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

    27 February 2023 437 KB PDF
    • Bunds made further losses despite an unexpected drop in the Commission’s euro area sentiment index, falls in business and consumer inflation expectations, and a record decline in M1 money supply.
    • Gilts also made losses as the UK government struck a deal with the EU to reduce trade barriers between Great Britain and Northern Ireland.
  • US Data Review

    US Data Review

    27 February 2023 152 KB PDF
    • Durable goods orders: downside volatility in aircraft orders; others areas solid in January
  • US Data Review

    US Data Review

    24 February 2023 229 KB PDF
    • Personal income, consumption, prices: high-side reading on PCE price indexes; but that did not stop consumer spending
    •  New home sales: a jump in January, but still in low portion of recent range
  • Euro wrap-up

    Euro wrap-up

    24 February 2023 335 KB PDF
    • Bunds followed USTs lower despite a significant downwards revision to German Q4 GDP.
    • Gilts also made losses as UK consumer confidence rose to a ten-month high.
  • US Economic Comment

    US Economic Comment

    24 February 2023 314 KB PDF
    • U.S. consumers: still active despite rapid inflation
    • Budget update: slippage in FY2023 (and beyond)
    • Fed remittances to the Treasury Department: contributing to budget slippage
  • US Data Review

    US Data Review

    23 February 2023 158 KB PDF
    • Revised GDP: modest downward adjustment, led by softer consumer spending
    • Price indexes: faster inflation than previously reported
  • Euro Wrap-up

    Euro Wrap-up

    23 February 2023 668 KB PDF
    • Despite an upwards revision to the January estimates of euro area inflation, Bunds made gains as ECB dove Panetta judged that the risks to the inflation outlook are now more balanced and thus justify smaller rate hikes.
    • Despite typically hawkish commentary from MPC external member Mann, Gilts saw a mix of modest gains and losses as a UK survey offered a gloomy assessment of the outlook for retailers.  
  • US FOMC Review

    US FOMC Review

    22 February 2023 114 KB PDF
    • FOMC minutes: officials encouraged by recent developments, but still hawkish