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 Data Review

    US Data Review

    26 August 2019 131 KB PDF
    • Durable goods orders: aircraft-led jump in headline; orders ex-transportation dip
  • Yen 4Sight

    Yen 4Sight

    23 August 2019 436 KB PDF
    • Headline inflation fell further while core CPI measures showed underlying price pressures remained very subdued.
    • Net trade remained a drag on growth at the start of Q3. Surveys provided mixed messages about broader economic conditions but largely suggest weak underlying momentum.  
  • US Economic Comment

    US Economic Comment

    23 August 2019 258 KB PDF
    • Powell at Jackson Hole: noncommittal on rates, but probably supportive
    • The federal budget outlook: even wider deficits
    • Job growth: less robust than previously believed, but still favorable
  • Euro Wrap-up

    Euro Wrap-up

    22 August 2019 412 KB PDF
    • Bunds made losses as the euro area PMIs improved slightly while the ECB’s latest meeting account suggested that a rate cut and QE will be announced next month.
    • Gilts also made losses as Macron and Merkel appeared open to, albeit sceptical about, new proposals on Brexit.
  • US Data Review

    US Data Review

    21 August 2019 114 KB PDF
    • Existing home sales: further improvement in July, although still not booming 
  • US FOMC Review

    US FOMC Review

    21 August 2019 100 KB PDF
    • FOMC: divided views, but look for continued support
  • Euro Wrap-up

    Euro Wrap-up

    20 August 2019 274 KB PDF
    • Bunds and BTPs made significant gains as Italian PM Conte announced his resignation and data confirmed another poor month for euro area construction output.
    • Gilts were little changed after UK PM Johnson proposed a Brexit policy incompatible with an open border on the island of Ireland.
  • Euro Wrap-up

    Euro Wrap-up

    19 August 2019 323 KB PDF
    • Despite a downwards revision to euro area CPI and a Bundesbank report flagging recession risks, euro area equities made solid gains while govvies made notable losses.
    • Gilts also made modest losses, despite a leaked UK government paper suggesting widespread disruption in a no-deal Brexit outcome.