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.

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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

    24 February 2023 335 KB PDF
    • Bunds followed USTs lower despite a significant downwards revision to German Q4 GDP.
    • Gilts also made losses as UK consumer confidence rose to a ten-month high.
  • US Economic Comment

    US Economic Comment

    24 February 2023 314 KB PDF
    • U.S. consumers: still active despite rapid inflation
    • Budget update: slippage in FY2023 (and beyond)
    • Fed remittances to the Treasury Department: contributing to budget slippage
  • US Data Review

    US Data Review

    23 February 2023 158 KB PDF
    • Revised GDP: modest downward adjustment, led by softer consumer spending
    • Price indexes: faster inflation than previously reported
  • Euro Wrap-up

    Euro Wrap-up

    23 February 2023 668 KB PDF
    • Despite an upwards revision to the January estimates of euro area inflation, Bunds made gains as ECB dove Panetta judged that the risks to the inflation outlook are now more balanced and thus justify smaller rate hikes.
    • Despite typically hawkish commentary from MPC external member Mann, Gilts saw a mix of modest gains and losses as a UK survey offered a gloomy assessment of the outlook for retailers.  
  • US FOMC Review

    US FOMC Review

    22 February 2023 114 KB PDF
    • FOMC minutes: officials encouraged by recent developments, but still hawkish
  • Euro wrap-up

    Euro wrap-up

    21 February 2023 312 KB PDF
    • Bunds made significant losses as the flash euro area PMIs beat expectations suggesting a rebound in economic activity.
    • Despite a weak CBI industrial survey, Gilts made even more substantive losses as the flash UK also surprised significantly on the upside.
  • Euro Wrap-up

    Euro Wrap-up

    17 February 2023 301 KB PDF
    • Bunds reversed initial losses as hawkish commentary from ECB’s Schnabel was followed by cautions from BoF Governor Villeroy that recent market-implied interest expectations had been excessively volatile.  
    • Gilts made losses as UK retail sales beat expectations in January, albeit maintaining a downwards trend as households purchasing power continued to be eroded.
  • US Economic Comment

    US Economic Comment

    17 February 2023 303 KB PDF
    • Consumer prices: numerous “transitory” changes; still-brisk underlying pace
    • Will slow money growth tame inflation?