data Review

    US Data Review

    18 July 2023 329 KB PDF
    • Retail sales: pickup in June suggests modest growth in real consumer spending in Q2
    • Industrial production: softening in manufacturing and mining; downside volatility in utility output
  • Euro Wrap-up

    Euro Wrap-up

    14 July 2023 278 KB PDF
    • Bunds followed USTs lower while euro area trade figures reported an increase in exports in May, albeit maintaining a downwards trend.
    • Gilts also made modest losses on a quiet day for top-tier UK economic data.
  • US Economic Comment

    US Economic Comment

    14 July 2023 513 KB PDF
    • Inflation: June data (CPI, import prices) suggest deceleration, but more work to be done
    • Import prices: ally in fight against domestic inflation
    • Consumer inflation expectations: modest deterioration, but contained
  • Issuer Profile - Romania

    Issuer Profile - Romania

    14 July 2023 462 KB PDF
    • Due to weaker external demand, high inflation and tighter financial conditions, GDP growth slowed in 1Q23 to just 0.2% qoq and 2.9% yoy, well down from the vigorous rates seen during the post-pandemic rebound of 2021-22.
    • With energy price pressures having eased somewhat, CPI inflation has fallen from November’s peak. But at 10.6% yoy in May, it remains well above the central bank’s 2.5% target, and core rates are high and sticky.


  • Euro Wrap-up

    Euro Wrap-up

    13 July 2023 280 KB PDF
    • Bunds followed USTs higher, even as the ECB’s account suggested that some Governing Council members had initially preferred a 50bps hike at June’s meeting.
    • Gilts also made gains even as UK GDP contracted in May and a housing market survey signalled a marked deterioration in market conditions June.