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 May 2019 396 KB PDF
    • While most European markets were closed for May Day, Gilts made gains as the UK manufacturing PMI declined significantly at the start of Q2.
    • Brexit uncertainty was also evident in the latest UK lending figures, with consumer credit also easing further.
  • US Data Review

    US Data Review

    1 May 2019 194 KB PDF
    • ISM: orders & employment soften considerably in April
    • Construction: residential losing ground, nonresidential flattish, gov’t corrects slightly
  • US FOMC Review

    US FOMC Review

    1 May 2019 140 KB PDF
    • FOMC: No policy change; technical adjustment only
    • Press briefing: Focus on inflation
  • Euro Wrap-up

    Euro Wrap-up

    30 April 2019 419 KB PDF
    • Having initially made losses following upside surprises to data on euro area GDP and German inflation, Bunds subsequently followed USTs to close little changed on the day.
    • Gilts made losses despite some further subdued UK consumer and business survey results.
  • US Data Review

    US Data Review

    30 April 2019 134 KB PDF
    • Employment cost index: picking up, although not surging
    • Consumer confidence: upper end of range, although still shy of recent peaks
  • Euro Wrap-up

    Euro Wrap-up

    29 April 2019 448 KB PDF
    • Despite another weak euro area economic sentiment survey, Bunds made losses, but Spanish bonds made modest gains as the Socialist Party won by far the largest number of seats in Spain’s general election.
    • Gilts made modest losses on a quiet day for economic news from the UK.


  • US Data Review

    US Data Review

    29 April 2019 128 KB PDF
    • Personal income, consumption: brisk spending despite soft income
    • Slow income growth concentrated in the farm sector as well as in interest & dividends
  • European Banks - Credit Update

    European Banks - Credit Update

    29 April 2019 324 KB PDF
    • The largest European investment banks continued to lose market share to their US peers in 1Q19, despite some gains made by Barclays and Credit Suisse.
    • Deutsche showed fragility in its capital base on its Q1 results, reporting a Leverage Ratio of 3.9%, the lowest among global peers. Yet Moody’s, which has the bank’s ratings on Negative Outlook, seemed less sanguine about the bank’s capital deterioration.