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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  • US Data Review

    US Data Review

    5 October 2021 223 KB PDF
    • International trade: exports and imports continue to improve, imports more so
    • ISM services: up slightly from an already elevated level
  • Euro wrap-up

    Euro wrap-up

    5 October 2021 480 KB PDF
    • Despite some weak German car production figures, Bunds made losses as euro area producer price inflation rose to a record high due to increasing energy prices and French IP continued to grow.
    • Gilts made more sizable losses even as UK car registrations were the weakest in any September since 1998.
  • European Banks - Credit Update

    European Banks - Credit Update

    5 October 2021 1236 KB PDF
    • EU banks well placed to deal with capital impact from full implementation of Basel III regulation.
    • September was the busiest month of the year in the primaries with combined FIG and SSA volumes above EUR150bn despite a noticeable slowdown in issuance over the past week.
    • Secondary market spreads hold firm as pressure from primary market glut resides. Expected restraint in issuance volumes leading up to 3Q21 reporting season should further support this development.
  • US Economic Comment

    US Economic Comment

    4 October 2021 302 KB PDF
    • Consumer spending: service outlays on track despite Covid.
    • PCE price index: still pressure.
  • US Data Review

    US Data Review

    4 October 2021 147 KB PDF
    • Factory orders: continued upward trend.
  • Euro Wrap-up

    Euro Wrap-up

    1 October 2021 627 KB PDF
    • Bunds made gains even as euro area inflation was confirmed at a 13-year high in September and German retail sales returned to growth in August.
    • Gilts were little changed as the final UK manufacturing PMIs underscored that supply constraints are constraining output and weighing on new orders.
  • Euro Wrap-up

    Euro Wrap-up

    30 September 2021 655 KB PDF
    • Bunds made losses as German inflation rose above 4%Y/Y, while unemployment in the euro area continued to fall.
    • Gilts made more sizeable losses as a significant upwards revision to UK GDP suggested there was less spare capacity in the economy than previously estimated.  
  • Euro Wrap-up

    Euro Wrap-up

    29 September 2021 477 KB PDF
    • Bunds made modest gains even as surveys suggested that euro area economic sentiment remains firm despite ongoing supply disruption and increased price expectations.
    • Gilts also made modest gains despite a slightly stronger UK retail price survey.