London & NY Research

  • JAPAN

    Daiwa Europe’s market-leading research on the Japanese economy.

  • EUROPE

    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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2019

  • Euro Wrap-up

    Euro Wrap-up

    12 July 2019 480 KB PDF
    • Bunds made modest losses at the longer end of the curve as data confirmed the best performance for euro area IP in four months.
    • Gilts made modest gains at the short end of the curve on a quiet day for economic news from the UK.
  • US Data Review

    US Data Review

    11 July 2019 133 KB PDF
    • CPI: firmer than expected, but not troublesome
    • Core CPI: above-average increase after four slow months; partly transitory
  • Euro Wrap-up

    Euro Wrap-up

    11 July 2019 368 KB PDF
    • Bunds made losses as German inflation was revised higher but the ECB account noted broad agreement that the Governing Council should be ready to ease monetary policy further.
    • Gilts made significant losses as the BoE again judged that UK banks were sufficiently well-capitalised to cope with a no-deal Brexit.
  • Euro Wrap-up

    Euro Wrap-up

    10 July 2019 581 KB PDF
    • Bunds weakened today after French industrial production recorded its best monthly growth for two years.
    • Gilts also made losses as UK GDP almost reversed the steep decline seen in April.  
  • Euro Wrap-up

    Euro Wrap-up

    8 July 2019 385 KB PDF
    • While equity investors responded negatively to Deutsche Bank’s restructuring plans, Bunds were little changed as Germany’s latest industrial production and export data broadly met expectations.  
    • Gilts made gains on a quiet day for UK economic news.
  • Euro Wrap-up

    Euro Wrap-up

    5 July 2019 550 KB PDF
    • Despite another set of weak German factory orders data, Bunds followed USTs lower on the back of the stronger US payrolls report.
    • Gilts also followed the global downtrend, despite a soft UK jobs survey and a moderation in unit labour cost growth. 
  • Yen 4Sight

    Yen 4Sight

    5 July 2019 431 KB PDF
    • Despite stronger IP and spending figures in May, the BoJ’s Tankan survey provided a more downbeat assessment of economic conditions in Q2 and beyond.
    • Tokyo inflation data and surveys suggest that price pressures continue to wane.  
  • US Economic Comment

    US Economic Comment

    5 July 2019 264 KB PDF
    • Employment: easing from 2018 pace, but still firm
    • Unemployment: up in June, but favorable outlook
    • Average hourly earnings: growth rate stalls
    • Policy implications: low probability of easing in July; cuts still likely thereafter