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

    18 December 2019 303 KB PDF
    • Bunds followed the global trend lower as Germany’s ifo survey exceeded expectations. But Greek bonds rallied as reports suggested that the ECB will lift restrictions on Greek banks’ holdings of domestic government debt.
    • Gilts also made losses even as UK inflation figures suggested still subdued price pressures. 
  • Euro Wrap-up

    Euro Wrap-up

    17 December 2019 289 KB PDF
    • Bunds made modest gains even as the euro area’s latest trade report surprised on the upside.
    • Gilts made more sizeable gains, as PM Johnson sought to rule out an extension to the Brexit transition period beyond end-2020, UK wages slowed more than expected and a manufacturing survey implied a notable decline in output.
  • US Data Review

    US Data Review

    17 December 2019 229 KB PDF
    • Housing starts: solid results in both single-family and multi-family
    • Industrial production: stable manufacturing and mining
  • US Economic Comment

    US Economic Comment

    16 December 2019 320 KB PDF
    • Trade agreements: likely mixed results on trade flows
    • FOMC: steady for now; door remains open to additional easing
  • Euro Wrap-up

    Euro Wrap-up

    16 December 2019 399 KB PDF
    • Longer-dated Bunds followed USTs lower even as the flash euro area PMIs for December surprised on the downside.  
    • Gilts also made losses while the flash UK PMIs signalled significant economic weakness heading towards year-end.
  • Euro Wrap-up

    Euro Wrap-up

    13 December 2019 486 KB PDF
    • While Gilts opened lower on the Conservatives’ landslide election win, they subsequently rose in line with the global trend to close up on the day.
    • On a day bereft of euro area data, Bunds followed a similar path to Gilts.
  • US Data Review

    US Data Review

    13 December 2019 150 KB PDF
    • Retail sales: a soft patch
  • Euro Wrap-up

    Euro Wrap-up

    12 December 2019 377 KB PDF
    • With USTs selling off on trade-war headlines, Bunds also moved lower as the ECB left its policy and forward guidance unchanged but Lagarde suggested that downside risks to the outlook had become less pronounced.   
    • Gilts also made losses as the UK went to vote in its General Election.