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    Daiwa Europe’s market-leading research on the Japanese economy.

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    Daiwa’s research coverage of the euro area and UK economies.

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    Daiwa’s coverage of the US economy from our colleagues in New York

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2022

2021

  • US Data Review

    US Data Review

    31 March 2022 156 KB PDF
    • PCE inflation: food and energy under pressure; some easing in core.
    • Income & consumption: soft in February; Q1 still firm.
  • Euro wrap-up

    Euro wrap-up

    31 March 2022 607 KB PDF
    • Bunds rallied as Chief Economist Lane emphasised that the ECB should be ready to adjust policy in either direction in response to events in Ukraine, French and Italian core inflation remained well-contained, and German and French spending data were relatively soft.  
    • Despite an upwards revision to UK GDP and further strong house price data, Gilts also made gains as real household disposable income fell for a third consecutive quarter in Q4.
  • US Data Review

    US Data Review

    30 March 2022 143 KB PDF
    • Revised GDP: downward adjustments to consumer spending and net exports.
  • Euro Wrap-up

    Euro Wrap-up

    30 March 2022 743 KB PDF
    • While ECB President Lagarde acknowledged the risks to the economic outlook from events in Ukraine, euro area government bonds made big losses, particularly at the short end of the curve, as the flash estimates of German and Spanish inflation in March significantly beat expectations.
    • Gilts made more moderate losses, despite a rise to a decade high in a measure of UK high-street inflation.
  • Euro wrap-up

    Euro wrap-up

    29 March 2022 416 KB PDF
    • Amid greater optimism for negotiations between Russia and Ukraine, Bunds made sizeable losses – 2Y yields briefly edged above zero for the first time since 2014 – despite a marked deterioration in consumer confidence.
    • Gilts also made losses even as the strongest monthly increase in UK consumer credit in five years reflected lower credit card repayments.
  • US Data Review

    US Data Review

    28 March 2022 154 KB PDF
    • International trade in goods: slight improvement in Feb, but still marked slippage in Q1.
  • Euro Wrap-up

    Euro Wrap-up

    25 March 2022 754 KB PDF
    • Bunds followed Treasuries lower, despite a marked deterioration in German business and Italian consumer confidence in March.
    • Gilts also made losses despite some weaker-than-expected UK retail sales and slump in consumer confidence.
  • US Economic Comment

    US Economic Comment

    25 March 2022 307 KB PDF
    • Forecast update: avoiding recession.