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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

    3 November 2023 496 KB PDF
    • October payrolls: notable easing; downward revisions soften previously hot September print
    • Wage growth: both the employment cost index and average hourly earnings suggest cooling
    • The Fed: possibly done, although vigilant for premature easing in financial conditions
  • Euro Wrap-up

    Euro Wrap-up

    2 November 2023 311 KB PDF
    • Gilts made significant gains as the BoE’s MPC left Bank Rate unchanged with a larger majority than in September, and its updated macroeconomic projections showed that it expects inflation to fall below target by the end of the horizon.
    • Most Bunds also made gains as German jobless claims rose more than expected in October.
  • Euro Wrap-up

    Euro Wrap-up

    31 October 2023 330 KB PDF
    • Bunds made gains as euro area data confirmed a contraction in GDP in Q3 and a big drop in inflation in October.
    • Gilts also made gains as a UK survey suggested that shop price inflation fell further in October.
  • Euro Wrap-up

    Euro Wrap-up

    30 October 2023 322 KB PDF
    • Bunds made gains as German GDP fell slightly in Q3 and German inflation took another big step down in October.
    • Gilts followed US Treasuries lower despite some further weak UK mortgage lending and approvals data.
  • Euro Wrap-up

    Euro Wrap-up

    27 October 2023 345 KB PDF
    • Bunds made gains as flash data from certain member states were consistent with a modest drop in euro area GDP in Q3 and a substantive step down in euro area inflation in October.
    • Gilts also made gains on a quiet end to the week for UK economic data.
  • US Economic Comment

    US Economic Comment

    27 October 2023 517 KB PDF
    • Next week’s FOMC meeting: officials send “pause” signal
    • Financial conditions: recent tightening may eliminate need for further hikes
    • Growth and inflation data: still firm but unlikely to sway Committee views
  • Euro Wrap-up

    Euro Wrap-up

    26 October 2023 231 KB PDF
    • While the ECB left interest rates unchanged, Bunds made gains as President Lagarde’s tone in her post-meeting press conference was more dovish than of late, acknowledging that recent hikes are being increasingly felt in the real economy.
    • Gilts also made gains as a survey suggested that UK retail sales were weak at the start of Q4.
  • Issuer Profile

    Issuer Profile

    26 October 2023 392 KB PDF
    • Black Sea Trade and Development Bank