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

FILTER DOCUMENTS

Category Clear
Archive Reset

2024

2023

Subscribe to RSS feed
  • Euro wrap-up

    Euro wrap-up

    14 June 2024 311 KB PDF
    • While new data suggested that euro area goods trade exports continue to pick up gradually, Bunds rallied and French sovereign spreads widened further as political concerns persisted.  
    • Gilts made gains as a survey suggested that UK consumer price expectations remain well anchored.
  • Euro wrap-up

    Euro wrap-up

    13 June 2024 230 KB PDF
    • While data showed that euro area industrial production slipped slightly lower in April, Bunds followed USTs higher but French spreads continued to widen on political concerns.
    • Gilts made losses even as a survey suggested that the UK housing market recovery has paused amid diminished expectations for BoE rate cuts this year.
  • Euro wrap-up

    Euro wrap-up

    12 June 2024 274 KB PDF
    • Bunds followed USTs higher as final German inflation data for May provided no unpleasant surprises, confirming the flash estimates.
    • Gilts rallied as data showed that UK GDP growth paused in April due not least to bad weather.
  • US FOMC Review

    US FOMC Review

    12 June 2024 382 KB PDF
    • FOMC: content to proceed cautiously 
    • The June SEP: upward adjustments to inflation and unemployment projections 
    • Dot plot: 25 basis points of cuts in 2024 amid tight dispersion of projections; view on long-term federal funds rate moves higher
    • Powell press conference: timing of first cut, and path of rates, dependent on the totality of the data
  • US Data Review

    US Data Review

    12 June 2024 381 KB PDF
    • CPI: broad-based easing in inflation pressure
    • Results unlikely to influence the anticipated outcome of today’s FOMC meeting (no change in policy); keeps open possibility of multiple cuts later this year
  • European Banks - Quarterly ESG update (2Q24)

    European Banks - Quarterly ESG update (2Q24)

    12 June 2024 618 KB PDF
    • Resurgent ESG issuance driven in part by debutant SSAs and some front-loading of funding plans
    • The EU’s growing presence in capital markets is pushing it towards benchmark status and inclusion in sovereign indices seems imminent. ECB will soon provide an update on the green tilt of its APP
    • Primary market activity in 1Q24 benefitted from continued strong demand for green and sustainability bonds, while confidence in the SLB format appeared diminished
    • Secondary market spreads tightened on lower perceived risk environment, and greeniums achieved in primary market still largely carried over into secondary trading, albeit in diminishing increments
  • Euro wrap-up

    Euro wrap-up

    11 June 2024 293 KB PDF
    • Bunds made gains while French and Italian spreads widened further as concerns about the possible consequences of the forthcoming French election intensified.
    • Gilts made gains as the UK’s unemployment rate rose to a 2½-year high and private regular pay growth moderated to a 2-year low.  
  • Euro wrap-up

    Euro wrap-up

    7 June 2024 323 KB PDF
    • Despite some soft German industrial production data, Bunds followed USTs sharply lower as Q1 data confirmed a pickup in growth of euro area employee compensation but also lower unit profits.
    • Gilts also made notable losses in the wake of strong US payroll data.