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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2025

2024

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  • Euro wrap-up

    Euro wrap-up

    10 September 2024 286 KB PDF
    • Bunds followed USTs higher as updated German inflation data confirmed an easing in underlying price pressures in August while IP fell in each of the euro area’s four largest member states in July.
    • Despite a fall in the UK unemployment rate firmly below the BoE’s projection, Gilts also made gains as pay growth continued to moderate.
  • Euro wrap-up

    Euro wrap-up

    6 September 2024 343 KB PDF
    • Bunds followed USTs higher as euro area GDP growth in Q2 was revised down, unit labour costs and unit profits slowed, and German IP fell further than expected.
    • Gilts also made gains on a quiet end to the week for UK economic news.
  • US Economic Comment

    US Economic Comment

    6 September 2024 391 KB PDF
    • The labor market: softening, but not yet demanding aggressive action from the FOMC
  • Euro wrap-up

    Euro wrap-up

    5 September 2024 327 KB PDF
    • While German factory orders beat expectations, Bunds made modest gains as manufacturing turnover fell further and euro area retail sales growth remained subdued.
    • Gilts also made modest gains as a BoE survey suggested that firms’ expectations for their output prices and wage growth have moderated.
  • US Data Review

    US Data Review

    5 September 2024 241 KB PDF
    • ISM services: modest increase in August; key components above 50.0
    • Unemployment claims: both initial and continuing claims nudge lower in late summer
  • Euro wrap-up

    Euro wrap-up

    4 September 2024 314 KB PDF
    • Bunds followed USTs higher while underlying euro area goods price pressures remained subdued and the final euro area composite PMI was revised a touch lower.
    • Gilts also followed the global trend despite an upwards revision to the UK activity PMIs.
  • US Data Review

    US Data Review

    3 September 2024 212 KB PDF
    • ISM manufacturing: ongoing soft performance
  • European Banks - Quarterly ESG update (3Q24)

    European Banks - Quarterly ESG update (3Q24)

    3 September 2024 670 KB PDF
    • ESG volumes decelerate from record levels. Higher-for-long rates, uncertain operating environments, market volatility, political risk as well as payback for front-loading issuance all curtailed activity
    • New SLB guidelines and structural improvements aim to mitigate shortcomings of the segment
    • EU misses out on sovereign status for now, while ECB confirms steady decarbonisation of holdings
    • Fewer debut ESG trades in primary market and previous front-loading hamper quarterly volumes
    • Secondary market spreads widen late in 2Q24 in response to event risk. Higher volatility sees greeniums erode but risk indicators and spreads have largely recovered in the ensuing months