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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2023

2022

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  • Euro Wrap-up

    Euro Wrap-up

    31 March 2023 684 KB PDF
    • Bunds made gains as the flash March estimate of euro area inflation fell further than expected and the latest German retail sales and jobless claims data were softer than anticipated.
    • Gilts were little changed as UK GDP in Q4 was revised up slightly but house prices marked their sharpest annual decline since 2009.
  • US Economic Comment

    US Economic Comment

    31 March 2023 341 KB PDF
    • PCE Inflation: hints of improvement in February
    • Consumer spending: firm pace of outlays suggests solid performance for Q1 GDP
  • US Data Review

    US Data Review

    30 March 2023 172 KB PDF
    • Revised GDP: modest downward adjustment led by consumer spending
    • Corporate profits: some softening in Q4, but still-strong post-pandemic performance
  • Euro Wrap-up

    Euro Wrap-up

    30 March 2023 295 KB PDF
    • Bunds made losses as flash estimates published by several member states suggested that euro area headline inflation did not fall quite as far as expected in March while core inflation might well have increased further.
    • Gilts followed Bunds lower on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    29 March 2023 485 KB PDF
    • Bunds made modest losses as German consumer confidence rose for the sixth consecutive month, even after Lane suggested that wage growth was not yet showing signs of overshooting the ECB’s projections.
    • Shorter-dated Gilts made modest losses even as data signalled a sharp slowdown in UK mortgage lending.
  • US Data Review

    US Data Review

    28 March 2023 150 KB PDF
    • International trade: both exports and imports contract in February
  • European Banks - Credit Update

    European Banks - Credit Update

    27 March 2023 1093 KB PDF
    • Lower securities exposure and higher cash balances limit contagion risk for European banks, while Swiss regulator seeks to clarify steps taken in Credit Suisse intervention
    • Market volatility surrounding Deutsche Bank not deemed justified given its recent clean-up act
    • Primary market activity almost reduced to zero as issuers avoided adverse funding conditions while awaiting monetary policy decisions by the Fed and BoE. Secondary market spreads tightened in EUR and to a lesser degree in USD following regulatory assurances in Europe and the U.S.
  • Euro wrap-up

    Euro wrap-up

    27 March 2023 425 KB PDF
    • Bunds followed the global trend lower, while the German ifo survey signalled an improved recovery momentum, but euro area bank lending numbers reported a record decline in M1 money supply.
    • Gilts also made losses while a UK retail survey signalled signs of resilience at the end of the first quarter.