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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2022

2021

  • Euro Wrap-up

    Euro Wrap-up

    3 March 2021 382 KB PDF
    • Euro area government bonds followed USTs lower as the February services and composite PMIs were revised up but German car production and sales data disappointed.
    • Gilts made losses as the UK Government announced near-term fiscal support for the economy before tightening in two years’ time, and gave an environmental objective for the BoE’s monetary policy.
  • US Data Review

    US Data Review

    3 March 2021 155 KB PDF
    • ISM services: moderate easing from firm readings.
  • Euro Wrap-up

    Euro Wrap-up

    2 March 2021 353 KB PDF
    • While ECB Executive Board member Panetta called for action to resist a steepening of the yield curve, the latest German economic data were soft, and Chancellor Merkel was reportedly seeking a further extension of most current German lockdown restrictions, Bunds made only modest gains.
    • Gilts made significant gains ahead of tomorrow’s UK Budget statement.
  • US Economic Comment

    US Economic Comment

    1 March 2021 311 KB PDF
    • U.S. economy: on track in Q1.
    • Fiscal and monetary support: perhaps excessive.
  • Euro Wrap-up

    Euro Wrap-up

    1 March 2021 382 KB PDF
    • Euro area government bonds made big gains while the latest German and Italian inflation data were mixed, ECB Governing Council speakers remained dovish but, due to higher redemptions, ECB net PEPP purchases slowed last week to €12bn, close to the average so far this year.
    • Gilts also made big gains while data showed a further significant rise in UK household deposits in January but the final manufacturing PMIs signalled significant supply-side problems.
  • Euro Wrap-up

    Euro Wrap-up

    26 February 2021 504 KB PDF
    • While inflation fell in France and Spain in February, Bunds made gains as influential Executive Board member Schnabel warned that the ECB might “have to step up its level of support” in the event of “a rise in real long-term rates at the early stage of recovery”.
    • Gilts made losses as BoE Chief Economist Haldane – a hawkish outlier on the MPC – expressed concerns about “central bank complacency” allowing inflation to rise too far and “requiring monetary policymakers to act more assertively than is currently priced into financial markets".
  • US Data Review

    US Data Review

    25 February 2021 230 KB PDF
    • Durable goods orders: some random volatility, but mostly solid order flows.
    • Revised GDP: modest adjustment.
  • Euro Wrap-up

    Euro Wrap-up

    25 February 2021 355 KB PDF
    • While ECB policymakers again spoke of the need to closely monitor nominal yields, Bunds made significant further losses amid some positive economic data.
    • Gilts also made big losses on another quiet day for economic news from the UK.