London & NY Research

  • JAPAN

    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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2024

2023

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  • Euro Wrap-up

    Euro Wrap-up

    4 July 2023 260 KB PDF
    • Bunds made gains at the short end of the curve but losses at the longer end while German exports remained subdued in May leaving net trade on track to subtract from GDP growth in Q2.
    • Gilts made gains across the curve on a quiet day for economic news from the UK.
  • Euro Wrap-up

    Euro Wrap-up

    30 June 2023 390 KB PDF
    • Bunds largely made modest gains as euro area inflation broadly aligned with expectations, with a notable drop in the headline rate while the core rate ticked slightly higher.
    • Shorter-dated Gilts made losses while updated Q1 GDP data showed an upwards revision to private sector capex, while profits outpaced pay.
  • US Economic Comment

    US Economic Comment

    30 June 2023 477 KB PDF
    • Monetary policy update: hawkish comments by Powell affirm dot plot projections
    • PCE price index: little moderation in underlying inflation
    • Personal income & consumption: firm income growth, but spending stalls
  • Euro Wrap-up

    Euro Wrap-up

    29 June 2023 329 KB PDF
    • While Spanish inflation fell below 2%, Bunds followed the global trend lower as the flash German inflation estimates confirmed a significant pickup in the headline and core rates.
    • Gilts also made losses even as UK households made a second successive net mortgage repayment and withdrew a record amount from deposits.
  • US Data Review

    US Data Review

    29 June 2023 388 KB PDF
    • Revised Q1 GDP: notable positive revisions to consumer spending & net exports
    • Corporate profits: softening from elevated levels
    • Pending home sales: third consecutive decline, but other segments of housing market showing signs of life
  • Euro Wrap-up

    Euro Wrap-up

    28 June 2023 288 KB PDF
    • While ECB President Lagarde repeated her key messages from yesterday’s hawkish speech, Bunds made gains as Italian inflation posted a broad-based decline in June and euro area net lending to households contracted.
    • Gilts made significant gains even as BoE Governor Bailey emphasised that UK core inflation was proving to be far stickier than expected.   
  • Euro Wrap-up

    Euro Wrap-up

    27 June 2023 267 KB PDF
    • Bunds made losses as President Lagarde insisted that ECB policy will remain restrictive for some time to come.
    • Gilts also made sizeable losses despite a survey signalling a moderation in UK shop price inflation.
  • Euro Wrap-up

    Euro Wrap-up

    26 June 2023 264 KB PDF
    • Bunds made gains as the German ifo business survey disappointed expectations, signalling a marked deterioration in the manufacturing outlook over H223.  
    • Gilts also rose as a UK retail survey pointed to underwhelming sales growth and a decline in orders.