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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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2023

2022

  • US Data Review

    US Data Review

    21 December 2022 232 KB PDF
    • Existing home sales: 10th consecutive decline; near pandemic low
    • Consumer confidence: gain in December, led by positive assessment of labor market
  • Euro Wrap-up

    Euro Wrap-up

    16 December 2022 664 KB PDF
    • As several ECB Governing Council members echoed yesterday’s hawkish signal from Christine Lagarde, euro area government bonds made further losses even as the flash PMIs suggested a moderation of cost pressures.
    • While UK retail sales fell in November, Gilts more than reversed yesterday’s gains as the flash PMIs pointed to an easing in the economic downturn in December.
  • US Economic Comment

    US Economic Comment

    16 December 2022 301 KB PDF
    • The Fed versus the market: who will blink in 2023?
    • The 2023 outlook for inflation and growth
  • Euro Wrap-up

    Euro Wrap-up

    15 December 2022 471 KB PDF
    • Bunds made huge losses and BTPs badly underperformed as the ECB raised rates by 50bps but signalled its desire for significant further tightening in the New Year and announced that QT will start in March.
    • Gilts made gains while the BoE raised Bank Rate by 50bps and signalled the likelihood of more tightening to come, but two external members voted to keep policy unchanged.
  • US Data Review

    US Data Review

    15 December 2022 221 KB PDF
    • Retail sales: light spending despite reports of active Black Friday shopping
    • Industrial production: softness in November
  • Euro Wrap-up

    Euro Wrap-up

    14 December 2022 489 KB PDF
    • Shorter-dated Bunds made gains as euro area IP fell more than expected at the start of Q4 as energy-intensive output continued to be aggressively cut back.
    • Shorter-dated Gilts made big gains as UK CPI inflation fell by more than expectations in November, with underlying price pressures easing too.  
  • US FOMC Review

    US FOMC Review

    14 December 2022 204 KB PDF
    • FOMC: some additional tightening, and a still-soft landing (with a few bumps)
  • Euro Wrap-up

    Euro Wrap-up

    13 December 2022 428 KB PDF
    • Bunds followed USTs higher, while German inflation was confirmed to have declined in November and an investor survey suggested that inflation expectations fell sharply in December.
    • Gilts made losses as underlying UK wage growth accelerated in October amid a still very tight labour market.