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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

    8 March 2024 336 KB PDF
    • January employment: solid but previous data revised notably lower
    • Average hourly earnings: moderation after a weather-influenced jump in January
    • Other employment data: suggestive of easing in previously tight labor market conditions
  • Euro Wrap-up

    Euro Wrap-up

    7 March 2024 297 KB PDF
    • Bunds made gains as the ECB revised down significantly its inflation outlook and Lagarde signalled that the June meeting was live for a first rate cut.
    • Gilts made losses as a BoE survey reported little improvement in firms’ inflation expectations, while wage growth was also expected to remain above rates consistent with inflation returning to target.
  • Euro Wrap-up

    Euro Wrap-up

    6 March 2024 284 KB PDF
    • Bunds were little changed on the day as euro area retail sales remained subdued and a construction sector survey remained consistent with contraction.
    • Gilts made gains as the UK Chancellor resisted political pressures and announced a relatively modest fiscal easing that should have little impact on the BoE’s forthcoming monetary policy decisions.
  • Euro Wrap-up

    Euro Wrap-up

    5 March 2024 275 KB PDF
    • Bunds followed USTs higher as euro area producer prices fell again and French industrial production data disappointed.
    • Gilts also made gains as a UK retail survey pointed to weak sales in February.
  • Euro Wrap-up

    Euro Wrap-up

    1 March 2024 385 KB PDF
    • Bunds closed little changed on the day as the flash estimates of euro area headline and core inflation in February surprised slightly on the upside but maintained their downtrends.
    • Gilts also ended the day little changed even as the Nationwide UK house price index rose on a year-on-year basis for the first time in 13 months.
  • US Economic Comment

    US Economic Comment

    1 March 2024 525 KB PDF
    • Economic activity: on track in Q1, although off the firm pace in 23-Q4
    • ISM manufacturing: a disappointing read on the factory sector
  • Euro Wrap-up

    Euro Wrap-up

    29 February 2024 290 KB PDF
    • Bunds made gains as the flash February inflation estimates from several euro area member states remained consistent with disinflation while data for German retail sales, jobless claims and underlying negotiated wages all in on the soft side.
    • Gilts also made gains as data showed that UK households again made a net repayment of their housing debt even as new mortgage approvals continued to recover.
  • US Data Review

    US Data Review

    29 February 2024 387 KB PDF
    • PCE price index: high-side reading in January
    • Real consumer spending: likely on track in Q1 despite dip in January