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

    24 May 2021 346 KB PDF
    • QE: tapering is on the (distant) horizon.
  • US Data Review

    US Data Review

    21 May 2021 155 KB PDF
    • Existing home sales: third consecutive decline; probably supply constraints rather than weak demand.
  • Euro Wrap-up

    Euro Wrap-up

    21 May 2021 523 KB PDF
    • While the euro area flash PMIs and consumer confidence index beat expectations to signal firm recovery momentum, Bunds made gains as ECB President Lagarde suggested it was too soon to taper and that the current rise in inflation will be temporary.
    • Gilts were little changed despite significant upside surprises in the latest UK flash PMIs and retail sales data.
  • US FOMC Review

    US FOMC Review

    20 May 2021 112 KB PDF
    • FOMC minutes: first hint of a shift in QE.
  • Euro Wrap-up

    Euro Wrap-up

    20 May 2021 353 KB PDF
    • Bunds were little changed and periphery bonds outperformed while German producer price inflation rose to a ten-year high and euro area construction output rebounded.
    • Gilts made gains, particularly at the short end of the curve, despite an upbeat UK manufacturing survey.
  • Euro Wrap-up

    Euro Wrap-up

    19 May 2021 348 KB PDF
    • Bunds were little changed while the estimate of core inflation in April was revised down.
    • Gilts made gains as UK inflation picked up broadly in line with expectations.
  • US Data Review

    US Data Review

    18 May 2021 151 KB PDF
    • Housing starts: a drop in single-family activity; multi-family resilient.
  • Euro wrap-up

    Euro wrap-up

    18 May 2021 365 KB PDF
    • Bunds were little changed while new data reported a drop in euro area exports in March and a fall in euro area employment in Q1.
    • Gilts were also little changed despite evidence of a firming labour market in the latest UK data.