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 Economic Comment

    US Economic Comment

    17 May 2019 276 KB PDF
    • Trade war: who has the edge? Who’s winning?
    • Forecast update: moderate growth in 2019; challenges in 2020
  • Euro Wrap-Up

    Euro Wrap-Up

    17 May 2019 540 KB PDF
    • Bunds made modest gains at the long end of the curve despite an upwards revision to euro area core inflation.
    • Gilts made more significant gains as the Brexit talks between the Government and Labour party finally collapsed.
  • Yen 4Sight

    Yen 4Sight

    17 May 2019 384 KB PDF
    • Ahead of the first estimate of Q1 GDP, the Government downgraded its assessment of the economy due to weak March data prompting calls for policy action.
    • Economic surveys such as the Economy Watchers point to a soft start to Q2 while producer prices point to limited pressure in the CPI inflation pipeline.
  • US Data Review

    US Data Review

    16 May 2019 137 KB PDF
    • Housing starts: gains in both single-family and multi-family; back to midrange
    • Single-family permits lag
  • US Data Review

    US Data Review

    15 May 2019 203 KB PDF
    • Retail sales: surprising drop in nonstore (on line) sales; also soft elsewhere
    • Industrial production: favorable mining, but soft manufacturing
  • Euro Wrap-Up

    Euro Wrap-Up

    15 May 2019 379 KB PDF
    • Bunds made substantive gains, pushing 10Y yields to -0.10% for the first time since 2016, despite data confirming solid growth in German GDP and euro area employment in Q1.
    • Gilts also made significant gains after the Government committed to call a Parliamentary vote on its Brexit legislation in early June.
  • Euro Wrap-Up

    Euro Wrap-Up

    14 May 2019 382 KB PDF
    • While data confirmed that euro area IP returned to growth in Q1, Bunds made modest gains and BTPs made significant losses as Italy’s Deputy PM Salvini stated he could breach EU fiscal rules to boost employment.
    • Gilts also made modest gains as data showed a moderation in UK jobs growth.
  • US Economic Comment

    US Economic Comment

    10 May 2019 328 KB PDF
    • Inflation: transitory factors still in play, but underlying pressure also limited
    • Financial vulnerabilities: some risks, but the Fed views the system as resilient