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

  • US Data Review

    US Data Review

    12 March 2024 355 KB PDF
    • CPI: ongoing pressure in core services
  • Euro Wrap-up

    Euro Wrap-up

    8 March 2024 336 KB PDF
    • Despite a pickup in German industrial production, Bunds made gains as euro area national accounts figures confirmed that wages and unit labour costs growth slowed in Q4.
    • Gilts also made modest gains on a quiet day for UK economic news. 
  • US Economic Comment

    US Economic Comment

    8 March 2024 336 KB PDF
    • January employment: solid but previous data revised notably lower
    • Average hourly earnings: moderation after a weather-influenced jump in January
    • Other employment data: suggestive of easing in previously tight labor market conditions
  • Euro Wrap-up

    Euro Wrap-up

    7 March 2024 297 KB PDF
    • Bunds made gains as the ECB revised down significantly its inflation outlook and Lagarde signalled that the June meeting was live for a first rate cut.
    • Gilts made losses as a BoE survey reported little improvement in firms’ inflation expectations, while wage growth was also expected to remain above rates consistent with inflation returning to target.
  • Euro Wrap-up

    Euro Wrap-up

    6 March 2024 284 KB PDF
    • Bunds were little changed on the day as euro area retail sales remained subdued and a construction sector survey remained consistent with contraction.
    • Gilts made gains as the UK Chancellor resisted political pressures and announced a relatively modest fiscal easing that should have little impact on the BoE’s forthcoming monetary policy decisions.
  • Euro Wrap-up

    Euro Wrap-up

    5 March 2024 275 KB PDF
    • Bunds followed USTs higher as euro area producer prices fell again and French industrial production data disappointed.
    • Gilts also made gains as a UK retail survey pointed to weak sales in February.
  • Euro Wrap-up

    Euro Wrap-up

    1 March 2024 385 KB PDF
    • Bunds closed little changed on the day as the flash estimates of euro area headline and core inflation in February surprised slightly on the upside but maintained their downtrends.
    • Gilts also ended the day little changed even as the Nationwide UK house price index rose on a year-on-year basis for the first time in 13 months.
  • US Economic Comment

    US Economic Comment

    1 March 2024 525 KB PDF
    • Economic activity: on track in Q1, although off the firm pace in 23-Q4
    • ISM manufacturing: a disappointing read on the factory sector