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

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  • Euro wrap-up

    Euro wrap-up

    5 April 2024 345 KB PDF
    • Bunds followed USTs lower despite some soft data for euro area retail sales and German factory orders and weak construction PMIs.
    • Gilts also made losses while the UK construction PMIs suggested some stabilisation in activity at the end of Q1.
  • US Economic Comment

    US Economic Comment

    5 April 2024 554 KB PDF
    • March employment: strong job growth; ongoing easing in supply-demand imbalances 
    • Average hourly earnings: modest deceleration in wage growth
    • Production hours: suggesting moderate economic growth in Q1
  • Euro wrap-up

    Euro wrap-up

    4 April 2024 358 KB PDF
    • Bunds made gains as the account of the ECB’s March policy meeting suggested that it was “wise to await incoming data and evidence” but also that “the date of a first rate cut [was] coming more clearly into view”.
    • Gilts also made gains as a BoE survey reported a further moderation of business wage and price expectations.
  • Euro Wrap-up

    Euro Wrap-up

    3 April 2024 278 KB PDF
    • While the flash March estimate of euro area inflation surprised slightly to the downside, shorter-dated Bunds made modest losses as services inflation remained sticky at double the ECB’s 2% target.
    • Gilts made gains on a quiet day for UK economic releases.
  • Euro Wrap-up

    Euro Wrap-up

    2 April 2024 289 KB PDF
    • Longer-dated Bunds followed USTs lower even as German inflation fell more than expected in March, with the core CPI rate down to a two-year low.
    • Despite a marked slowdown in a survey measure of UK shop price inflation, Gilts also made sizable losses in line with the global trend as UK mortgage approvals rose the most since September 2022.
  • Euro Wrap-up

    Euro Wrap-up

    28 March 2024 370 KB PDF
    • Despite a downside surprise to German retail sales and subdued euro area bank lending, shorter-dated Bunds made modest losses as German negotiated wage growth accelerated sharply.
    • Shorter-dated Gilts also made modest losses even as updated UK national accounts confirmed a technical recession in H223.
  • Euro Wrap-up

    Euro Wrap-up

    27 March 2024 280 KB PDF
    • While the Commission survey signalled a return to very modest GDP growth in Q1, Bunds made gains as the survey’s price expectations indices fell and ECB Governing Council member Cipollone suggested there should be scope to cut interest rates “swiftly”.
    • Gilts also made gains on a quiet day for top-tier UK data.  
  • US Data Review

    US Data Review

    26 March 2024 374 KB PDF
    • Durable goods orders: sideways trend in orders ex-transportation; shipments data suggests drag from equipment spending on GDP growth in Q1
    • Consumer confidence: little changed from downward-revised reading