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

    1 July 2022 649 KB PDF
    • While the flash estimate of euro area inflation in June exceeded expectations, Bunds rallied as the core measure declined for the first time since January and the final manufacturing PMIs hinted at a slight easing of cost pressures.
    • Gilts also rallied as the final UK manufacturing PMIs were revised down to suggest the weakest output growth since the first wave of Covid-19.
  • US Data Review

    US Data Review

    1 July 2022 153 KB PDF
    • ISM manufacturing: slowing growth; new orders and employment below 50
    • Construction: softening trends in real terms


  • US Economic Comment

    US Economic Comment

    1 July 2022 298 KB PDF
    • U.S. economy: losing momentum
  • US Data Review

    US Data Review

    30 June 2022 156 KB PDF
    • PCE Inflation: intense in the food and energy components; an easing in core
    • Consumer spending: restrained 
  • Euro Wrap-up

    Euro Wrap-up

    30 June 2022 574 KB PDF
    • While French inflation rose to a new multi-decade high and euro area unemployment fell to a new series low, Bunds rallied as German unemployment rose and German retail sales remained soft.
    • Gilts also rallied as data confirmed a further consecutive decline in UK real household disposable income and business surveys again pointed to soft momentum in June.
  • US Data Review

    US Data Review

    29 June 2022 160 KB PDF
    • Revised Q1 GDP: modest adjustment overall, but interesting shifts in components
  • Euro Wrap-up

    Euro Wrap-up

    29 June 2022 494 KB PDF
    • Bunds made large gains as German inflation unexpectedly declined in June, although equivalent data from Spain and Belgium surprised significantly on the upside.
    • Gilts also made gains while a UK survey showed shop price inflation rising to the highest since 2008 as food prices jumped.
  • Euro wrap-up

    Euro wrap-up

    28 June 2022 425 KB PDF
    • While German consumer confidence fell to a post-reunification low, Bunds made significant losses as Christine Lagarde emphasised the need for the ECB to proceed with policy normalisation “in a sustained manner”.
    • Gilts also made significant losses while Scotland’s First Minister announced plans to hold a new referendum on independence from the UK in October 2023, subject first to a judgement by the UK Supreme Court on its legality.