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

    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
  • Euro Wrap-up

    Euro Wrap-up

    31 January 2020 509 KB PDF
    • Bunds made gains as euro area GDP growth slowed to the weakest rate since early 2013, while France and Italy’s economies went into reverse.
    • Ahead of the UK’s departure from the EU later tonight, Gilts also followed the global trend higher.
  • Yen 4Sight

    Yen 4Sight

    31 January 2020 475 KB PDF
    • The BoJ left policy unchanged. But while it revised slightly higher its growth forecasts, risks have become more skewed to the downside following the outbreak of China’s coronavirus.       
    • Despite a modest recovery in December IP fell sharply in Q4, as did exports. But weaker imports should support growth. 
  • US Data Review

    US Data Review

    30 January 2020 234 KB PDF
    • Q4 GDP: headline growth close to recent average
    • Consumer spending and business investment tilt to the soft side
  • Euro Wrap-up

    Euro Wrap-up

    30 January 2020 410 KB PDF
    • Despite an improved sentiment survey, a further drop in euro area unemployment and a rise in German inflation, Bunds made significant gains as coronavirus fears continued to hit risk appetite.
    • Gilts bucked the global trend, making losses as the BoE decided not to cut Bank Rate.  
  • US Data Review

    US Data Review

    29 January 2020 151 KB PDF
    • International trade in goods: slippage in December, but still marked improvement in Q4
  • Euro Wrap-up

    Euro Wrap-up

    29 January 2020 426 KB PDF
    • Bunds reversed much of yesterday’s losses as concerns over China’s coronavirus persisted and data showed business lending in the euro area slowed further.
    • Gilts also made gains as a survey highlighted the continued lack of underlying price pressures on the UK’s high street.