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

    20 January 2023 527 KB PDF
    • While German producer prices fell for a third successive month, euro area government bonds made big losses as President Lagarde repeated that the ECB intends to “stay the course” on monetary tightening.
    • Gilts also made losses despite an unexpected decline in UK retail sales and a renewed decline in consumer confidence.
  • US Data Review

    US Data Review

    20 January 2023 155 KB PDF
    • Existing home sales: down for the 11th consecutive month; below the pandemic-low
  • US Economic Comment

    US Economic Comment

    20 January 2023 306 KB PDF
    • Tight monetary policy begins to bite
    • A defense for the debt ceiling
  • Euro Wrap-up

    Euro Wrap-up

    19 January 2023 399 KB PDF
    • Bunds made losses as the ECB’s account of its December policy meeting confirmed that a large number of Governing Council members had initially preferred a 75bps rate hike, while Lagarde invited the markets to revise up their pricing of the future path of ECB rates.
    • Gilts made modest gains as BoE Governor Bailey noted that inflation is likely to fall rapidly thanks to lower energy prices, while a UK survey signalled a marked weakening in the housing market.
  • US Data Review

    US Data Review

    19 January 2023 155 KB PDF
    • Housing starts: upward wiggle from low level in single-family; multi-family cools (and possibly peaked)
    • Building permits: single-family remained soft; multi-family hinting at slowdown
  • Euro Wrap-up

    Euro Wrap-up

    18 January 2023 504 KB PDF
    • Euro area government bonds followed USTs significantly higher as the drop in the region’s headline inflation rate in December was confirmed.
    • Gilts made far more modest gains as UK inflation fell in December but the core measure exceeded expectations.
  • US Data Review

    US Data Review

    18 January 2023 243 KB PDF
    • Retail sales: cautious spending by consumers
    • PPI: food and energy prices drop; deceleration in prices ex. food & energy
    • Industrial production: softness in manufacturing and mining
  • Euro Wrap-up

    Euro Wrap-up

    17 January 2023 475 KB PDF
    • While the ZEW survey signalled much improved expectations for German economic activity and inflation, euro area government bonds made significant gains as a Bloomberg report suggested the ECB would consider a slowing in the pace of rate hikes in March.
    • Gilts made smaller gains as UK pay accelerated amid a still-tight labour market.