London & NY Research

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    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

    14 February 2024 303 KB PDF
    • Bunds made gains even as euro area industrial production surprised significantly to the upside and employment growth picked up in Q4 despite flat GDP.
    • Gilts made notable gains as UK inflation came in below expectations to move sideways in January, despite a modest uptick in services inflation.
  • Euro Wrap-up

    Euro Wrap-up

    13 February 2024 277 KB PDF
    • Bunds followed USTs lower, while an investor survey suggested a further deterioration in German economic conditions in Q1, but greater optimism about the coming six months.
    • Gilts made more sizeable losses as UK pay growth exceeded expectations, while the unemployment rate fell to an eleven-month low.
  • US Data Review

    US Data Review

    13 February 2024 381 KB PDF
    • CPI: a jump in core spurred by a surge in service prices
    • The January CPI reduces further odds of a rate cut before the June FOMC meeting
  • Euro Wrap-up

    Euro Wrap-up

    9 February 2024 338 KB PDF
    • Euro area govvies made losses as December industrial production surprised on the upside in Italy, Ireland and the Netherlands, while final German inflation estimates confirmed a moderation in goods inflation but a slight uptick in services in January.  
    • Gilts also made losses on a quiet end to the week for top-tier UK data.
  • US Economic Comment

    US Economic Comment

    9 February 2024 595 KB PDF
    • CPI revisions: modest changes; decelerating trend remained intact
    • Forecasters’ inflation expectations: anchored at two percent
    • The U.S. budget outlook: dire with little hope for near-term course correction
  • Euro Wrap-up

    Euro Wrap-up

    7 February 2024 252 KB PDF
    • Bunds made modest losses today as comments by ECB Executive Board member Schnabel pushed back on expectations for an early rate cut, even as German IP contracted at an accelerated pace.
    • Gilts made losses as BoE Deputy Governor Breeden reiterated the MPC’s message that more evidence of receding inflation was needed before cutting interest rates.

     

  • Euro Wrap-up

    Euro Wrap-up

    6 February 2024 295 KB PDF
    • Bunds ended the day a touch higher as the surge in German factory orders in December reflected one-off bulk purchases, while the downtrend in core orders was maintained.
    • Following some dovish comments from certain BoE policymakers, Gilts made gains as a UK retail survey suggested a soft start to the year for consumer spending. 
  • Issuer Profile - Bladex

    Issuer Profile - Bladex

    6 February 2024 333 KB PDF
    • Banco Latinoamericano de Comercio Exterior S.A. (Bladex) was incorporated in 1978 following a proposal of 23 central banks and government institutions from Latin America & the Caribbean (Latam).