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

    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.
  • US Data Review

    US Data Review

    6 July 2023 383 KB PDF
    • International trade: narrowing in the monthly deficit; negative implications for Q2 GDP
    • ISM services: rebound in June
    • Job openings: decline in May, but still indicating firm demand for labor


  • Euro Wrap-up

    Euro Wrap-up

    5 July 2023 306 KB PDF
    • Bunds made losses even as euro area consumer price expectations for the coming year moderated and producer price inflation dropped into negative territory, while the final euro area composite PMI was revised lower to suggest stagnation.
    • Gilts made larger losses as the UK PMIs remained consistent with ongoing expansion and sticky services inflation.
  • US FOMC Review

    US FOMC Review

    5 July 2023 246 KB PDF
    • FOMC minutes: “almost all” participants supported a pause, but more tightening likely in 2023
  • Euro Wrap-up

    Euro Wrap-up

    4 July 2023 260 KB PDF
    • Bunds made gains at the short end of the curve but losses at the longer end while German exports remained subdued in May leaving net trade on track to subtract from GDP growth in Q2.
    • Gilts made gains across the curve on a quiet day for economic news from the UK.