London & NY Research

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    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

    23 May 2023 262 KB PDF
    • Despite further evidence of softening activity and price pressures in manufacturing, Bunds were little chaged as the flash euro area PMIs suggested firm growth in services and persistent inflation in that sector.
    • As BoE Governor Bailey admitted mistakes in forecasting the extent and persistence of the rebound in price pressures, Gilts sold off as the flash UK PMIs also signalled solid growth and sticky inflation in services.
  • Euro wrap-up

    Euro wrap-up

    22 May 2023 238 KB PDF
    • Bunds followed USTs lower while euro area consumer confidence increased only minimally in May and euro area construction output dropped in March but rose over Q1 as a whole.
    • Gilts underperformed as a survey suggested that home-sellers’ asking prices had risen in May by the most in a year, albeit in line with the usual seasonal pattern, while Bloomberg cited an internal BoE paper suggesting that its QE-related Gilt portfolio might be halved over coming years.
  • European Banks - Credit Update

    European Banks - Credit Update

    22 May 2023 574 KB PDF
    • After a strong 1Q23 earnings season in Europe, bank fundamentals have proven to be sound but low deposit betas and high capital distribution plans could be headwinds going forward
    • A busy primary market for both SSAs and FIGs. Cross-currency swap moves benefitted European SSA issuing in USD, while FIGs revived sub-debt and Sterling markets
    • Secondary market spreads continue to tighten in EUR, while this development was less pronounced in USD. Stronger tightening in sub-debt segments implies rising market confidence
  • Euro Wrap-up

    Euro Wrap-up

    19 May 2023 293 KB PDF
    • While ECB President Lagarde stated that the ECB needs to have “sustainably high interest rates”, Bunds made gains at the long end of the curve as German producer price inflation fell to its lowest rate in more than two years.
    • Gilts largely made losses as UK consumer confidence rose to a fifteen-month high.
  • US Economic Comment

    US Economic Comment

    19 May 2023 299 KB PDF
    • Debt ceiling: progress toward resolution?
    • The long-term budget picture: bleak
  • Euro Wrap-up

    Euro Wrap-up

    17 May 2023 268 KB PDF
    • Bunds made losses at the short end as euro area inflation aligned with the flash estimates that showed the headline rate edge slightly higher in April, but underlying price pressures ease slightly.
    • Gilts made losses as BoE Governor Bailey reiterated that monetary policy would be tightened further if there was evidence of more persistent inflationary pressures.  
  • Euro wrap-up

    Euro wrap-up

    16 May 2023 285 KB PDF
    • Bunds followed USTs lower as euro area employment growth accelerated in Q1 despite subdued GDP growth, even as German investor sentiment with respect to the outlook deteriorated.
    • Despite continued strength in wage growth, Gilts outperformed on evidence of a further loosening of UK labour market conditions.
  • US Data Review

    US Data Review

    16 May 2023 235 KB PDF
    • Retail sales: pickup in April 
    • Industrial production: jump in manufacturing led by auto output; trend in factory output flat