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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  • US Economic Comment

    US Economic Comment

    1 September 2023 554 KB PDF
    • August employment: continued improvement in supply-demand imbalances
    • Supplementary labor market data: supporting evidence of softening conditions
    • Inflation update: two percent not yet assured
  • Euro wrap-up

    Euro wrap-up

    31 August 2023 318 KB PDF
    • Bunds made gains as the flash August estimate of euro area headline inflation was unchanged from July but the core rate fell back.
    • Gilts also made gains as BoE Chief Economist Pill suggested that he didn’t see the need for much more monetary tightening.
  • Euro wrap-up

    Euro wrap-up

    30 August 2023 333 KB PDF
    • While the Commission sentiment survey flagged recession risks, Bunds made losses as the flash estimate of German headline inflation in August edged only slightly lower and the core rate remained unchanged, while euro area business and consumer price expectations picked up.
    • Gilts made modest gains at the shorter end of the curve as UK net lending to households remained very subdued.
  • US Data Review

    US Data Review

    30 August 2023 374 KB PDF
    • Revised Q2 GDP: downward adjustment
    • Price indexes: GDP price index and PCE price indexes revised lower
    • International trade: wider goods deficit in July
  • Euro wrap-up

    Euro wrap-up

    29 August 2023 288 KB PDF
    • While German wage growth accelerated in Q2 to a series high, Bunds made gains as German and French consumer confidence surveys suggested that willingness to spend is low.
    • Gilts also made gains as a survey suggested that inflation on the UK high street moderated to a ten-month low in August.
  • Euro wrap-up

    Euro wrap-up

    25 August 2023 311 KB PDF
    • Ahead of Lagarde’s speech at Jackson Hole, Bunds made losses despite confirmation that Germany’s economy stagnated in Q2 and the ifo survey signalled a notable worsening in business conditions over the summer.
    • Gilts made modest losses as a UK consumer survey reported an unexpected recovery in confidence in August.
  • US FOMC Review

    US FOMC Review

    25 August 2023 319 KB PDF
    • Powell: it is the Fed’s job to return inflation to two percent; inflation still “too high”
    • FOMC to “proceed carefully,” but could raise rates further “if appropriate”
  • Euro wrap-up

    Euro wrap-up

    24 August 2023 226 KB PDF
    • Bunds ended the day little changed, despite a downside surprise to a French business survey, with headline sentiment falling to its lowest for more than two years amid a weakening manufacturing sector.
    • Gilts made further gains after a UK retail survey disappointed expectations and suggested a steeper pace of decline in sales growth.