London & NY Research

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

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    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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2024

2023

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  • Euro wrap-up

    Euro wrap-up

    28 June 2024 380 KB PDF
    • Bunds followed USTs lower even as the flash inflation estimates from various member states eased in June, and German data pointed to loosening labour market conditions.
    • Gilts made losses across most of the curve following an upwards revision to UK GDP growth in Q1.
  • Euro wrap-up

    Euro wrap-up

    27 June 2024 319 KB PDF
    • While the Commission survey flagged an uptick in services and consumer inflation expectations, Bunds made modest gains as euro area business sentiment deteriorated and bank lending remained subdued.
    • Gilts had a mixed performance on a quiet day for UK economic data.
  • Euro wrap-up

    Euro wrap-up

    26 June 2024 255 KB PDF
    • Bunds made losses even as German and French consumer confidence slipped back and Governing Council member Rehn suggested that market implied pricing for two further rate cuts this year was reasonable.
    • Gilts also followed the global trend lower despite a disappointing UK retail survey.
  • Euro wrap-up

    Euro wrap-up

    24 June 2024 238 KB PDF
    • Bunds made losses even as the German ifo business survey pointed to a loss of economic growth momentum at the end of Q2.
    • Gilts were little changed while a survey signalled modest output growth and a pickup in selling price intentions in UK manufacturing.
  • Euro wrap-up

    Euro wrap-up

    21 June 2024 362 KB PDF
    • Bunds made gains as the flash euro area PMIs signalled an unexpected loss of growth momentum and softening of price pressures in June.
    • While the UK PMIs also implied slowing momentum in June, Gilts made losses as the survey’s price indices ticked higher and retail sales growth surprised on the upside in May.
  • Euro wrap-up

    Euro wrap-up

    20 June 2024 255 KB PDF
    • Bunds followed USTs lower while euro area consumer confidence rose to the highest level since the Russian invasion of Ukraine.
    • Gilts outperformed as the BoE’s MPC left Bank Rate unchanged but opened the door to a cut in August.
  • Euro wrap-up

    Euro wrap-up

    19 June 2024 287 KB PDF
    • Bunds made modest losses as the Commission launched formal Excessive Deficit Procedures against France and Italy.
    • While headline UK inflation returned to target, Gilts made losses as services inflation exceeded the BoE’s most recent projection.
  • Euro wrap-up

    Euro wrap-up

    18 June 2024 276 KB PDF
    • Bunds made modest gains as final euro area inflation data confirmed that the uptick in May was due principally to one-off effects in services, while the share of the inflation basket with above-target inflation fell below 50%.
    • Gilts followed USTs higher on a day with no top-tier UK economic data.