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 Economic Comment

    US Economic Comment

    24 February 2020 304 KB PDF
    • The current U.S. economic setting: muddled, but still reasonably firm
    • The fed’s policy review: clues on upcoming changes


  • Euro Wrap-up

    Euro Wrap-up

    24 February 2020 363 KB PDF
    • While the German ifo business survey was better than feared, Bunds rallied and BTPs sold off as the COVID-19 coronavirus epidemic intensified in Italy.
    • Gilts also rallied on a quiet day for UK economic news.
  • Euro Wrap-up

    Euro Wrap-up

    21 February 2020 518 KB PDF
    • Bunds made modest losses as the euro area flash PMIs suggested a modest pickup in economic growth in February.
    • Gilts closed little changed on the day as the UK flash PMIs also beat expectations.
  • Euro Wrap-up

    Euro Wrap-up

    20 February 2020 336 KB PDF
    • Bunds made gains even as the European Commission’s flash consumer confidence indicator rose by the most in five years.
    • Gilts also made gains despite the first increase in UK retail sales in six months.
  • Yen 4Sight

    Yen 4Sight

    20 February 2020 385 KB PDF
    • While the drop in GDP in Q4 was predictable, it was larger than expected and the steepest since the previous sales tax hike in 2014.
    • Monthly data, including machine orders and trade figures, point to ongoing weakness at the start of 2020.
  • US Data Review

    US Data Review

    19 February 2020 159 KB PDF
    • Housing starts: down in January, but still robust
    • PPI: erratic
  • Euro Wrap-up

    Euro Wrap-up

    19 February 2020 387 KB PDF
    • With the exception of the short end of the curve, Bunds made modest gains as data confirmed a third successive quarterly decline in euro area construction output in Q4.  
    • Gilts made modest gains across the curve despite an upside surprise in the latest UK inflation data.
  • Euro Wrap-up

    Euro Wrap-up

    18 February 2020 306 KB PDF
    • Longer-dated Bunds made only modest gains even as a German sentiment survey signalled renewed pessimism in the economic outlook in February.
    • Gilts followed the global trend higher as UK employment rose to a record high, but wage growth slowed.