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.

  • 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

    11 August 2023 310 KB PDF
    • Gilts made big losses as UK GDP growth in Q2 surprised on the upside.
    • Bunds followed Gilts lower on a relatively quiet day for euro area economic data.
  • US Economic Comment

    US Economic Comment

    11 August 2023 540 KB PDF
    • Inflation: encouraging signs in July
    • Housing services: a disinflationary tailwind
    • Inflation expectations: well grounded
  • US Data Review

    US Data Review

    10 August 2023 318 KB PDF
    • Consumer prices: moderate increases in both headline and core
    • Moderating inflation data raise prospect of FOMC “skip” in September
  • European Banks - Quarterly ESG Update

    European Banks - Quarterly ESG Update

    9 August 2023 617 KB PDF
    • ESG bond issuance volumes in 1H23 robust despite headwinds
    • Lack of transition bond activity in Europe and dwindling SLB issuance activity may be halted by updated documentation published by ICMA and European Commission recommendation
    • Primary market volumes of FIGs and SSAs generally performed well, particularly traditional green bonds. Sovereign and sub-sovereign issuers could support growth in the SSA and SLB space
    • Secondary market spreads and greeniums recovered and stabilised in 2Q23 after mostly short-lived shocks.
  • Euro Wrap-up

    Euro Wrap-up

    8 August 2023 252 KB PDF
    • Bunds made substantive gains across the curve as euro area consumer inflation expectations continued to moderate and data confirmed that the drop in German inflation in July was relatively broad-based.
    • Gilts largely followed the global trend higher as another survey indicated that UK retail sales had been weak at the start of Q3.
  • Euro Wrap-up

    Euro Wrap-up

    7 August 2023 233 KB PDF
    • After the Bundesbank late on Friday cut its remuneration of domestic government deposits back to 0%, and as German industrial production fell more abruptly than expected in June, Bunds made gains at the short end of the curve but followed USTs lower at the longer end.
    • Gilts followed USTs lower across the curve on a quiet day for UK macroeconomic data.
  • US Data Review

    US Data Review

    4 August 2023 334 KB PDF
    • Employment: solid pace of hiring in July; unemployment rate ticks lower
    • Wage growth: brisk increase
  • Euro Wrap-up

    Euro Wrap-up

    4 August 2023 291 KB PDF
    • Bunds largely followed USTs higher even after German factory orders figures surprised significantly on the upside.
    • Gilts also made gains despite a stronger than expected UK construction sector survey.