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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  • Euro wrap-up

    Euro wrap-up

    11 July 2024 268 KB PDF
    • Gilts made gains despite a significant upside surprise to UK GDP growth in May.
    • Bunds also followed USTs higher as the final German inflation data for June predictably aligned with their flash estimates.
  • US Data Review

    US Data Review

    11 July 2024 380 KB PDF
    • CPI: easing inflation pressure in June
    • FOMC: latest inflation data put Committee on track to ease monetary policy in September
  • Euro wrap-up

    Euro wrap-up

    8 July 2024 248 KB PDF
    • Longer-dated Bunds made gains and French OAT spreads narrowed slightly after yesterday’s second-round vote in the French election resulted in a hung parliament.
    • While the often-hawkish BoE external member Haskel signalled that he will likely vote to keep Bank Rate unchanged at his final MPC meeting in August, Gilts made modest gains.
  • Euro wrap-up

    Euro wrap-up

    5 July 2024 325 KB PDF
    • Bunds made gains as German and French industrial production fell sharply in May.
    • Gilts followed the global trend higher as the Labour Party predictably won a landslide election in the UK general election.
  • US Economic Comment

    US Economic Comment

    5 July 2024 537 KB PDF
    • June employment: firm headline offset by large downward revisions; unemployment rate ticks higher
    • Wage growth: ongoing moderation
  • Euro wrap-up

    Euro wrap-up

    4 July 2024 347 KB PDF
    • While German factory orders unexpectedly extended their downtrend,  Bunds made modest losses while the ECB’s account of its June policy meeting offered no further clues on the likely future path of rates.  
    • Gilts also made modest losses despite a further moderation in UK business wage and price expectations and a softer construction sector survey.
  • Euro wrap-up

    Euro wrap-up

    2 July 2024 283 KB PDF
    • While the euro area unemployment rate remained at a series low and senior ECB officials suggested they need more information on the outlook for services prices before cutting rates again, shorter-dated Bunds made modest gains as headline inflation moderated in June.
    • Gilts also made gains as a UK retail survey reported a further decline in shop price inflation to its lowest since October 2021.
  • Euro wrap-up

    Euro wrap-up

    1 July 2024 273 KB PDF
    • Despite an easing in German inflation in June, Bunds made notable losses but OATs outperformed as Le Pen’s far-right RN party appeared more likely to fall short of an absolute majority despite dominating the first round of voting in the French general election.
    • Gilts also made losses while the spread between 2-year and 10-year gilts turned positive for the first time since May 2023, even as UK bank lending slowed in the middle of Q2.