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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.

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    Daiwa’s coverage of the US economy from our colleagues in New York

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2024

2023

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  • US Data Review

    US Data Review

    12 June 2024 381 KB PDF
    • CPI: broad-based easing in inflation pressure
    • Results unlikely to influence the anticipated outcome of today’s FOMC meeting (no change in policy); keeps open possibility of multiple cuts later this year
  • European Banks - Quarterly ESG update (2Q24)

    European Banks - Quarterly ESG update (2Q24)

    12 June 2024 618 KB PDF
    • Resurgent ESG issuance driven in part by debutant SSAs and some front-loading of funding plans
    • The EU’s growing presence in capital markets is pushing it towards benchmark status and inclusion in sovereign indices seems imminent. ECB will soon provide an update on the green tilt of its APP
    • Primary market activity in 1Q24 benefitted from continued strong demand for green and sustainability bonds, while confidence in the SLB format appeared diminished
    • Secondary market spreads tightened on lower perceived risk environment, and greeniums achieved in primary market still largely carried over into secondary trading, albeit in diminishing increments
  • Euro wrap-up

    Euro wrap-up

    11 June 2024 293 KB PDF
    • Bunds made gains while French and Italian spreads widened further as concerns about the possible consequences of the forthcoming French election intensified.
    • Gilts made gains as the UK’s unemployment rate rose to a 2½-year high and private regular pay growth moderated to a 2-year low.  
  • Euro wrap-up

    Euro wrap-up

    7 June 2024 323 KB PDF
    • Despite some soft German industrial production data, Bunds followed USTs sharply lower as Q1 data confirmed a pickup in growth of euro area employee compensation but also lower unit profits.
    • Gilts also made notable losses in the wake of strong US payroll data.
  • US Economic Comment

    US Economic Comment

    7 June 2024 555 KB PDF
    • The Fed: no change in policy anticipated; new SEP may provide additional insight into path of rates
    • May employment: strong job growth; firm advance in wages
  • Euro wrap-up

    Euro wrap-up

    6 June 2024 348 KB PDF
    • Bunds made losses as the ECB delivered the first rate cut this cycle, but made no watertight commitment to ease policy further as the Eurosystem revised up its inflation projection for this year and next.
    • Shorter-dated Gilts made notable gains as the BoE’s DMP survey signalled a further moderation in firms’ inflation and wage expectations.
  • Euro wrap-up

    Euro wrap-up

    5 June 2024 318 KB PDF
    • Bunds made modest gains as euro area producer goods prices fell for a sixth successive month and the final services PMIs signalled a further easing in price pressures.
    • Gilts were little changed while the UK’s PMIs signalled a slowdown in recovery momentum and price pressures in the services sector.
  • Euro wrap-up

    Euro wrap-up

    4 June 2024 277 KB PDF
    • Bunds followed USTs higher, while German jobless claims rose the most in seven months and job vacancies fell to a three-year low.
    • Gilts also made gains even as a UK retail survey suggested a pickup in sales volumes in May.