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

    28 May 2024 275 KB PDF
    • Bunds followed USTs lower even as an ECB survey signalled that households are more optimistic about the inflation outlook.
    • Despite UK surveys signalling a further easing in retail selling prices, Gilts also made modest losses as sales volumes reportedly returned to seasonal norms in May.
  • Euro wrap-up

    Euro wrap-up

    24 May 2024 331 KB PDF
    • Bunds ended the day little changed while data confirmed that German GDP growth in Q1 was fully explained by the weather-assisted boost to construction and the INSEE French business survey was consistent with modest GDP growth in Q2.
    • Gilts were also little changed despite a significant downside surprise to UK retail sales in April, while a consumer survey suggested purchase intentions remained weak despite a boost to income expectations.
  • Euro wrap-up

    Euro wrap-up

    23 May 2024 303 KB PDF
    • Bunds followed USTs lower as the flash euro area PMIs for May indicated the strongest growth momentum in a year while negotiated wage growth in the region accelerated in Q1.
    • Gilts also made losses even as the UK flash PMIs reported a moderation of growth momentum and easing price pressures.
  • Euro wrap-up

    Euro wrap-up

    22 May 2024 283 KB PDF
    • Gilts sold off as UK inflation data surprised on the upside due to persistence in the services component and public borrowing also exceeded expectations, while PM Sunak called a general election for 4 July.
    • Bunds also made losses on a quiet day for economic data for the euro area.
  • Euro wrap-up

    Euro wrap-up

    21 May 2024 315 KB PDF
    • Despite some strong figures for euro area labour costs and indications that net trade supported growth in Q1, Bunds made gains as the job vacancy rate in the region continued to fall and the annual rate of decline of German producer prices accelerated slightly.   
    • Gilts also made gains as a UK manufacturing survey suggested that expectations for selling price inflation softened in May despite a pickup in output.
  • Euro wrap-up

    Euro wrap-up

    17 May 2024 323 KB PDF
    • Bunds made losses as final euro area inflation data for April flagged persistence in certain services components and ECB Board member Schnabel stated that she didn’t see the case for a rate cut in July.
    • Gilts followed the global trend lower on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    17 May 2024 712 KB PDF
    • Inflation: modest improvement in April from disappointing Q1 results
    • The consumer sector: evidence of slowing demand and some signs of stress
  • Euro wrap-up

    Euro wrap-up

    15 May 2024 271 KB PDF
    • Bunds followed USTs higher, while figures suggested that euro area industrial production contracted in Q1 despite being boosted in March by strong growth in Ireland.
    • Gilts also followed the global trend higher on a quiet day for UK economic data.