London & NY Research

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

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    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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2022

2021

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  • Euro Wrap-up

    Euro Wrap-up

    7 January 2022 595 KB PDF
    • Bunds made modest losses as the flash euro area inflation estimate came in a touch firmer than expected, but the Commission’s survey flagged a hit to services activity in December and German IP data disappointed.
    • Gilts also made small losses as the UK construction PMI was consistent with ongoing moderate growth in the sector in December.
  • US Economic Comment

    US Economic Comment

    7 January 2022 308 KB PDF
    • The labour market: household versus establishment surveys
    • Fed view of the labour market: effectively at maximum employment
    • Quantitative tightening to begin soon after interest rate liftoff
  • US Data Review

    US Data Review

    6 January 2022 225 KB PDF
    • ISM services: broad-based slippage, but still elevated.
    • International trade for November: a reversal of surprising improvement in October.
    • Factory orders: trending upwards, at least in nominal terms.
  • Euro Wrap-up

    Euro Wrap-up

    6 January 2022 482 KB PDF
    • Bund yields followed the global trend higher as German factory orders and turnover data pointed to a turnaround in the manufacturing sector, while German inflation appeared to have peaked.
    • Gilt yields also made gains despite the final services PMIs and credit card data confirming a loss of momentum in December.
  • Euro Wrap-up

    Euro Wrap-up

    5 January 2022 416 KB PDF
    • Bunds were little changed despite an easing in the pace of decline of German car production and an improved French consumer confidence survey.
    • Gilts were also little changed as UK PM Johnson reiterated his opposition to a further tightening of anti-Covid restrictions in England.
  • US FOMC Review

    US FOMC Review

    5 January 2022 113 KB PDF
    • FOMC December minutes: preparing to tighten policy.
  • Euro wrap-up

    Euro wrap-up

    4 January 2022 590 KB PDF
    • Bunds made modest gains despite data suggesting ongoing resilience in the labour market in Germany and Spain at the end of last year and a pickup in German retail sales.
    • Gilts played catch up with large losses as the market opened after yesterday’s public holiday, while the UK manufacturing PMI survey implied ongoing moderate expansion in the sector.
  • US Data Review

    US Data Review

    4 January 2022 279 KB PDF
    • ISM: off slightly, but still elevated; marked easing in the price index 
    • JOLTS: slight decline in openings from an elevated level; workers still quitting