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 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.
  • Euro Wrap-up

    Euro Wrap-up

    13 December 2023 303 KB PDF
    • Bunds made gains as the euro area’s industrial sector remained in recession at the start of Q4.
    • Gilts made larger gains as UK GDP fell more than expected in October, with a broad-based decline across the major sectors.
  • US FOMC Review

    US FOMC Review

    13 December 2023 373 KB PDF
    • FOMC: target range for the federal funds rate unchanged at 5.25 to 5.50 percent, the likely peak for the current cycle
    • September: inflation nudged lower in 2024 & 2025; economic growth a bit slower in 2024
    • Dot Plot: signaling 75 basis points in cuts in 2024