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 FOMC Review

    US FOMC Review

    28 January 2021 126 KB PDF
    • FOMC: no big revelations, but a few interesting points.
  • Euro Wrap-up

    Euro Wrap-up

    28 January 2021 283 KB PDF
    • Bunds were little changed even as the flash estimates of German inflation in January surprised significantly on the upside while the deterioration in the Commission’s economic sentiment survey was not as marked as feared.
    • Gilts followed USTs lower on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    28 January 2021 220 KB PDF
    • Q4 GDP: fueled by business spending and housing activity; moderate support from consumers.
    • International trade in goods: jump in exports narrows the monthly deficit.
    • New home sales: modest increase from downwardly revised level.
  • US Data Review

    US Data Review

    27 January 2021 152 KB PDF
    • Durable goods orders: constrained by aircraft; reasonably good elsewhere.


  • Euro Wrap-up

    Euro Wrap-up

    27 January 2021 274 KB PDF
    • Bunds made gains and the euro weakened as ECB officials flagged the possibility of a further rate cut and a survey reported a marked deterioration in German consumer confidence.  
    • Gilts were little changed while a survey indicated additional downwards pressure on UK high street prices at the start of the year.
  • Euro Wrap-up

    Euro Wrap-up

    26 January 2021 335 KB PDF
    • Bunds made modest losses but BTPs made gains as Italian PM Conte resigned in a tactical move aimed at strengthening his position.
    • Gilts were little changed even as the latest data suggested that the UK labour market fared better than had been feared at the end of 2020.


  • US Economic Comment

    US Economic Comment

    25 January 2021 283 KB PDF
    • FOMC: driving with cruise control; no changes on the horizon.
    • FOMC: the meaning of “maximum employment”.
    • GDP preview: still on track in Q4.
  • Euro Wrap-up

    Euro Wrap-up

    25 January 2021 328 KB PDF
    • With the ifo survey pointing to a notable weakening in German business sentiment and expectations of a new French lockdown within days, Bunds made gains while BTPs outperformed despite ongoing Italian political uncertainty.
    • Gilts followed other major government bonds higher on a quiet day for UK economic news.