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

    16 January 2024 271 KB PDF
    • While an ECB survey reported a significant drop in consumer inflation expectations, Bunds made losses as a German survey suggested that investors are more upbeat about the economic outlook.
    • Gilts ended the day little changed even as private sector pay growth continued to slow ahead of the BoE’s expectations.
  • Euro Wrap-up

    Euro Wrap-up

    15 January 2024 268 KB PDF
    • As certain hawkish ECB Governing Council members tried to downplay the prospect of rate cuts before the summer, Bunds made losses even as data reported a fifth drop in euro area IP in six months in November and a decline in German GDP in Q4.
    • Gilts made smaller losses on a quiet day for UK economic news.
  • Euro Wrap-up

    Euro Wrap-up

    12 January 2024 339 KB PDF
    • Bunds opened higher due to events in the Red Sea and subsequently followed USTs to make further gains, even as French consumer spending data beat expectations.
    • Despite a rebound in monthly UK GDP in November, Gilts also made gains as economic output continued to trend lower on a three-month basis.
  • US Economic Comment

    US Economic Comment

    12 January 2024 535 KB PDF
    • 2024 U.S. economic outlook: sluggish performance with mild contraction possible
    • Inflation: additional progress in 2024, but return to two-percent not yet assured
    • Monetary policy: pivot contingent on additional easing in inflation
  • US Data Review

    US Data Review

    11 January 2024 371 KB PDF
    • CPI: brisk increase in core driven by pressure in service inflation
  • Euro Wrap-up

    Euro Wrap-up

    9 January 2024 310 KB PDF
    • While German industrial output dropped to its lowest level since the first Covid-19 lockdown, Bunds made losses as the euro area unemployment rate fell back to match its record low.
    • Gilts also made losses even as a survey suggested that UK retail sales declined back at the end of last year.
  • Euro Wrap-up

    Euro Wrap-up

    8 January 2024 301 KB PDF
    • Despite a pickup in German exports and a stronger-than-expected euro area sentiment survey, Bunds made gains as German factory orders and euro area retail sales remained weak.
    • Gilts also made gains as a survey reported a continued softening in UK labour market conditions.
  • Euro Wrap-up

    Euro Wrap-up

    5 January 2024 361 KB PDF
    • While euro area core inflation fell further and German retail sales dropped sharply, Bunds made losses as euro area headline inflation in December reversed the prior month’s drop.
    • Gilts also made losses despite a weak UK construction sector survey.