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

    19 July 2019 668 KB PDF
    • Bunds made gains today as financial markets await the coming week’s ECB announcement. In contrast, BTPs made losses as Italy’s Deputy PM Salvini was reportedly undecided about holding a snap election.
    • Gilts also made gains despite a larger than expected increase in UK public sector borrowing.
  • Yen 4Sight

    Yen 4Sight

    19 July 2019 427 KB PDF
    • Ahead of the BoJ’s end-July Policy Board meeting, the latest inflation figures showed core CPI declining to a two-year low. 
    • The latest trade report suggested net exports provided a notable drag on GDP growth in Q2. But consumption appears stronger.
  • Euro Wrap-up

    Euro Wrap-up

    18 July 2019 456 KB PDF
    • Bunds and other euro area government bonds made gains as a report suggested that the ECB is studying a revamp of its inflation goal. 
    • Gilts were little changed despite an upside surprise to the latest UK retail sales data and as the House of Commons voted to limit the next Prime Minister’s ability to force a no-deal Brexit.   
  • US Data Review

    US Data Review

    17 July 2019 111 KB PDF
    • Housing starts: correction in multi-family; slight improvement in single-family
  • Euro Wrap-up

    Euro Wrap-up

    17 July 2019 464 KB PDF
    • Despite an upwards revision to headline euro area inflation, Bunds followed USTs higher as car and construction data suggested a softer Q2 for growth.
    • Gilts also made gains, despite an increase in UK core inflation. 
  • US Data Review

    US Data Review

    16 July 2019 201 KB PDF
    • Retail sales: brisk activity in June
    • Industrial production: a drop inutility output, but mfg. and mining advance
  • Euro Wrap-up

    Euro Wrap-up

    16 July 2019 465 KB PDF
    • Having made gains early in the day after a weaker German survey, Bunds subsequently followed USTs lower to close the day little changed.
    • While Gilts were little changed by some mixed UK labour market data, cable fell to a two-year low after likely next UK PM Boris Johnson seemingly reduced further scope for a Brexit deal with the EU.
  • US Economic Comment

    US Economic Comment

    15 July 2019 302 KB PDF
    • Capital spending: key source of downside risk
    • Federal budget update: firm revenue growth in past several months, but outlays also growing briskly