London & NY Research

  • JAPAN

    Daiwa Europe’s market-leading research on the Japanese economy.

  • EUROPE

    Daiwa’s research coverage of the euro area and UK economies.

  • US

    Daiwa’s coverage of the US economy from our colleagues in New York

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2024

2023

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  • Euro wrap-up

    Euro wrap-up

    23 April 2024 298 KB PDF
    • While ECB Vice President Luis de Guindos suggested that a rate cut in June is now almost a ‘fait accompli’, Bunds made losses as the flash PMIs suggested a pickup in growth momentum at the start of Q2.
    • Gilts also made losses as the UK flash PMIs pointed to accelerated economic growth momentum and a notable increase in cost pressures in services, while BoE Chief Economist Huw Pill said there is still a ‘reasonable way to go’ before he is ready to support a rate cut.
  • US Data Review

    US Data Review

    23 April 2024 283 KB PDF
    • New home sales: a jump in March, but sales figures are volatile from month-to-month
    • Inventories: months’ supply elevated but not threatening
  • Euro wrap-up

    Euro wrap-up

    22 April 2024 229 KB PDF
    • Bunds followed USTs higher even as euro area consumer confidence rose for a third consecutive month to its highest level since Russia’s invasion of Ukraine.
    • Gilts also made gains on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    19 April 2024 359 KB PDF
    • Bunds made modest losses while today’s German figures showed a slight moderation in producer price deflation.
    • Following a lacklustre UK retail sales report for March, Gilts made gains as BoE Deputy Governor Ramsden judged that risks to the inflation outlook are tilted to the downside and expressed greater confidence that inflation persistence should ease.
  • US Economic Comment

    US Economic Comment

    19 April 2024 538 KB PDF
    • Q1 GDP: a firm performance expected
    • Powell & colleagues: a shift in messaging acknowledging stalled progress on inflation
  • Euro wrap-up

    Euro wrap-up

    17 April 2024 304 KB PDF
    • Bunds largely made modest gains as the detailed euro area inflation data for March suggested that the timing of Easter contributed to the stickiness of services pressures that month.   
    • Longer-dated Gilts also made gains even as UK inflation in March slightly exceeded the BoE’s projection.
  • Euro wrap-up

    Euro wrap-up

    16 April 2024 323 KB PDF
    • Bunds made losses as the ZEW investor survey reinforced expectations that the bottom in Germany’s downturn has been reached, while the euro area trade surplus narrowed on stronger imports.
    • Despite a rise in the UK’s unemployment rate to a six-month high, Gilts made losses as wage momentum picked up and private sector regular pay growth remained above the BoE’s forecast.
  • US Data Review

    US Data Review

    16 April 2024 369 KB PDF
    • Housing starts: sharp decline in March
    • Industrial production: solid performance in manufacturing, led by a jump in auto component