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

    24 March 2023 340 KB PDF
    • Bunds rallied further despite an upside surprise to the flash euro area PMIs, which implied an acceleration in services activity in March.
    • Gilts also made gains even as UK retail sales significantly beat expectations and the flash PMIs remained consistent with expansion in the services sector.
  • US Data Review

    US Data Review

    24 March 2023 154 KB PDF
    • Durable goods orders: downside volatility in aircraft orders; flat bookings ex. transportation
    • Shipments of nondefense capital goods ex. aircraft suggest a soft quarter for capital spending
  • US Economic Comment

    US Economic Comment

    24 March 2023 281 KB PDF
    • Credit flows: a new focus for market participants
    • A farewell note
  • US Data Review

    US Data Review

    23 March 2023 156 KB PDF
    • New home sales: a soft performance in early 2023
  • Euro Wrap-up

    Euro Wrap-up

    23 March 2023 240 KB PDF

    Bunds followed the global trend higher, while the Commission’s euro area consumer confidence index paused its recent recovery.

    Gilts also rallied following a relatively dovish 25bps hike from the BoE, as the MPC flagged an improvement in the outlooks for both growth and inflation.

  • Euro Wrap-up

    Euro Wrap-up

    22 March 2023 290 KB PDF
    • Ahead of the FOMC decision, Bunds made losses as a speech by ECB President Lagarde pointed to the likelihood of further tightening in May.
    • Gilts made larger losses as UK inflation surprised on the upside, with record increases in food, services and core goods prices for the month of February.
  • US FOMC Review

    US FOMC Review

    22 March 2023 251 KB PDF
    • FOMC: focused on inflation, but mindful of banking risks
  • Euro wrap-up

    Euro wrap-up

    21 March 2023 268 KB PDF
    • Bunds followed the global trend lower, even as today’s German ZEW survey suggested a loss of recovery momentum in March and diminished optimism regarding the outlook.
    • Gilts also made modest losses on a quiet day for UK top-tier economic news.