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

    7 August 2023 233 KB PDF
    • After the Bundesbank late on Friday cut its remuneration of domestic government deposits back to 0%, and as German industrial production fell more abruptly than expected in June, Bunds made gains at the short end of the curve but followed USTs lower at the longer end.
    • Gilts followed USTs lower across the curve on a quiet day for UK macroeconomic data.
  • US Data Review

    US Data Review

    4 August 2023 334 KB PDF
    • Employment: solid pace of hiring in July; unemployment rate ticks lower
    • Wage growth: brisk increase
  • Euro Wrap-up

    Euro Wrap-up

    4 August 2023 291 KB PDF
    • Bunds largely followed USTs higher even after German factory orders figures surprised significantly on the upside.
    • Gilts also made gains despite a stronger than expected UK construction sector survey.
  • Euro Wrap-up

    Euro Wrap-up

    3 August 2023 323 KB PDF
    • Shorter-dated Gilts made gains but longer-dated Gilts made losses as the BoE hiked Bank Rate by 25bps, raised the possibility that the peak could be near, but also committed to keeping policy “sufficiently restrictive for sufficiently long”.
    • Longer-dated Bunds made losses even as euro area goods price pressures continued to diminish and the final July services PMIs reaffirmed that growth in the sector is probably slowing.
  • Euro Wrap-up

    Euro Wrap-up

    1 August 2023 372 KB PDF
    • While the final manufacturing PMIs signalled falling output and disinflation in the sector, Bunds largely made losses as the euro area unemployment rate reached a new series low and German jobless claims fell.  
    • Gilts also made losses despite a drop in a survey measure of UK shop prices and a further decline in house prices.
  • Euro Wrap-up

    Euro Wrap-up

    31 July 2023 301 KB PDF
    • Bunds made modest gains as flash euro area data showed that GDP in Q2 rose in line with the ECB’s expectation, headline inflation eased slightly but core inflation picked up due to the sticky services component.   
    • Apart from at the short end of the curve, Gilts made gains as UK consumer credit picked up but net mortgage lending remained very weak.
  • Euro Wrap-up

    Euro Wrap-up

    28 July 2023 360 KB PDF
    • Bunds ended the day little changed as initial figures from some of the member states pointed to a return to positive euro area GDP growth in Q2 and declines in euro area headline and core inflation in July.
    • Gilts followed USTs higher at the shorter end of the curve on a quiet day for economic news from the UK.
  • US Economic Comment

    US Economic Comment

    28 July 2023 544 KB PDF
    • U.S. data on growth & inflation: favorable developments
    • Employee compensation costs: slower growth, but still brisk