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

    30 March 2022 743 KB PDF
    • While ECB President Lagarde acknowledged the risks to the economic outlook from events in Ukraine, euro area government bonds made big losses, particularly at the short end of the curve, as the flash estimates of German and Spanish inflation in March significantly beat expectations.
    • Gilts made more moderate losses, despite a rise to a decade high in a measure of UK high-street inflation.
  • Euro wrap-up

    Euro wrap-up

    29 March 2022 416 KB PDF
    • Amid greater optimism for negotiations between Russia and Ukraine, Bunds made sizeable losses – 2Y yields briefly edged above zero for the first time since 2014 – despite a marked deterioration in consumer confidence.
    • Gilts also made losses even as the strongest monthly increase in UK consumer credit in five years reflected lower credit card repayments.
  • US Data Review

    US Data Review

    28 March 2022 154 KB PDF
    • International trade in goods: slight improvement in Feb, but still marked slippage in Q1.
  • Euro Wrap-up

    Euro Wrap-up

    25 March 2022 754 KB PDF
    • Bunds followed Treasuries lower, despite a marked deterioration in German business and Italian consumer confidence in March.
    • Gilts also made losses despite some weaker-than-expected UK retail sales and slump in consumer confidence.
  • US Economic Comment

    US Economic Comment

    25 March 2022 307 KB PDF
    • Forecast update: avoiding recession.
  • Euro Wrap-up

    Euro Wrap-up

    24 March 2022 591 KB PDF
    • As the German government agreed new measures to ease the pain from high energy prices, Bunds made losses while the flash PMIs suggested a moderation in euro area growth amid worsening supply-chain challenges.
    • Gilts were little changed as the UK PMIs suggested firm economic growth in Q1 but a deterioration in business confidence, and a retail survey suggested that sales have been subdued this month.
  • US Data Review

    US Data Review

    23 March 2022 155 KB PDF
    • New home sales: back-to-back declines.
  • Euro Wrap-up

    Euro Wrap-up

    23 March 2022 547 KB PDF
    • Bunds made gains as the euro area consumer confidence index posted the second-steepest monthly decline in the history of the survey.
    • Despite an upside surprise to UK inflation and an easing of fiscal policy, Gilts outperformed as the DMO planned less debt issuance than expected.