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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

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  • Euro wrap-up

    Euro wrap-up

    7 December 2021 470 KB PDF
    • While the ZEW survey suggested that investors have downgraded their assessment of current economic conditions, Bunds made losses as German industrial production jumped the most in 12 months.
    • Gilts were little changed as a UK retail survey pointed to strong sales in November.
  • Euro Wrap-up

    Euro Wrap-up

    6 December 2021 418 KB PDF
    • Bunds made modest losses as German factory orders fell back sharply at the start of Q4 but turnover pointed to a rebound in industrial production.
    • While BoE Deputy Governor Broadbent left the door open to a rate hike this month, Gilts made very modest gains.
  • US Data Review

    US Data Review

    3 December 2021 224 KB PDF
    • The labour market: modest job growth, but sharply lower unemployment.
    • ISM services: further advance from an already record level.
    • Factory orders: downside volatility in aircraft; otherwise.
  • Euro Wrap-up

    Euro Wrap-up

    3 December 2021 781 KB PDF
    • Longer-dated Bunds made gains as euro area retail sales maintained a broadly sideways trend but German auto production ticked higher.
    • Gilts made gains across the curve as BoE external MPC member Michael Saunders acknowledged in an otherwise hawkish speech that Omicron uncertainty might justify not raising rates this month.
  • US Economic Comment

    US Economic Comment

    3 December 2021 301 KB PDF
    • Labour force participation: still lagging, but some upside potential.
    • Chair Powell’s change of heart.
  • Euro Wrap-up

    Euro Wrap-up

    2 December 2021 428 KB PDF
    • As Chancellor Merkel, Chancellor-in-waiting Scholz and German regional leaders agreed new restrictions on unvaccinated people, Bunds made gains despite another record reading for euro area producer price inflation and a further fall in joblessness to its lowest since 2008.
    • Gilts also largely made modest gains on a quiet day for top-tier UK data releases.
  • US Data Review

    US Data Review

    1 December 2021 153 KB PDF
    • ISM: slight improvement from an elevated level.
    • Construction: soft residential; improvement in nonresidential.
  • Euro Wrap-up

    Euro Wrap-up

    1 December 2021 473 KB PDF
    • While German retail sales fell for the second consecutive month and French new car registrations were the weakest in any November since 1974, Bunds made losses while a Reuters report suggested the ECB might delay to February its decision on its asset purchases beyond March 2022.
    • Gilts also made losses as a survey signalled the first positive rate of UK shop price inflation in 2½ years and house prices accelerated again.