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

    6 July 2022 447 KB PDF
    • Bunds made gains as data for euro area retail sales and German factory orders remained consistent with a downward trend in spending on goods.
    • Gilts made losses as two BoE policymakers repeated that rates might be hiked at a faster pace over coming months, while Boris Johnson’s time as Prime Minister finally appeared about to end.
  • US Data Review

    US Data Review

    6 July 2022 224 KB PDF
    • ISM services: moderate growth, but headwinds from labor shortages and elevated prices
    • JOLTS: softer job openings and quits, but still elevated
  • US FOMC Review

    US FOMC Review

    6 July 2022 126 KB PDF
    • FOMC: fighting inflation and inflation expectations
  • Euro Wrap-up

    Euro Wrap-up

    5 July 2022 458 KB PDF
    • Bunds rallied as the final euro area services PMIs reaffirmed the impression of a loss of momentum in June, while French IP and German auto output and sales data remained subdued.
    • While the UK services PMIs were revised up substantively, Gilts made gains as the BoE stated that the economic outlook has “deteriorated markedly” and UK car sales registered their weakest June since 1996.
  • US Data Review

    US Data Review

    5 July 2022 138 KB PDF
    • Factory orders: firm nominal advance; likely modest change in real terms
  • Euro Wrap-up

    Euro Wrap-up

    4 July 2022 430 KB PDF
    • Bunds made sizeable losses even as euro area PPI inflation fell for the first time in two years, Germany reported a goods trade deficit for the first time since 1991, and a survey flagged expectations of recession ahead.
    • Gilts also made large losses on a quiet day for noteworthy UK economic news.
  • Euro Wrap-up

    Euro Wrap-up

    1 July 2022 649 KB PDF
    • While the flash estimate of euro area inflation in June exceeded expectations, Bunds rallied as the core measure declined for the first time since January and the final manufacturing PMIs hinted at a slight easing of cost pressures.
    • Gilts also rallied as the final UK manufacturing PMIs were revised down to suggest the weakest output growth since the first wave of Covid-19.
  • US Data Review

    US Data Review

    1 July 2022 153 KB PDF
    • ISM manufacturing: slowing growth; new orders and employment below 50
    • Construction: softening trends in real terms