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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2024

2023

  • Euro wrap-up

    Euro wrap-up

    24 July 2024 302 KB PDF
    • Shorter-dated Bunds made gains as the flash euro area PMIs unexpectedly fell to suggest stagnation at the start of Q3.
    • While the flash UK activity PMIs surprised to the upside in July, Gilts also rose at the short end as the survey’s services selling-price index fell to a near 3½-year low.
  • US Data Review

    US Data Review

    23 July 2024 281 KB PDF
    • Existing home sales: low end of the long-term range
    • Inventories: still tight, but hints of improvement
  • Euro wrap-up

    Euro wrap-up

    19 July 2024 305 KB PDF
    • Bunds made losses as producer price data suggested that disinflation in Germany’s goods sector is near an end.
    • Despite some weak UK retail sales figures at end-Q2, Gilts followed USTs lower, while a consumer survey suggested that conditions for making major purchases were the most favourable since early 2022.
  • US Economic Comment

    US Economic Comment

    19 July 2024 632 KB PDF
    • Q2 GDP preview: growth at potential, led by solid underlying domestic demand
    • Food inflation: pandemic-related rise in grocery prices mainly attributable to surge in commodity prices and wages
  • Euro wrap-up

    Euro wrap-up

    18 July 2024 283 KB PDF
    • While the ECB predictably left interest rates and its forward guidance unchanged, Bunds made gains as Lagarde downplayed concerns about recent strong pay growth and services inflation.
    • Gilts also made gains as UK data pointed to diminished labour market tightness amid moderating wage growth.
  • Euro wrap-up

    Euro wrap-up

    17 July 2024 310 KB PDF
    • Bunds were mixed as final euro area inflation estimates confirmed stickiness in services, but alternative measures of underlying inflation moderated.
    • While headline UK inflation remained at the 2% target in June, Gilts made losses as services inflation significantly beat the BoE’s expectations. 
  • US Data Review

    US Data Review

    17 July 2024 369 KB PDF
    • Housing starts: a pickup in June led by multi-family activity
    • Industrial production: solid performances in manufacturing, mining, and utilities
  • Euro wrap-up

    Euro wrap-up

    16 July 2024 271 KB PDF
    • Bunds made gains as euro area export data disappointed, the ZEW survey suggested that investors are a little warier about the German economic outlook, and an ECB survey suggested that credit conditions are very gradually becoming less tight.
    • Gilts also followed the global trend higher on a quiet day for economic data from the UK.