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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  • US Data Review

    US Data Review

    3 December 2021 224 KB PDF
    • The labour market: modest job growth, but sharply lower unemployment.
    • ISM services: further advance from an already record level.
    • Factory orders: downside volatility in aircraft; otherwise.
  • Euro Wrap-up

    Euro Wrap-up

    3 December 2021 781 KB PDF
    • Longer-dated Bunds made gains as euro area retail sales maintained a broadly sideways trend but German auto production ticked higher.
    • Gilts made gains across the curve as BoE external MPC member Michael Saunders acknowledged in an otherwise hawkish speech that Omicron uncertainty might justify not raising rates this month.
  • US Economic Comment

    US Economic Comment

    3 December 2021 301 KB PDF
    • Labour force participation: still lagging, but some upside potential.
    • Chair Powell’s change of heart.
  • Euro Wrap-up

    Euro Wrap-up

    2 December 2021 428 KB PDF
    • As Chancellor Merkel, Chancellor-in-waiting Scholz and German regional leaders agreed new restrictions on unvaccinated people, Bunds made gains despite another record reading for euro area producer price inflation and a further fall in joblessness to its lowest since 2008.
    • Gilts also largely made modest gains on a quiet day for top-tier UK data releases.
  • US Data Review

    US Data Review

    1 December 2021 153 KB PDF
    • ISM: slight improvement from an elevated level.
    • Construction: soft residential; improvement in nonresidential.
  • Euro Wrap-up

    Euro Wrap-up

    1 December 2021 473 KB PDF
    • While German retail sales fell for the second consecutive month and French new car registrations were the weakest in any November since 1974, Bunds made losses while a Reuters report suggested the ECB might delay to February its decision on its asset purchases beyond March 2022.
    • Gilts also made losses as a survey signalled the first positive rate of UK shop price inflation in 2½ years and house prices accelerated again.
  • Euro wrap-up

    Euro wrap-up

    30 November 2021 468 KB PDF
    • While euro area inflation rose to a 30-year high, longer-dated Bunds made gains as Vice President de Guindos noted that he expected ECB net asset purchases to continue throughout 2022.
    • Despite an upbeat UK business survey, Gilts also rose as BoE MPC external member Catherine Mann judged that the Omicron variant had increased uncertainty and might adversely impact confidence and demand.
  • Euro Wrap-up

    Euro Wrap-up

    29 November 2021 553 KB PDF
    • Bunds held on to most of Friday’s gains despite upside surprises to flash November inflation data from Germany, Spain and Belgium and a further rise in business inflation expectations.
    • Gilts similarly failed to reverse much of Friday’s gains despite a pickup in UK consumer credit and slowing in the pace of household deposit accumulation.