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

    20 April 2023 449 KB PDF
    • Despite a further improvement in consumer confidence to the best level since Russia’s invasion of Ukraine, and a sharp narrowing in the euro area’s goods trade deficit to a 16-month low, Bunds followed USTs higher.
    • On a quiet day for UK economic news, Gilts also made significant gains.
  • Euro Wrap-up

    Euro Wrap-up

    19 April 2023 519 KB PDF
    • Bunds made losses while the rise in euro area core inflation in March was confirmed and data also suggested that construction activity provided a boost to euro area GDP in Q1.
    • Gilts made much bigger losses as, contrary to expectations, UK CPI inflation remained in double-digits and core inflation failed to fall.
  • Euro Wrap-up

    Euro Wrap-up

    18 April 2023 265 KB PDF
    • Shorter-dated Bunds made modest gains even as the German ZEW survey suggested that investors were more downbeat regarding the outlook.
    • Despite a rise in the UK unemployment rate, and further declines in inactivity and vacancies, Gilts made losses as pay growth exceeded expectations.
  • US Data Review

    US Data Review

    18 April 2023 157 KB PDF
    • Housing starts: multi-family building eased but remained elevated; single-family activity rose modestly
  • US Economic Comment

    US Economic Comment

    14 April 2023 341 KB PDF
    • CPI: hints of moderation, but still insufficient to meet price stability mandate
    • Inflation data, and comments by Fed officials, suggest no near-term pivot
    • Friday data: retail sales & industrial production ease
  • Euro Wrap-up

    Euro Wrap-up

    13 April 2023 651 KB PDF
    • Gilts were little changed, while UK GDP failed to grow in February as strikes hit public services and factory output remained subdued.
    • Bunds were also little changed as a Reuters report suggested that ECB policymakers are “converging” on a 25bps rate hike in May while euro area IP data for February beat expectations and the rise in German core inflation in March was confirmed.
  • US FOMC Review

    US FOMC Review

    13 April 2023 114 KB PDF
    • FOMC minutes: officials focused on “unacceptably high” inflation
    • Officials agreed that the banking sector remained sound... but recent developments introduced a high degree of uncertainty into the outlook
  • US Data Review

    US Data Review

    12 April 2023 160 KB PDF
    • CPI: energy prices down; food prices flat; hints of moderation in underlying inflation