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

    7 February 2020 156 KB PDF
    • Employment: robust in January
  • Euro Wrap-up

    Euro Wrap-up

    6 February 2020 397 KB PDF
    • While German factory orders fell once again, Bunds made modest losses at the short end of the curve after Lagarde noted that the ECB has reduced scope to ease monetary policy in the event of an economic downturn.
    • Gilts made gains on a day without significant economic news from the UK.
  • US Data Review

    US Data Review

    5 February 2020 427 KB PDF
    • International trade: wider deficit in December; imports recoup some lost ground
    • ISM nonmanufacturing: Strong production in January
  • Euro Wrap-up

    Euro Wrap-up

    5 February 2020 409 KB PDF
    • Bund yields jumped after reports suggested that an effective drug to treat the coronavirus might have been found. A disappointing euro area retail sales report was offset by somewhat more encouraging PMIs.
    • Gilt yields at the longer end of the curve similarly followed the global trend higher, while there were sizeable upwards revisions to the final UK services and composite PMIs.
  • US Data Review

    US Data Review

    4 February 2020 150 KB PDF
    • Factory orders: noise in transportation and petroleum; a wiggle upward in nondurables ex-petroleum
  • US Economic Comment

    US Economic Comment

    3 February 2020 315 KB PDF
    • Employment costs: limited upward pressure
    • Interest on reserves: a floor on the federal funds rate
  • Euro Wrap-up

    Euro Wrap-up

    3 February 2020 381 KB PDF
    • Bunds were little changed as today’s final euro area manufacturing PMI signalled some stabilisation in the sector at the start of the year.
    • Gilts made modest gains at the short end. But sterling fell back as PM Johnson predictably insisted the UK would not align with EU regulation after the end of the Brexit transition period at year-end.
  • US Data Review

    US Data Review

    3 February 2020 155 KB PDF
    • ISM: improvement in orders & production pull the index above 50
    • Construction: weak business and government activity offsets moderate residential building