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

    13 July 2022 522 KB PDF
    • After strong US CPI data, Bunds followed USTs lower while euro area IP figures beat expectations, a French survey suggested modest GDP growth in Q2, and final German inflation figures for June confirmed the drop caused by temporary policy measures.
    • Gilts were little changed as UK GDP data for May beat expectations but the underlying trade deficit reached a new record high.
  • Euro wrap-up

    Euro wrap-up

    12 July 2022 468 KB PDF
    • Bunds made further big gains as investors signalled increased pessimism about the economic outlook amid increased concerns about energy supply.
    • Gilts also made sizeable gains as a survey signalled further weakness in UK retail sales in June.
  • US Data Review

    US Data Review

    8 July 2022 198 KB PDF
    • Employment: slowing growth in recent months, but still firm
  • US Economic Comment

    US Economic Comment

    8 July 2022 309 KB PDF
    • June employment: easing recession fears; private sector fully recovered (sort of)
    • Inflation expectations: high on the Fed’s watch list
  • Euro Wrap-up

    Euro Wrap-up

    7 July 2022 550 KB PDF
    • Bunds made significant losses as German industrial production rose for a second successive month thanks to stronger autos output, and the account of the ECB’s first June policy meeting made clear that a desire for gradual normalisation should not be interpreted as slow rate hikes in small steps.
    • While a BoE survey signalled a further rise in business inflation expectations, Gilts made modest losses as Johnson at last announced his willingness to step down as Prime Minister.
  • US Data Review

    US Data Review

    7 July 2022 154 KB PDF
    • International trade: slight improvement in Q2, but still-wide deficit
  • Euro Wrap-up

    Euro Wrap-up

    6 July 2022 447 KB PDF
    • Bunds made gains as data for euro area retail sales and German factory orders remained consistent with a downward trend in spending on goods.
    • Gilts made losses as two BoE policymakers repeated that rates might be hiked at a faster pace over coming months, while Boris Johnson’s time as Prime Minister finally appeared about to end.
  • US Data Review

    US Data Review

    6 July 2022 224 KB PDF
    • ISM services: moderate growth, but headwinds from labor shortages and elevated prices
    • JOLTS: softer job openings and quits, but still elevated