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

    17 November 2021 450 KB PDF
    • While comments from ECB Board member Schnabel were more hawkish than of late, Bunds were little changed today as euro area CPI inflation was unrevised matching the euro-era high, but core inflation was a touch softer.
    • Gilts made gains despite a significant upside surprise to UK inflation, with headline and core CPI rates rising to their highest in a decade.
  • US Data Review

    US Data Review

    16 November 2021 234 KB PDF
    • Retail sales: higher prices played a role, but gains in real terms as well
    • Industrial production: a rebound from hurricane effects and firm underlying activity
  • Euro wrap-up

    Euro wrap-up

    16 November 2021 412 KB PDF
    • Bunds made gains despite confirmation of a pickup in German and euro area job growth in Q3.
    • Despite a moderation in UK pay growth, Gilts made losses as payrolls and job vacancies continued to rise after the end of the furlough scheme.
  • Euro Wrap-up

    Euro Wrap-up

    15 November 2021 490 KB PDF
    • Despite the re-imposition of pandemic restrictions in certain member states, and while ECB President Lagarde said that the conditions for an ECB rate hike were “very unlikely” to be in place in 2022, Bunds made losses while the euro area trade surplus narrowed again.  
    • Gilts also made losses as BoE Governor Bailey said he was “very uneasy” about inflation, the UK labour market looks “tight” and that every MPC meeting is now “in play” for a change in rates.
  • Euro Wrap-up

    Euro Wrap-up

    12 November 2021 506 KB PDF
    • Bunds made gains despite a modest drop in euro area industrial production and a downwards revision to Spanish inflation.
    • Gilts made gains at the short end on a quiet end to the week for UK economic news.
  • US Economic Comment

    US Economic Comment

    12 November 2021 326 KB PDF
    • Inflation: concentrated or broad-based; transitory or persistent?
    • Consumer moods: sour despite favorable economic developments.
  • Euro Wrap-up

    Euro Wrap-up

    11 November 2021 454 KB PDF
    • Gilts were little changed as UK Q3 GDP data fell slightly short of expectations, thus likely leaving the BoE’s December monetary policy a very close call.
    • Bunds made losses as the ECB’s Austrian hawk Holzmann said that the bank’s net bond purchases could end as soon as next September but the European Commission forecast euro area inflation to be below 2% in 2023.
  • US Data Review

    US Data Review

    10 November 2021 150 KB PDF
    • Consumer prices: upside surprise in October.