London & NY Research


    Daiwa Europe’s market-leading research on the Japanese economy.


    Daiwa’s research coverage of the euro area and UK economies.

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    Daiwa’s coverage of the US economy from our colleagues in New York


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  • Issuer Profile - Romania

    Issuer Profile - Romania

    14 July 2023 462 KB PDF
    • Due to weaker external demand, high inflation and tighter financial conditions, GDP growth slowed in 1Q23 to just 0.2% qoq and 2.9% yoy, well down from the vigorous rates seen during the post-pandemic rebound of 2021-22.
    • With energy price pressures having eased somewhat, CPI inflation has fallen from November’s peak. But at 10.6% yoy in May, it remains well above the central bank’s 2.5% target, and core rates are high and sticky.


  • Euro Wrap-up

    Euro Wrap-up

    13 July 2023 280 KB PDF
    • Bunds followed USTs higher, even as the ECB’s account suggested that some Governing Council members had initially preferred a 50bps hike at June’s meeting.
    • Gilts also made gains even as UK GDP contracted in May and a housing market survey signalled a marked deterioration in market conditions June.
  • US Data Review

    US Data Review

    13 July 2023 276 KB PDF

    PPI: sharp deceleration in producer prices

  • US Data Review

    US Data Review

    12 July 2023 360 KB PDF
    • Consumer prices: deceleration in both headline and core
  • Euro wrap-up

    Euro wrap-up

    11 July 2023 310 KB PDF
    • Bunds followed the global trend slightly lower, even as a German investor survey pointed to a further deterioration in conditions at the start of Q3.
    • Despite an unexpected pickup in the UK’s unemployment rate, Gilts also made losses as wage growth accelerated to support the case for further significant BoE monetary policy tightening.
  • Euro Wrap-up

    Euro Wrap-up

    7 July 2023 304 KB PDF
    • Shorter-dated Bunds made gains as German industrial production data fell short of expectations, with energy and construction output weaker and a lack of momentum in manufacturing.
    • Gilts followed USTs higher on a day bereft of top-tier UK economic data.
  • US Economic Comment

    US Economic Comment

    7 July 2023 313 KB PDF
    • Payrolls: moderating trend, but still firm
    • Wage growth: inconsistent with two-percent inflation
  • Euro Wrap-up

    Euro Wrap-up

    6 July 2023 274 KB PDF
    • Bunds followed USTs lower as growth in German factory orders beat expectations but euro area retail sales merely moved sideways and the construction PMIs pointed to persisting contraction.
    • Gilts also made significant losses as a BoE survey suggested that businesses upwardly revised their medium-term inflation expectations and also forecast wage growth to remain elevated over the coming year.