London & NY Research


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


    Daiwa’s research coverage of the euro area and UK economies.

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    Daiwa’s coverage of the US economy from our colleagues in New York


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  • Euro wrap-up

    Euro wrap-up

    11 November 2022 810 KB PDF
    • Bunds reversed much of yesterday’s gains as the German government approved additional net issuance in 2023 and October’s CPI inflation data confirmed a post-reunification high.
    • Gilts also made losses as UK Q3 GDP beat expectations, but nevertheless still confirmed contraction for the first quarter in six.  
  • US Data Review

    US Data Review

    10 November 2022 151 KB PDF
    • CPI: cooling in some hot areas
  • Euro wrap-up

    Euro wrap-up

    8 November 2022 410 KB PDF
    • Bunds followed USTs higher, even as the German government announced plans to more than double its net issuance in 2023 to €45bn.
    • Shorter-dated Gilts made losses as BoE Chief Economist Pill reiterated that further monetary tightening was required with ‘risks in the UK economy tilted towards more inflation’.
  • Euro Wrap-up

    Euro Wrap-up

    7 November 2022 529 KB PDF
    • Bunds made losses as Bank of France Governor Villeroy suggested that interest rates should continue to increase for as long as underlying price pressures are rising, and German IP data beat expectations.
    • Gilts made more sizeable losses amid lower demand at the BoE’s second gilt selling operation.
  • Euro wrap-up

    Euro wrap-up

    4 November 2022 559 KB PDF
    • As ECB President Lagarde suggested that the ECB might push rates to a restrictive stance, Bunds made losses, but euro area producer price inflation moderated slightly and Germany factory orders fell sharply.  
    • On a relatively quiet end to the week for UK economic news, Gilts followed USTs higher at the short end but lower at the long end.
  • US Economic Comment

    US Economic Comment

    4 November 2022 303 KB PDF
    • FOMC: leading a strange interest rate cycle
    • Productivity: another hurdle in the inflation fight
  • Euro Wrap-up

    Euro Wrap-up

    3 November 2022 550 KB PDF
    • As the BoE raised interest rates by 75bps, Gilts made sizeable losses despite the MPC’s suggestions that market pricing of the future path of Bank Rate remains too aggressive.
    • Bunds followed Gilts lower as the euro area unemployment rate fell to a new series low.
  • Euro Wrap-up

    Euro Wrap-up

    2 November 2022 537 KB PDF
    • Bunds made modest losses as data suggested that Germany’s labour market remains relatively resilient despite further evidence of a deterioration in business conditions and lower import prices.  
    • Ahead of Thursday’s BoE’s policy announcement, Gilts made sizeable gains despite a UK survey suggesting record high shop price inflation.