London & NY Research

  • JAPAN

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

  • EUROPE

    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

  • Euro Wrap-up

    Euro Wrap-up

    21 March 2024 326 KB PDF
    • Bunds made gains as the flash euro area PMIs signalled further economic stabilisation in March but ongoing contraction in the German economy.
    • While the BoE kept rates unchanged and the flash UK PMIs signalled ongoing recovery momentum, Gilts made gains as no MPC member voted for a rate hike for the first time since September 2021.
  • Euro Wrap-up

    Euro Wrap-up

    20 March 2024 351 KB PDF
    • Longer-dated Bunds made modest gains even as ECB President Lagarde insisted that the Governing Council would not pre-commit to any particular future path in rates and euro area consumer confidence rose to its highest level in more than two years.
    • Gilts made larger gains as UK inflation fell a touch further than the BoE and market consensus expected.
  • US FOMC Review

    US FOMC Review

    20 March 2024 380 KB PDF
    • FOMC: target range for federal funds rate unchanged at 5.25 to 5.50 percent; cuts contingent on inflation developments
    • SEP: economic growth in 2024-26 adjusted higher from prior forecast; faster core inflation expected in 2024
    • Dot plot: median dot remained at 4.625 percent in 2024; shallower path of cuts anticipated in 2025 and 2026
  • Euro Wrap-up

    Euro Wrap-up

    18 March 2024 277 KB PDF
    • While final euro area HICP figures maintained a downwards trend in headline and core inflation, Bunds made modest losses as services inflation was revised marginally higher from the flash estimate.
    • Gilts made modest gains on a quiet day for UK economic news.
  • Euro Wrap-up

    Euro Wrap-up

    15 March 2024 359 KB PDF
    • Bunds made modest losses even as a German survey reported a notable drop in household medium-term inflation expectations.
    • Gilts also posted marginal losses while a BoE survey suggested that household inflation expectations remain relatively well anchored.
  • US Economic Comment

    US Economic Comment

    15 March 2024 520 KB PDF
    • The March 19-20 FOMC: rates on hold as inflation stirs
    • Fed forecasts: modest revisions expected
    • Quantitative tightening: changes upcoming, but announcement of formal plans unlikely next week
  • Issuer Profile - Mediobanca S.p.A.

    Issuer Profile - Mediobanca S.p.A.

    15 March 2024 407 KB PDF
  • US Data Review

    US Data Review

    14 March 2024 408 KB PDF
    • Retail sales: lackluster performance in February after weather-related disruptions in the prior month
    • PPI: pressure in February led by a jump in energy prices