London & NY Research

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    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

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  • Euro Wrap-up

    Euro Wrap-up

    27 October 2023 345 KB PDF
    • Bunds made gains as flash data from certain member states were consistent with a modest drop in euro area GDP in Q3 and a substantive step down in euro area inflation in October.
    • Gilts also made gains on a quiet end to the week for UK economic data.
  • US Economic Comment

    US Economic Comment

    27 October 2023 517 KB PDF
    • Next week’s FOMC meeting: officials send “pause” signal
    • Financial conditions: recent tightening may eliminate need for further hikes
    • Growth and inflation data: still firm but unlikely to sway Committee views
  • Euro Wrap-up

    Euro Wrap-up

    26 October 2023 231 KB PDF
    • While the ECB left interest rates unchanged, Bunds made gains as President Lagarde’s tone in her post-meeting press conference was more dovish than of late, acknowledging that recent hikes are being increasingly felt in the real economy.
    • Gilts also made gains as a survey suggested that UK retail sales were weak at the start of Q4.
  • Issuer Profile

    Issuer Profile

    26 October 2023 392 KB PDF
    • Black Sea Trade and Development Bank
  • US Data Review

    US Data Review

    26 October 2023 289 KB PDF
    • Q3 GDP: robust growth led by consumer spending and inventory investment
    • Inflation gauges: firm increase in the GDP price index, but moderate advance in the core PCE index
  • Euro Wrap-up

    Euro Wrap-up

    25 October 2023 303 KB PDF
    • Bunds followed USTs lower as a German business survey defied expectations of a further decline but remained consistent with unfavourable conditions, while lending to euro area firms and households continued to slow.
    • Gilts also made losses on a day bereft of top-tier UK data.
  • Euro Wrap-up

    Euro Wrap-up

    24 October 2023 344 KB PDF
    • Bunds made gains as the flash euro area PMIs flagged rising recession risks, German consumer confidence fell amid deteriorating income expectations and the ECB bank lending survey signalled a larger than expected decline in loan demand.
    • Gilts also made gains as the flash UK PMIs remained consistent with modest contraction at the start of Q4, while employment declined over the summer.

     

  • Euro Wrap-up

    Euro Wrap-up

    20 October 2023 342 KB PDF
    • Bunds made gains as German producer price inflation fell to a new record low and German exports to non-EU countries posted the steepest annual drop for more than three years.
    • Gilts also made more modest gains as UK retail sales fell further than expected in Q3 and consumer confidence deteriorated at the start of Q4.