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

    1 July 2021 456 KB PDF
    • Bunds were little changed while euro area unemployment fell further than expected, German retail sales rebounded somewhat, and the flash PMIs were largely revised up to suggest stronger output and higher prices.
    • Gilts made very modest losses while Governor Bailey insisted that the BoE wouldn’t overreact to current price pressures.
  • Euro Wrap-up

    Euro Wrap-up

    30 June 2021 481 KB PDF
    • Despite some firm German labour market data, Bunds made gains as euro area inflation fell back in June.
    • Gilts also made gains while data flagged the jump in UK household savings along with rising business price expectations but also continued intense price pressures on the high street.
  • Euro Wrap-up

    Euro Wrap-up

    29 June 2021 473 KB PDF
    • While the flash estimate of German inflation in June fell back, Bunds made losses as the Commission’s euro area economic sentiment indicator rose to its highest level since 2000.
    • Gilts also made losses as UK house price inflation rose to its highest level since 2004.
  • Euro Wrap-up

    Euro Wrap-up

    25 June 2021 661 KB PDF
    • Despite some softer euro area bank lending data, Bunds made losses as euro area economic sentiment surveys continued to beat expectations.
    • Despite a levelling off in UK consumer confidence, Gilts also made losses as a survey flagged another strong month for retail sales and a shortage of inventories.
  • US Data Review

    US Data Review

    24 June 2021 239 KB PDF
    • Durable goods orders: firm transportation orders; moderate elsewhere.
    • International trade in goods: slippage in May, but improvement so far in Q2.
    • Revised GDP: unrevised; softer net exports offset firmer results elsewhere.
  • Euro wrap-up

    Euro wrap-up

    24 June 2021 445 KB PDF
    • Bunds made modest gains even as the latest German and French business surveys beat expectations.
    • Gilts made more significant gains as the BoE’s MPC left its policy and forward guidance unchanged, and Haldane remained the only member to vote to reduce the asset purchases target.
  • US Data Review

    US Data Review

    23 June 2021 154 KB PDF
    • New home sales: a lost edge; perhaps needed cooling.
  • Euro Wrap-up

    Euro Wrap-up

    23 June 2021 416 KB PDF
    • Bunds made gains despite the flash PMIs signalling a pickup in euro area economic growth at end-Q2 amid continued supply bottlenecks and cost pressures.
    • Gilts made gains predominantly at the short end of the curve as the flash PMIs suggested that the pace of expansion in the UK economy moderated slightly in June.