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

    11 October 2019 488 KB PDF
    • Sterling continued to strengthen and Gilts made significant losses as the EU agreed to intensify negotiations with the UK on a Brexit deal.
    • Bunds made losses at the longer end of the curve as final German inflation data for September provided no surprises.  
  • US Data Review

    US Data Review

    10 October 2019 161 KB PDF
    • Headline CPI: no change in September; energy prices fall; food prices inch higher
    • Core CPI: modest increase after upward pressure in the prior three months
  • Euro Wrap-up

    Euro Wrap-up

    10 October 2019 364 KB PDF
    • Bunds made losses as the account of the September ECB policy meeting confirmed there was greater support for a rate cut than new QE.  
    • Gilts also made losses, while sterling was given a boost as a joint statement from the UK PM and Irish Taoiseach opened the door for further discussions regarding a Brexit deal ahead of next week’s EU Summit.
  • US FOMC Review

    US FOMC Review

    9 October 2019 117 KB PDF

    FOMC minutes: a friendly Fed

  • Euro Wrap-up

    Euro Wrap-up

    8 October 2019 401 KB PDF
    • Bunds followed Treasuries higher despite a very modest upwards surprise to German IP in August.
    • Gilts also made gains as Brexit talks between the EU and UK appeared close to collapse, while UK labour productivity fell at the steepest pace for five years.
  • US Economic Comment

    US Economic Comment

    7 October 2019 627 KB PDF
    • The manufacturing sector: ISM overstating the degree of softening
    • Average hourly earnings: softness concentrated in supervisory positions
  • Euro Wrap-up

    Euro Wrap-up

    4 October 2019 352 KB PDF
    • Bunds were little changed today as Germany’s construction PMI signalled an improvement at the end of Q3.
    • While the UK Government suggested it would be prepared to send a letter requesting an Article 50 extension while also undermining its effect, Gilts made gains as UK car registrations remained down in the year to date.
  • Yen 4Sight

    Yen 4Sight

    4 October 2019 459 KB PDF
    • As the consumption tax hike came into effect, there were signs that consumers had front-loaded spending over the summer.
    • But consumer confidence continues to deteriorate. And the BoJ’s Tankan predictably pointed to less favourable business conditions.