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

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  • Euro wrap-up

    Euro wrap-up

    26 June 2024 255 KB PDF
    • Bunds made losses even as German and French consumer confidence slipped back and Governing Council member Rehn suggested that market implied pricing for two further rate cuts this year was reasonable.
    • Gilts also followed the global trend lower despite a disappointing UK retail survey.
  • Euro wrap-up

    Euro wrap-up

    24 June 2024 238 KB PDF
    • Bunds made losses even as the German ifo business survey pointed to a loss of economic growth momentum at the end of Q2.
    • Gilts were little changed while a survey signalled modest output growth and a pickup in selling price intentions in UK manufacturing.
  • Euro wrap-up

    Euro wrap-up

    21 June 2024 362 KB PDF
    • Bunds made gains as the flash euro area PMIs signalled an unexpected loss of growth momentum and softening of price pressures in June.
    • While the UK PMIs also implied slowing momentum in June, Gilts made losses as the survey’s price indices ticked higher and retail sales growth surprised on the upside in May.
  • Euro wrap-up

    Euro wrap-up

    20 June 2024 255 KB PDF
    • Bunds followed USTs lower while euro area consumer confidence rose to the highest level since the Russian invasion of Ukraine.
    • Gilts outperformed as the BoE’s MPC left Bank Rate unchanged but opened the door to a cut in August.
  • Euro wrap-up

    Euro wrap-up

    19 June 2024 287 KB PDF
    • Bunds made modest losses as the Commission launched formal Excessive Deficit Procedures against France and Italy.
    • While headline UK inflation returned to target, Gilts made losses as services inflation exceeded the BoE’s most recent projection.
  • Euro wrap-up

    Euro wrap-up

    18 June 2024 276 KB PDF
    • Bunds made modest gains as final euro area inflation data confirmed that the uptick in May was due principally to one-off effects in services, while the share of the inflation basket with above-target inflation fell below 50%.
    • Gilts followed USTs higher on a day with no top-tier UK economic data.
  • 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.