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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2022

2021

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  • US Economic Comment

    US Economic Comment

    20 May 2022 297 KB PDF
    • Consumers: cutting back on food and gasoline; active elsewhere
    • Supply chains: new disruptions, but narrowly based
  • Euro Wrap-up

    Euro Wrap-up

    19 May 2022 416 KB PDF
    • As Governing Council members stated their preference for “gradual normalisation”, Bunds followed USTs higher even as the account of the ECB’s latest policy meeting underscored the likelihood of a first ECB rate hike in July and further hikes thereafter.
    • Gilts were little changed as a UK industrial survey was more upbeat than expected.
  • US Data Review

    US Data Review

    18 May 2022 154 KB PDF
    • Housing starts: single-family activity fell, but multi-family surged.
  • Euro Wrap-up

    Euro Wrap-up

    18 May 2022 495 KB PDF
    • Longer-dated Bunds made gains, as the final estimates of euro area inflation in April was revised down slightly but still confirmed a broadening of price pressures with headline and core measures at series highs.
    • Longer-dated Gilts also made modest gains as UK inflation avoided an upside surprise, albeit rising to a four-decade high amid increased prices of energy, food and core items.
  • Euro wrap-up

    Euro wrap-up

    17 May 2022 488 KB PDF
    • Bunds made sizeable losses as euro area GDP was revised higher in Q1, and was accompanied by solid employment growth.
    • Gilts also made large losses as the UK labour market tightened further and labour earnings accelerated despite weakening economic growth.
  • US Data Review

    US Data Review

    17 May 2022 232 KB PDF
    • Retail sales: vehicle sales jump; a solid performance excluding autos and gasoline
    • Industrial production: broad-based gains
  • Euro Wrap-up

    Euro Wrap-up

    13 May 2022 576 KB PDF
    • As several ECB policymakers again made the case for tighter monetary policy, Bunds reversed a sizeable share of yesterday’s gains despite confirmation of a big drop in euro area industrial output in March.
    • Gilts also made sizeable losses as UK unit labour cost growth at the end of last year appeared to be above the BoE’s comfort zone.
  • US Economic Comment

    US Economic Comment

    13 May 2022 300 KB PDF
    • Consumer inflation: hints of easing in April, but the underlying rate remains brisk
    • Recession risks: economists are hopeful for a soft landing
    • The federal budget: a revenue surge in April