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

    25 August 2023 311 KB PDF
    • Ahead of Lagarde’s speech at Jackson Hole, Bunds made losses despite confirmation that Germany’s economy stagnated in Q2 and the ifo survey signalled a notable worsening in business conditions over the summer.
    • Gilts made modest losses as a UK consumer survey reported an unexpected recovery in confidence in August.
  • US FOMC Review

    US FOMC Review

    25 August 2023 319 KB PDF
    • Powell: it is the Fed’s job to return inflation to two percent; inflation still “too high”
    • FOMC to “proceed carefully,” but could raise rates further “if appropriate”
  • Euro wrap-up

    Euro wrap-up

    24 August 2023 226 KB PDF
    • Bunds ended the day little changed, despite a downside surprise to a French business survey, with headline sentiment falling to its lowest for more than two years amid a weakening manufacturing sector.
    • Gilts made further gains after a UK retail survey disappointed expectations and suggested a steeper pace of decline in sales growth.
  • Euro wrap-up

    Euro wrap-up

    23 August 2023 286 KB PDF
    • Bunds rallied as the flash euro area PMIs signalled an increasing likelihood that GDP is now contracting, while consumer confidence also deteriorated.  
    • Gilts also made big gains as the flash UK PMIs also surprised significantly on the downside to flag the prospect of a drop in GDP this quarter.
  • Euro Wrap-up

    Euro Wrap-up

    22 August 2023 282 KB PDF
    • Bunds made gains as the euro area current account surplus jumped sharply thanks to a record goods trade balance, while French retail sales started Q3 in reverse.
    • Gilts also made significant gains as UK public sector borrowing again missed expectations while a survey pointed to a drop in output and weakening of selling-price expectations in the manufacturing sector.
  • Euro Wrap-up

    Euro Wrap-up

    18 August 2023 315 KB PDF
    • Bunds made gains across the curve as the final euro area inflation data for July confirmed the drop in headline inflation to an 18-month low and that summer holiday-related prices contributed to the stickiness of core inflation.
    • Gilts made gains as UK retail sales fell further than expected in July.
  • US Economic Comment

    US Economic Comment

    18 August 2023 532 KB PDF
    • Powell on the docket at Jackson Hole
    • The housing market: difficulties likely to persist
    • Is firm consumer spending about to slow?
  • Euro Wrap-up

    Euro Wrap-up

    16 August 2023 301 KB PDF
    • Bunds made gains as data confirmed that the pace of decline in euro area industrial production accelerated in Q2 while employment growth moderated.
    • Gilts made further losses as UK inflation data for July suggested that core price pressures persist as the services component picked up again.