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

    6 November 2023 270 KB PDF
    • Bunds made losses in line with the global trend, while an investor survey pointed to an improvement in the euro area’s economic outlook, but German factory orders fell sharply in Q3 illustrating still very challenging manufacturing conditions.
    • Gilts also made losses despite a downbeat construction PMI survey.
  • Euro Wrap-up

    Euro Wrap-up

    3 November 2023 343 KB PDF
    • Bunds followed USTs higher as euro area unemployment rose while German exports and imports fell.
    • Gilts also made gains as the final UK composite PMI aligned closely with the flash estimate to remain consistent with mild contraction.
  • US Economic Comment

    US Economic Comment

    3 November 2023 496 KB PDF
    • October payrolls: notable easing; downward revisions soften previously hot September print
    • Wage growth: both the employment cost index and average hourly earnings suggest cooling
    • The Fed: possibly done, although vigilant for premature easing in financial conditions
  • Euro Wrap-up

    Euro Wrap-up

    2 November 2023 311 KB PDF
    • Gilts made significant gains as the BoE’s MPC left Bank Rate unchanged with a larger majority than in September, and its updated macroeconomic projections showed that it expects inflation to fall below target by the end of the horizon.
    • Most Bunds also made gains as German jobless claims rose more than expected in October.
  • Euro Wrap-up

    Euro Wrap-up

    31 October 2023 330 KB PDF
    • Bunds made gains as euro area data confirmed a contraction in GDP in Q3 and a big drop in inflation in October.
    • Gilts also made gains as a UK survey suggested that shop price inflation fell further in October.
  • Euro Wrap-up

    Euro Wrap-up

    30 October 2023 322 KB PDF
    • Bunds made gains as German GDP fell slightly in Q3 and German inflation took another big step down in October.
    • Gilts followed US Treasuries lower despite some further weak UK mortgage lending and approvals data.
  • Euro Wrap-up

    Euro Wrap-up

    27 October 2023 345 KB PDF
    • Bunds made gains as flash data from certain member states were consistent with a modest drop in euro area GDP in Q3 and a substantive step down in euro area inflation in October.
    • Gilts also made gains on a quiet end to the week for UK economic data.
  • US Economic Comment

    US Economic Comment

    27 October 2023 517 KB PDF
    • Next week’s FOMC meeting: officials send “pause” signal
    • Financial conditions: recent tightening may eliminate need for further hikes
    • Growth and inflation data: still firm but unlikely to sway Committee views