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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 FOMC Review

    US FOMC Review

    3 January 2024 118 KB PDF
    • FOMC minutes: monetary policy currently restrictive; “almost all” participants anticipate a lower federal funds rate in 2024
    • The economic outlook: inflation risks tilted to the upside; growth risks to the downside
    • Quantitative tightening: possible end in sight
  • Euro Wrap-up

    Euro Wrap-up

    2 January 2024 315 KB PDF
    • Bunds made losses as euro area bank lending ticked up and the final December manufacturing PMIs were revised up slightly.
    • Gilts also made losses despite downward revisions to the UK manufacturing PMIs and a relatively subdued shop price survey.
  • US Economic Comment

    US Economic Comment

    22 December 2023 561 KB PDF
    • Inflation: continued deceleration in November
    • Insights on Q4: solid consumer spending; neutral influence from equipment spending
    • The housing market: still in a slump
  • Euro Wrap-up

    Euro Wrap-up

    20 December 2023 409 KB PDF
    • Despite a bigger-than-expected pickup in euro area consumer confidence, Bunds made gains while construction output maintained its downtrend.
    • Gilts outperformed as UK consumer price inflation fell further than expected in November.
  • Euro wrap-up

    Euro wrap-up

    19 December 2023 308 KB PDF
    • Bunds made gains as the final estimates of euro area inflation in November confirmed a broad-based easing of price pressures.
    • Gilts also made gains despite a slightly improved UK industrial sector survey.
  • Euro Wrap-up

    Euro Wrap-up

    15 December 2023 327 KB PDF
    • Bunds made further gains after the flash December composite PMIs unexpectedly fell, raising recession risks in the euro area.
    • Gilts also made significant gains despite an upside surprise to the UK flash PMIs, which signalled a pickup in economic activity and persistence in inflationary pressures in the services sector.
  • US Economic Comment

    US Economic Comment

    15 December 2023 355 KB PDF
    • FOMC: distinct shift in tone, but the market may be getting ahead of itself
    • Yellen comments: poor timing relative to Fed announcement
    • Friday data: a sluggish performance in manufacturing, but the broader economy remains on track in Q4
  • Euro Wrap-up

    Euro Wrap-up

    14 December 2023 265 KB PDF
    • Euro area government bonds followed USTs higher even as the ECB left its forward rate guidance unchanged and announced an early end to full reinvestment of proceeds of its maturing PEPP bond-holdings.
    • Gilts also made gains even as the BoE maintained a tightening bias and three MPC members vote for a rate hike.