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

    23 August 2023 286 KB PDF
    • Bunds rallied as the flash euro area PMIs signalled an increasing likelihood that GDP is now contracting, while consumer confidence also deteriorated.  
    • Gilts also made big gains as the flash UK PMIs also surprised significantly on the downside to flag the prospect of a drop in GDP this quarter.
  • Euro Wrap-up

    Euro Wrap-up

    22 August 2023 282 KB PDF
    • Bunds made gains as the euro area current account surplus jumped sharply thanks to a record goods trade balance, while French retail sales started Q3 in reverse.
    • Gilts also made significant gains as UK public sector borrowing again missed expectations while a survey pointed to a drop in output and weakening of selling-price expectations in the manufacturing sector.
  • Euro Wrap-up

    Euro Wrap-up

    18 August 2023 315 KB PDF
    • Bunds made gains across the curve as the final euro area inflation data for July confirmed the drop in headline inflation to an 18-month low and that summer holiday-related prices contributed to the stickiness of core inflation.
    • Gilts made gains as UK retail sales fell further than expected in July.
  • US Economic Comment

    US Economic Comment

    18 August 2023 532 KB PDF
    • Powell on the docket at Jackson Hole
    • The housing market: difficulties likely to persist
    • Is firm consumer spending about to slow?
  • Euro Wrap-up

    Euro Wrap-up

    16 August 2023 301 KB PDF
    • Bunds made gains as data confirmed that the pace of decline in euro area industrial production accelerated in Q2 while employment growth moderated.
    • Gilts made further losses as UK inflation data for July suggested that core price pressures persist as the services component picked up again.
  • US Data Review

    US Data Review

    15 August 2023 288 KB PDF
    • Retail sales: firm spending with a notable contribution from online shopping
    • Results suggest a pickup in Q3 consumer spending from the 1.6 percent pace in Q2
  • Euro Wrap-up

    Euro Wrap-up

    15 August 2023 279 KB PDF
    • Bunds made losses as the ZEW survey suggested that investors are a touch less downbeat about the German economic outlook even though they have a highly negative assessment of current conditions.
    • Gilts made losses as UK pay growth significantly exceeded expectations despite other evidence of a loosening of labour market conditions.
  • European Banks - Credit Update

    European Banks - Credit Update

    14 August 2023 407 KB PDF
    • Italy windfall tax softened after announcement caused market volatility
    • Primary market activity in the summer break surprised with a number of senior trades among FIGs as well as subordinated trades from high quality Swedish and French issuers
    • Secondary market spreads were mostly wider for EUR and USD affected by market moves from the surprise Italian bank tax announcement. The Tier 2 segment remained robust and improving the most, encouraging further issuance