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

    17 December 2021 613 KB PDF
    • Bunds made gains as the ifo business survey added to evidence that German GDP growth has stalled and final euro area inflation data for November suggested that pressures were still not particularly broad-based.  
    • Gilts made modest losses as growth in UK retail sales in November was a little stronger than expected.
  • US Economic Comment

    US Economic Comment

    17 December 2021 313 KB PDF
    • U.S. economy: meeting challenges in 2022
  • US Data Review

    US Data Review

    16 December 2021 218 KB PDF
    • Housing starts: rebound offsets summer slide.
    • Industrial production: firm results in manufacturing & mining; a dip in utility output.
  • Euro Wrap-up

    Euro Wrap-up

    16 December 2021 524 KB PDF
    • Longer-dated Bunds made losses and periphery bonds underperformed as the ECB announced a slowdown in the pace of net asset purchases throughout 2022 and the end of the net PEPP purchases at end-March.
    • Gilts made losses across the curve as the BoE hiked Bank Rate for the first time this cycle despite the rapid spread of the Omicron variant in the UK.
  • US Data Review

    US Data Review

    15 December 2021 150 KB PDF
    • Retail sales: a break from brisk results in November.
  • Euro Wrap-up

    Euro Wrap-up

    15 December 2021 475 KB PDF
    • Ahead of the Fed and ECB policy announcements, Bunds made very modest losses on a quiet day for economic news in the euro area.
    • Gilts made larger losses at the short end of the curve as UK inflation surprised on the upside yet again.
  • US FOMC Review

    US FOMC Review

    15 December 2021 220 KB PDF
    • FOMC: rate hikes (plural) on the horizon
  • Euro wrap-up

    Euro wrap-up

    14 December 2021 427 KB PDF
    • Bunds followed USTs lower as data confirmed a return to growth in euro area industrial production at the start of Q4.
    • While UK wage growth moderated, Gilts also made losses as employment continued to rise and the level of vacancies remained very high following the end of the government’s furlough scheme.