London & NY Research

  • JAPAN

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

  • EUROPE

    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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2021

2020

  • 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.
  • US Data Review

    US Data Review

    28 October 2021 228 KB PDF
    • GDP: as expected, slower growth in Q3
  • US Data Review

    US Data Review

    26 October 2021 152 KB PDF
    • New home sales: possibly reviving
    • Consumer confidence: slight improvement in October
  • Euro wrap-up

    Euro wrap-up

    25 October 2021 436 KB PDF
    • Bunds made gains as the German ifo survey flagged ongoing concerns about supply bottlenecks and the Bundesbank suggested that GDP growth would be significantly weaker in Q4.
    • Gilts made modest losses at the longer end even as BoE external member Tenreyro maintained a more dovish stance.
  • Euro Wrap-up

    Euro Wrap-up

    22 October 2021 679 KB PDF
    • Bunds were little changed as the euro area flash PMIs signalled a loss of recovery momentum but ongoing price pressures due to supply constraints.
    • While BoE Chief Economist Pill stated the case for an imminent rate hike, and the flash UK PMIs beat expectations, Gilts made gains as retail sales and consumer confidence came in weaker than expected.
  • US Economic Comment

    US Economic Comment

    22 October 2021 328 KB PDF
    • Food and energy prices: persistent pressure
    • Federal budget: improvement in fiscal year 2021