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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

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  • US Data Review

    US Data Review

    28 September 2023 297 KB PDF
    • Revised Q2 GDP: consumer spending revised lower, business investment adjusted upward
    • Benchmark revisions: modest adjustments to growth
  • US Data Review

    US Data Review

    27 September 2023 280 KB PDF
    • Durable goods orders: headline returns to (flat) trend after aircraft-related volatility; upward drift in bookings ex. transportation
    • Capital spending: likely soft in Q3
  • Euro Wrap-up

    Euro Wrap-up

    27 September 2023 306 KB PDF
    • Bunds ended the day lower despite a weakening in lending to euro area businesses and a deterioration in German and French consumer confidence.
    • On a quiet day for UK economic releases, Gilts made losses in line with the global trend.
  • Euro Wrap-up

    Euro Wrap-up

    25 September 2023 259 KB PDF
    • Bunds had a mixed performance, as Lagarde reiterated that the ECB’s policy stance will stay restrictive for as long as necessary, but a German business survey continued to offer a relatively bleak assessment.  
    • Gilts followed the global trend lower, while a UK retail survey beat expectations, reporting a notably softer pace of decline.
  • Euro Wrap-up

    Euro Wrap-up

    22 September 2023 366 KB PDF
    • Bunds made modest gains as the flash PMIs underscored the likelihood of contraction in euro area GDP in Q3.
    • While UK retail sales and consumer confidence picked up, Gilts made gains as the flash PMIs signalled a more acute slowdown in services activity.
  • Euro Wrap-up

    Euro Wrap-up

    21 September 2023 283 KB PDF
    • Bunds made losses despite a larger-than-expected deterioration in euro area consumer confidence in September, while a French survey pointed to stable business conditions.
    • As the BoE left interest rates unchanged, but maintained a tightening bias and announced an increase in the pace of reduction in its Gilt holdings, Gilts largely made losses.
  • Euro Wrap-up

    Euro Wrap-up

    20 September 2023 322 KB PDF
    • Ahead of this evening’s FOMC announcement, Bunds made modest gains as German producer price inflation fell to a record low.
    • Gilts outperformed as UK inflation fell much more than expected, with the core rate down by the most in three years, opening the door significantly wider to a dovish BoE policy stance.
  • US FOMC Review

    US FOMC Review

    20 September 2023 376 KB PDF
    • FOMC: target range for the federal funds rate unchanged from July at 5.25 to 5.50 percent
    • SEP: upward adjustment to growth; unemployment rate projections lower; inflation to target in 2026
    • Dot Plot: signaling add’l hike of 25 basis points in 2023 and less easing in 2024-25