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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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  • US Economic Comment

    US Economic Comment

    5 January 2024 575 KB PDF
    • December employment: solid payroll print, with caveats; brisk earnings growth; concerns with household data
    • ISM services: still indicating growth, but a concerning drop in the employment component
  • Euro Wrap-up

    Euro Wrap-up

    4 January 2024 343 KB PDF
    • While core inflation maintained its downtrend, Bunds made significant losses as the flash estimates of headline German inflation in December rose sharply due to a temporary energy base effect.
    • Gilts also made losses as a UK survey signalled a pickup in wage expectations while the final December PMIs were revised up to signal a modest pickup in GDP in Q4.
  • US FOMC Review

    US FOMC Review

    3 January 2024 118 KB PDF
    • FOMC minutes: monetary policy currently restrictive; “almost all” participants anticipate a lower federal funds rate in 2024
    • The economic outlook: inflation risks tilted to the upside; growth risks to the downside
    • Quantitative tightening: possible end in sight
  • Euro Wrap-up

    Euro Wrap-up

    2 January 2024 315 KB PDF
    • Bunds made losses as euro area bank lending ticked up and the final December manufacturing PMIs were revised up slightly.
    • Gilts also made losses despite downward revisions to the UK manufacturing PMIs and a relatively subdued shop price survey.
  • US Economic Comment

    US Economic Comment

    22 December 2023 561 KB PDF
    • Inflation: continued deceleration in November
    • Insights on Q4: solid consumer spending; neutral influence from equipment spending
    • The housing market: still in a slump
  • Euro Wrap-up

    Euro Wrap-up

    20 December 2023 409 KB PDF
    • Despite a bigger-than-expected pickup in euro area consumer confidence, Bunds made gains while construction output maintained its downtrend.
    • Gilts outperformed as UK consumer price inflation fell further than expected in November.
  • Euro wrap-up

    Euro wrap-up

    19 December 2023 308 KB PDF
    • Bunds made gains as the final estimates of euro area inflation in November confirmed a broad-based easing of price pressures.
    • Gilts also made gains despite a slightly improved UK industrial sector survey.
  • Euro Wrap-up

    Euro Wrap-up

    15 December 2023 327 KB PDF
    • Bunds made further gains after the flash December composite PMIs unexpectedly fell, raising recession risks in the euro area.
    • Gilts also made significant gains despite an upside surprise to the UK flash PMIs, which signalled a pickup in economic activity and persistence in inflationary pressures in the services sector.