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

    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.
  • US Data Review

    US Data Review

    3 October 2019 225 KB PDF
    • ISM nonmanufacturing index: new orders and business activity tumble in September
    • Factory orders: little changed overall; a rally in nondurable bookings ex-petroleum
  • Euro Wrap-up

    Euro Wrap-up

    3 October 2019 370 KB PDF
    • Bunds followed Treasuries higher as the final euro area services PMI signalled a significant weakening in activity at the end of Q3.
    • Gilts also rose as the UK services and composite PMI signalled contraction and Johnson’s Brexit plan received a cool reception from the EU.
  • Euro Wrap-up

    Euro Wrap-up

    1 October 2019 316 KB PDF
    • While euro area inflation fell back below 1%Y/Y and the final manufacturing PMIs signalled marked contraction in the sector, despite following Treasuries higher, longer-dated Bunds ended the day slightly lower.
    • Gilts also followed USTs higher as the UK manufacturing PMI implied ongoing weakness.
  • US Data Review

    US Data Review

    1 October 2019 223 KB PDF
    • ISM: another sub-50 reading
    • Construction: government activity remains firm; residential perhaps stirring