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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  • Euro wrap-up

    Euro wrap-up

    24 January 2022 423 KB PDF
    • Despite an unexpected big improvement in the German survey, Bunds made gains and euro area stocks fell the most since June 2020 as the euro area flash PMIs suggested softening economic growth in the region and concerns persisted over events on the Russia-Ukraine border.
    • Gilts also made gains as the UK flash PMIs suggested broadly stable economic activity but rising price pressures in the services sector.
  • Euro Wrap-up

    Euro Wrap-up

    21 January 2022 730 KB PDF
    • Bunds made gains as euro area consumer confidence fell to a 10-month low and Christine Lagarde repeated that economic conditions in the euro area were very different from those in the US.
    • While an MPC member argued that the BoE needed to act to restrain wage and price expectations, Gilts also made gains as UK retail sales fell sharply and consumer confidence deteriorated.
  • US Economic Comment

    US Economic Comment

    21 January 2022 315 KB PDF
    • FOMC preview: setting the stage for rate hikes and QT
    • GDP preview: firm in Q4, moderate in Q1
  • US Data Review

    US Data Review

    20 January 2022 152 KB PDF
    • Existing home sales: limited supply constrains activity.
  • Euro Wrap-up

    Euro Wrap-up

    20 January 2022 486 KB PDF
    • Despite a record rise in German producer prices, evidence of broader-based consumer price pressures in the euro area, and a signal from the Governing Council of its readiness to adjust policy this year if needed, Bunds made gains as Christine Lagarde insisted that the ECB would not need to follow the Fed.  
    • Gilts also made gains despite another strong UK housing market survey.
  • US Data Review

    US Data Review

    19 January 2022 152 KB PDF
    • Housing starts: jump in multi-family offsets a dip in single-family.
    • Building permits: surge in multi-family authorizations.
  • Euro Wrap-up

    Euro Wrap-up

    19 January 2022 432 KB PDF
    • 10Y Bund yields briefly reached zero percent for the first time in almost three years, while euro area construction output was on track for growth in Q4 and final German inflation data for December provided no surprises.
    • Gilts made more significant losses as UK CPI inflation beat expectations, rising to the highest rate in 30 years.
  • Euro wrap-up

    Euro wrap-up

    18 January 2022 455 KB PDF
    • Longer-dated Bunds made modest losses as the German ZEW survey suggested that investors were more upbeat about the outlook.
    • Gilts made losses across the curve as UK data suggested a tight labour market, despite a fall in employment and wage growth in November.