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

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  • US Data Review

    US Data Review

    18 July 2023 329 KB PDF
    • Retail sales: pickup in June suggests modest growth in real consumer spending in Q2
    • Industrial production: softening in manufacturing and mining; downside volatility in utility output
  • Euro Wrap-up

    Euro Wrap-up

    14 July 2023 278 KB PDF
    • Bunds followed USTs lower while euro area trade figures reported an increase in exports in May, albeit maintaining a downwards trend.
    • Gilts also made modest losses on a quiet day for top-tier UK economic data.
  • US Economic Comment

    US Economic Comment

    14 July 2023 513 KB PDF
    • Inflation: June data (CPI, import prices) suggest deceleration, but more work to be done
    • Import prices: ally in fight against domestic inflation
    • Consumer inflation expectations: modest deterioration, but contained
  • Issuer Profile - Romania

    Issuer Profile - Romania

    14 July 2023 462 KB PDF
    • Due to weaker external demand, high inflation and tighter financial conditions, GDP growth slowed in 1Q23 to just 0.2% qoq and 2.9% yoy, well down from the vigorous rates seen during the post-pandemic rebound of 2021-22.
    • With energy price pressures having eased somewhat, CPI inflation has fallen from November’s peak. But at 10.6% yoy in May, it remains well above the central bank’s 2.5% target, and core rates are high and sticky.

     

  • Euro Wrap-up

    Euro Wrap-up

    13 July 2023 280 KB PDF
    • Bunds followed USTs higher, even as the ECB’s account suggested that some Governing Council members had initially preferred a 50bps hike at June’s meeting.
    • Gilts also made gains even as UK GDP contracted in May and a housing market survey signalled a marked deterioration in market conditions June.
  • US Data Review

    US Data Review

    13 July 2023 276 KB PDF

    PPI: sharp deceleration in producer prices

  • US Data Review

    US Data Review

    12 July 2023 360 KB PDF
    • Consumer prices: deceleration in both headline and core
  • Euro wrap-up

    Euro wrap-up

    11 July 2023 310 KB PDF
    • Bunds followed the global trend slightly lower, even as a German investor survey pointed to a further deterioration in conditions at the start of Q3.
    • Despite an unexpected pickup in the UK’s unemployment rate, Gilts also made losses as wage growth accelerated to support the case for further significant BoE monetary policy tightening.