London & NY Research

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    Daiwa Europe’s market-leading research on the Japanese economy.

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    Daiwa’s research coverage of the euro area and UK economies.

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    Daiwa’s coverage of the US economy from our colleagues in New York

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2023

2022

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  • Euro Wrap-up

    Euro Wrap-up

    6 April 2022 580 KB PDF
    • Longer-dated Bunds followed USTs lower as euro area producer price inflation rose to a new record high, but German factory orders fell short of expectations and the euro area construction PMIs fell sharply.
    • Gilts also made losses while the UK construction PMI survey signalled ongoing solid expansion in the sector.
  • US FOMC Review

    US FOMC Review

    6 April 2022 116 KB PDF
    • FOMC minutes: open to shifts of 50 basis points...
    • ...anxious to start balance sheet reduction
  • Euro Wrap-up

    Euro Wrap-up

    5 April 2022 476 KB PDF
    • As the EU looked to ban imports of Russian coal, Bunds followed USTs lower despite some downbeat data from the euro area’s manufacturing sector.
    • With the final UK services PMIs pointing to firm growth at the end of Q1, Gilts also made big losses despite some weak car registration data.
  • US Data Review

    US Data Review

    1 April 2022 223 KB PDF
    • Employment: below average, but still solid.
    • Unemployment: workers are returning to the labor force and finding jobs.
    • ISM manufacturing: firm activity despite elevated prices and supply-chain difficulties.
  • Euro wrap-up

    Euro wrap-up

    1 April 2022 594 KB PDF
    • Bunds made losses as the flash estimate of euro area inflation in March smashed expectations, albeit principally due to higher energy prices.
    • Gilts made more substantial losses at the shorter end while the UK manufacturing PMIs for March were revised down.
  • US Economic Comment

    US Economic Comment

    1 April 2022 334 KB PDF
    • Labor market: individuals are entering the labor market, and finding jobs.
    • 10-year/2-year yield spread: recession signal or benign?
    • Corporate profits: little growth in Q4, but still impressive.
  • US Data Review

    US Data Review

    31 March 2022 156 KB PDF
    • PCE inflation: food and energy under pressure; some easing in core.
    • Income & consumption: soft in February; Q1 still firm.
  • Euro wrap-up

    Euro wrap-up

    31 March 2022 607 KB PDF
    • Bunds rallied as Chief Economist Lane emphasised that the ECB should be ready to adjust policy in either direction in response to events in Ukraine, French and Italian core inflation remained well-contained, and German and French spending data were relatively soft.  
    • Despite an upwards revision to UK GDP and further strong house price data, Gilts also made gains as real household disposable income fell for a third consecutive quarter in Q4.