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

  • Euro wrap-up

    Euro wrap-up

    8 May 2024 283 KB PDF
    • Bunds made losses as data confirmed firm growth in German manufacturing and construction output in Q1.
    • Longer-dated Gilts followed the global trend lower ahead of the BoE’s policy announcement.
  • Euro wrap-up

    Euro wrap-up

    7 May 2024 294 KB PDF
    • While euro area retail sales figures reported the strongest growth in 18 months, Bunds followed the global trend higher as German factory orders disappointed at the end of Q1.  
    • Despite an upside surprise to the UK construction PMIs, Gilts also made gains as a retail survey suggested that sales growth momentum slowed sharply in April.
  • Euro wrap-up

    Euro wrap-up

    3 May 2024 368 KB PDF
    • Bunds followed USTs higher, while unemployment figures illustrated the ongoing resilience in the euro area’s labour market.
    • Gilts also made gains on a quiet day for top-tier UK releases.
  • US FOMC Review

    US FOMC Review

    1 May 2024 246 KB PDF
    • FOMC: target range for the federal funds rate unchanged at 5.25 to 5.50 percent; lack of further progress on inflation
    • QT: adjustments to Treasury redemption cap to allow for longer balance sheet runoff
    • Powell press conference: policy well-calibrated to address two-sided risks; incoming data will dictate the path of policy
  • US Data Review

    US Data Review

    1 May 2024 283 KB PDF
    • ISM manufacturing: soft performance in April, with contractions in orders and employment; prices jump
  • Euro wrap-up

    Euro wrap-up

    30 April 2024 318 KB PDF
    • Bunds made losses as euro area core inflation fell less than expected in April and GDP surprised on the upside in Q1.
    • Gilts followed the global trend lower despite a further fall in a survey measure of UK high street inflation.
  • US Data Review

    US Data Review

    30 April 2024 398 KB PDF
    • Employment Cost Index: firm advance in Q1
    • Consumer Confidence: drop in April
    • FHFA House Price Index: notable acceleration in February
    • MNI Chicago PMI: broad-based weakness across subcomponents
  • Euro wrap-up

    Euro wrap-up

    29 April 2024 317 KB PDF
    • While the flash estimates of April inflation saw the headline rates in Germany and Spain tick slightly higher, Bunds made gains as the respective core rates fell to the lowest in more than two years and the Commission’s survey was less upbeat than the PMIs.
    • Gilts followed the global trend higher on a quiet day for top-tier UK data.