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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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2022

2021

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  • US Data Review

    US Data Review

    3 August 2022 218 KB PDF
    • ISM services: well maintained in July 
    • Factory orders: continued growth, perhaps in real terms
  • Euro Wrap-up

    Euro Wrap-up

    1 August 2022 479 KB PDF
    • Bunds made gains as the decline in German retail sales exceeded expectations in June, while the final euro area manufacturing PMIs pointed to a steep contraction at the start of Q3.
    • Gilts also rose as the final UK manufacturing PMI pointed to a steeper drop in IP in July than implied by the flash release.
  • European Banks - Credit Update

    European Banks - Credit Update

    1 August 2022 1118 KB PDF
    • 2Q22 earnings of European banks have mostly yielded unexpectedly positive results, exceeding average analyst consensus views. Rate hikes and stable loan demand have contributed to rising revenue and profitability metrics, partially offset by higher LLPs and rising costs.
    • Primary markets largely muted for FIGs as the earnings season is still ongoing, with few SSA deals in between as markets continued to be volatile.
    • Secondary market spreads tightened in EUR and USD in response to more assertive monetary policy
  • US Data Review

    US Data Review

    1 August 2022 148 KB PDF
    • ISM manufacturing: slowing growth in the factory sector
    • Construction: broad-based softness led by residential

     

  • Euro wrap-up

    Euro wrap-up

    29 July 2022 659 KB PDF
    • Bunds initially made sizeable losses after the flash estimates of euro area July inflation and Q2 GDP beat expectations, despite confirmation that Germany’s economy stagnated.  
    • Shorter-dated Gilts also made modest losses even as UK bank lending figures showed that households saved the least since 2018 but borrowed more amid a squeeze on budgets.
  • US Economic Comment

    US Economic Comment

    29 July 2022 299 KB PDF
    • FOMC: inflation, not economic growth, will determine the pivot
  • Euro wrap-up

    Euro wrap-up

    28 July 2022 458 KB PDF
    • Despite an upside surprise to Germany’s flash July inflation estimates, Bunds followed USTs higher while the European Commission’s economic sentiment index slumped to a seventeen-month low at the start of Q3.
    • Gilts also followed USTs higher on a quiet day for UK economic releases.
  • US Data Review

    US Data Review

    28 July 2022 157 KB PDF
    • Q2 GDP: pickup in consumer spending, but softening in other key sectors