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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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2023

2022

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  • Euro Wrap-up

    Euro Wrap-up

    6 March 2023 253 KB PDF
    • Despite some soft euro area retail sales data, Bunds made losses as ECB hawk Holzmann called for a cumulative 200bps of additional rate hikes through to July.
    • Gilts also made losses as the UK construction PMI surprised on the upside. 
  • Euro wrap-up

    Euro wrap-up

    3 March 2023 326 KB PDF
    • Bunds made gains as euro area headline PPI inflation fell sharply in January on lower energy prices, even though the detail hinted at a possible second-wind in certain core goods prices.  
    • Gilts made modest gains as reports suggested that the Chancellor will maintain the UK government’s Energy Price Guarantee from April, which will help lower profile of inflation ahead.
  • US Economic Comment

    US Economic Comment

    3 March 2023 294 KB PDF
    • U.S. GDP in Q1: not so bad
    • Fighting inflation: little progress thus far
    • Productivity: back on pre-Covid trend
  • Euro wrap-up

    Euro wrap-up

    2 March 2023 292 KB PDF
    • Bunds maintained a downwards trend as the headline euro area inflation rate edged lower but core inflation leapt to a new record high.
    • Despite an easing in UK firms’ price expectations, Gilts also made losses as the BoE’s Chief Economist flagged that the economy had been slightly stronger and wage growth stickier than expected.
  • Euro wrap-up

    Euro wrap-up

    1 March 2023 304 KB PDF
    • Bunds made further sizeable losses as Germany’s February inflation data surprised on the upside due to a further acceleration in food and services prices.
    • Shorter-dated Gilts made gains as BoE Governor Bailey reiterated that further rate increases were not a done deal, while UK house prices posted the steepest annual drop since 2012.
  • Euro wrap-up

    Euro wrap-up

    28 February 2023 235 KB PDF
    • Bunds made further losses today as flash February inflation estimates from France and Spain exceeded expectations. 
    • Gilts followed the global trend lower as comments from BoE external member Catherine Mann maintained her typically hawkish tone.
  • European Banks - Credit Update

    European Banks - Credit Update

    27 February 2023 1105 KB PDF
    • UK banks 4Q22 earnings results point to strong underlying performance but the uncertain 2023 economic outlook dampened sentiment, particularly for domestically focused lenders.
    • Primary market activity slowed last week for SSAs and FIGs. Among SSAs, OeKB was the sole USD issuer, while Monte dei Paschi's first appearance in FIG markets since 2020 reflects its improved capital positions, good earnings and a recent credit rating upgrade by Moody's. 
    • Secondary market spreads continued to soften with both EUR and USD markets wider.
  • Euro wrap-up

    Euro wrap-up

    27 February 2023 437 KB PDF
    • Bunds made further losses despite an unexpected drop in the Commission’s euro area sentiment index, falls in business and consumer inflation expectations, and a record decline in M1 money supply.
    • Gilts also made losses as the UK government struck a deal with the EU to reduce trade barriers between Great Britain and Northern Ireland.