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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  • Yen 4Sight

    Yen 4Sight

    19 January 2018 568 KB PDF
    • Indicators released over the past week have increased the likelihood that GDP growth remained above trend in Q4.
    • The focus in the coming week will be the BoJ Board meeting and new Outlook Report. We expect no change in the Bank’s broad policy stance but some tweaking of the language regarding JGB purchases. Near-term GDP forecasts will likely be revised higher.
  • Euro Wrap-up

    Euro Wrap-up

    19 January 2018 472 KB PDF
    • Bunds were little changed ahead of the weekend’s key vote by Germany’s SPD on whether to move to formal negotiations on a coalition government.
    • Gilts were little changed despite a downside surprise to the latest UK retail sales figures. 
  • Euro Wrap-up

    Euro Wrap-up

    17 January 2018 287 KB PDF
    • Bunds were little changed as updated euro area inflation data provided no surprises while construction figures turned for the better.
    • Gilts were also little changed on a quiet day for UK economic news. 
  • US Data Review

    US Data Review

    17 January 2018 42 KB PDF
    • Industrial production: utility-led jump in output
    • Mining activity also firm; manufacturing up slightly
  • Euro Wrap-up

    Euro Wrap-up

    16 January 2018 283 KB PDF
    • Bunds made modest gains as the final December inflation figures from Germany and Italy confirmed their preliminary estimates.
    • Gilts also made gains as core UK inflation eased by more than expected.
  • Euro Wrap-up

    Euro Wrap-up

    15 January 2018 255 KB PDF
    • Bunds were little changed as euro area trade figures showed an increased trade surplus in November.
    • Gilts were also little changed on a quiet day for UK economic data.
  • Yen 4Sight

    Yen 4Sight

    12 January 2018 498 KB PDF
    • The BoJ made a modest tweak to its JGB purchases, but in our view its overall monetary stance is unchanged.  
    • New BoJ estimates suggest that Japan’s economy is now operating above trend by more than at any time since Q108.
  • Euro Wrap-up

    Euro Wrap-up

    12 January 2018 417 KB PDF
    • Bunds made losses and the euro appreciated to a new three-year high as Germany’s largest political parties reached a preliminary agreement on a plan for coalition government.
    • Gilts also made losses on a quiet end to the week for UK economic news.