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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2024

2023

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  • Euro wrap-up

    Euro wrap-up

    17 April 2024 304 KB PDF
    • Bunds largely made modest gains as the detailed euro area inflation data for March suggested that the timing of Easter contributed to the stickiness of services pressures that month.   
    • Longer-dated Gilts also made gains even as UK inflation in March slightly exceeded the BoE’s projection.
  • Euro wrap-up

    Euro wrap-up

    16 April 2024 323 KB PDF
    • Bunds made losses as the ZEW investor survey reinforced expectations that the bottom in Germany’s downturn has been reached, while the euro area trade surplus narrowed on stronger imports.
    • Despite a rise in the UK’s unemployment rate to a six-month high, Gilts made losses as wage momentum picked up and private sector regular pay growth remained above the BoE’s forecast.
  • US Data Review

    US Data Review

    16 April 2024 369 KB PDF
    • Housing starts: sharp decline in March
    • Industrial production: solid performance in manufacturing, led by a jump in auto component
  • Euro wrap-up

    Euro wrap-up

    15 April 2024 257 KB PDF
    • Bunds followed USTs lower, while euro area industrial production returned to growth in February, but failed to reverse the decline at the start of the year, suggesting that manufacturing remained a drag on GDP growth in Q1 for a fourth successive quarter.
    • Gilts also made losses on a quiet day for UK economic data.
  • US Data Review

    US Data Review

    15 April 2024 288 KB PDF
    • Retail sales: consumers spent actively in March
  • Euro wrap-up

    Euro wrap-up

    12 April 2024 360 KB PDF
    • Bunds followed USTs higher on increased geopolitical risks from the Middle East while detailed German inflation data for March suggested that the persistence in services was in large part related to the timing of Easter.
    • Despite a second successive month of positive UK GDP growth, Gilts also rallied while former Fed Chair Bernanke flagged deficiencies in the BoE’s production and use of its macroeconomic projections.
  • US Economic Comment

    US Economic Comment

    12 April 2024 570 KB PDF
    • Revised fed funds call: two cuts in 2024 followed by quarterly reductions in 2025 
    • The latest inflation data require vigilance
  • Euro wrap-up

    Euro wrap-up

    11 April 2024 276 KB PDF
    • Bunds followed the global trend lower even as the ECB signalled that the June policy meeting is live for a first rate cut, albeit with the decision inevitably still data dependent.
    • Gilts also made losses as surveys suggested further stabilisation in the UK’s housing market, while household demand for loans increased in the first quarter of the year.