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 November 2021 216 KB PDF
    • ISM services: record level.
    • Factory orders: modest advance; restrained by transportation.
  • Euro Wrap-up

    Euro Wrap-up

    3 November 2021 496 KB PDF
    • Bunds were little changed on the day after ECB President Lagarde tried again to push back on market expectations of a rate hike next year, and as German car production and sales data remained very weak.
    • Gilts made losses after surprising significant upwards revisions to the UK’s services PMIs.  
  • US FOMC Review

    US FOMC Review

    3 November 2021 117 KB PDF
    • FOMC: tapering underway; inflation still viewed as transitory...
    • ...but it depends on the definition of transitory
  • US Data Review

    US Data Review

    1 November 2021 151 KB PDF
    • ISM manufacturing: modest drop in October; still elevated
    • Construction: broad based softening in September
  • Euro wrap-up

    Euro wrap-up

    1 November 2021 406 KB PDF
    • Bunds made losses at the longer end of the curve despite some disappointing German retail sales and French car sales data.
    • Gilts made further losses as a UK business survey suggested buoyant confidence amid improved labour market conditions and a further rise in price pressures. 
  • Euro wrap-up

    Euro wrap-up

    29 October 2021 629 KB PDF
    • Euro area government bonds made further losses as flash October inflation data surprised on the upside while Q3 GDP was close to expectations.
    • Gilts also made losses while UK consumer credit remained weak and UK businesses made net loan repayments.
  • US Economic Comment

    US Economic Comment

    29 October 2021 306 KB PDF
    • Q3 GDP: implications for Q4 and beyond
    • Employment costs: a surge in Q3 after high-side readings in Q1 and Q2
    • FOMC: let the tapering begin
  • Euro wrap-up

    Euro wrap-up

    28 October 2021 593 KB PDF
    • Euro area govvies made widespread and substantial losses, despite Lagarde’s attempt to push back on market pricing of future ECB rate hikes.
    • Gilts also made notable losses at the shorter end of the curve, despite some weak UK car production numbers.