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

    12 July 2024 316 KB PDF
    • Bunds partially reversed yesterday’s gains, while final French and Spanish June inflation figures confirmed ongoing disinflation in goods but stickiness in certain services components.
    • Gilts followed Bunds lower on a quiet day for UK economic data.
  • US Economic Comment

    US Economic Comment

    12 July 2024 543 KB PDF
    • Powell testimony: a dovish tilt with a keen eye on both sides of the dual mandate
    • Inflation: further progress in June, notably in the CPI
  • Euro wrap-up

    Euro wrap-up

    11 July 2024 268 KB PDF
    • Gilts made gains despite a significant upside surprise to UK GDP growth in May.
    • Bunds also followed USTs higher as the final German inflation data for June predictably aligned with their flash estimates.
  • US Data Review

    US Data Review

    11 July 2024 380 KB PDF
    • CPI: easing inflation pressure in June
    • FOMC: latest inflation data put Committee on track to ease monetary policy in September
  • Euro wrap-up

    Euro wrap-up

    8 July 2024 248 KB PDF
    • Longer-dated Bunds made gains and French OAT spreads narrowed slightly after yesterday’s second-round vote in the French election resulted in a hung parliament.
    • While the often-hawkish BoE external member Haskel signalled that he will likely vote to keep Bank Rate unchanged at his final MPC meeting in August, Gilts made modest gains.
  • Euro wrap-up

    Euro wrap-up

    5 July 2024 325 KB PDF
    • Bunds made gains as German and French industrial production fell sharply in May.
    • Gilts followed the global trend higher as the Labour Party predictably won a landslide election in the UK general election.
  • US Economic Comment

    US Economic Comment

    5 July 2024 537 KB PDF
    • June employment: firm headline offset by large downward revisions; unemployment rate ticks higher
    • Wage growth: ongoing moderation
  • Euro wrap-up

    Euro wrap-up

    4 July 2024 347 KB PDF
    • While German factory orders unexpectedly extended their downtrend,  Bunds made modest losses while the ECB’s account of its June policy meeting offered no further clues on the likely future path of rates.  
    • Gilts also made modest losses despite a further moderation in UK business wage and price expectations and a softer construction sector survey.