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

    7 April 2022 608 KB PDF
    • Bunds followed USTs lower as the ECB account confirmed that Governing Council members remained divided about the risks to inflation, while euro area retail sales and German IP made only modest gains in February.
    • Gilts also made modest losses on a day bereft of top-tier UK data.
  • US Data Review

    US Data Review

    7 April 2022 150 KB PDF
    • Unemployment claims: sharp revisions because of a shift in seasonal adjustment.
  • 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.