London & NY Research

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

  • EUROPE

    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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2023

2022

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  • Euro Wrap-up

    Euro Wrap-up

    29 April 2022 783 KB PDF
    • Bunds made significant losses at the short end of the curve as euro area inflation rose again with a particularly steep rise in the core rate.
    • Gilts were little changed as UK house price inflation moderated somewhat but a survey suggested stable business sentiment.
  • US Economic Comment

    US Economic Comment

    29 April 2022 309 KB PDF
    • FOMC preview: a sizeable interest rate hike and details on QT.
    • Q1 GDP: implications for the outlook.
  • US Data Review

    US Data Review

    28 April 2022 158 KB PDF
    • Q1 GDP: net exports and inventory investment weigh on headline growth.
    • Domestic demand: business investment firm; consumer spending moderate; a drag from government spending.
  • Euro Wrap-up

    Euro Wrap-up

    28 April 2022 435 KB PDF
    • Euro area govvies made sizeable losses as German inflation exceeded expectations in April on higher prices of services, food and other non-energy items, while Spanish core CPI rose to its highest since 1995.  
    • Gilts also made losses despite the weakest UK car production figures for the month of March since 2009.
  • Euro Wrap-up

    Euro Wrap-up

    27 April 2022 435 KB PDF
    • Bunds made gains particularly at the shorter end of the curve as surveys suggested a marked deterioration in German and French consumer sentiment.  
    • Longer-dated Gilts made relatively modest losses despite a downbeat UK retail survey suggesting that sales were well below seasonal norms in April. 
  • US Data Review

    US Data Review

    26 April 2022 230 KB PDF
    • Durable goods orders: constraint from aircraft; solid gain in orders ex-transportation
    • New home sales: a drop from an upwardly revised reading
    • Consumer confidence: restrained by views on the outlook
  • Euro Wrap-up

    Euro Wrap-up

    25 April 2022 271 KB PDF
    • Bunds followed USTs higher, even as a Reuters report suggested that a majority of ECB Governing Council members want to end net asset purchases as soon as possible and raise rates no later than September, while the April German ifo survey beat expectations.
    • Gilts also made gains while a UK manufacturing survey reported much weaker optimism amid subdued orders and higher prices.
  • Euro Wrap-up

    Euro Wrap-up

    22 April 2022 616 KB PDF
    • Bunds made losses at the short end of the curve and BTPs underperformed as the April flash PMIs suggested that the boost to GDP from rebounding services activity is more than offsetting manufacturing weakness.    
    • Gilts made gains as UK retail sales and consumer confidence fell more sharply than expected and the flash April PMIs suggested a moderation of growth momentum in services.