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

    27 October 2022 519 KB PDF
    • While the ECB raised rates by 75bps and took further measures to normalise monetary policy, Bunds rallied as the Governing Council appeared a little less hawkish than of late.
    • Gilts also made big gains in the wake of the ECB’s statement, despite a surprisingly positive UK retail sector survey.
  • US Data Review

    US Data Review

    26 October 2022 228 KB PDF
    • International trade: wider deficit in September; net exports strong in Q3 
    • New home sales: drop in September; builders struggle with elevated inventories
  • Euro wrap-up

    Euro wrap-up

    25 October 2022 427 KB PDF
    • Bunds made significant gains as the ECB’s bank lending survey reported a notable tightening of credit standards and weaker loan demand, and the ifo business survey remained consistent with German economic recession.
    • Gilts also made gains as new PM Rishi Sunak retained Jeremy Hunt as his Chancellor to maintain expectations of fiscal tightening ahead, and a survey reported a sharp deterioration in UK industrial sector sentiment.
  • Euro wrap-up

    Euro wrap-up

    24 October 2022 422 KB PDF
    • Bunds rallied as the euro area flash PMIs signalled a strong likelihood that the economy is now in recession.
    • Gilts made huge gains as Rishi Sunak won the Conservative Party leadership election to become the UK’s third Prime Minister in seven weeks.
  • Euro Wrap-up

    Euro Wrap-up

    21 October 2022 604 KB PDF

    Shorter-dated Bunds followed their UST counterparts higher, while the European Commission’s consumer confidence index remained close to a series low despite ticking slightly higher in October.

    Despite another poor UK retail sales report, Gilts made large losses as former Prime Minister Boris Johnson appeared to receive greater support, maintaining uncertainty regarding the outcome of next week’s Tory leadership vote.

  • US Economic Comment

    US Economic Comment

    21 October 2022 315 KB PDF
    • Policy restraint thus far: moderate outside of housing
    • Federal budget FY2022: solid revenue growth, light Covid spending
  • Euro Wrap-up

    Euro Wrap-up

    20 October 2022 598 KB PDF
    • Bunds made losses as German producer price inflation remained at a record high and the euro area’s nominal current account deficit also reached the highest on the series.
    • While a BoE Deputy Governor suggested strongly that market-implied expectations of rate hikes to come were overdone, Gilts made losses at the shorter end of the curve as Liz Truss announced her intention to resign as Prime Minister.
  • US Data Review

    US Data Review

    19 October 2022 154 KB PDF
    • Housing starts: weak single-family; correction in multi-family from elevated level