London & NY Research

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    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

    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.
  • Euro wrap-up

    Euro wrap-up

    26 April 2024 355 KB PDF
    • Bunds followed the global trend higher as an ECB survey suggested that euro area consumer inflation expectations remain well-anchored and bank lending remains relatively subdued.
    • Gilts also made gains while UK consumer confidence edged slightly higher at the start of Q2.
  • US Economic Comment

    US Economic Comment

    26 April 2024 606 KB PDF
    • FOMC: policy rate expected to remain at 5.375%, but changes to QT possible
    • The March inflation data: not as bad as feared, but progress toward 2% has stalled
  • Euro wrap-up

    Euro wrap-up

    25 April 2024 245 KB PDF
    • Bunds followed USTs lower, while German consumer confidence rose to a two-year high amid an improvement in income expectations.
    • Gilts also made losses even as a UK retail survey suggested a weak start to Q2 for sales and orders.
  • US Data Review

    US Data Review

    25 April 2024 315 KB PDF
    • GDP: solid growth in Q1
    • Inflation: brisk advances in the PCE price indexes
    • Unemployment claims: dips in initial and continuing claims
  • Euro wrap-up

    Euro wrap-up

    24 April 2024 263 KB PDF
    • Bunds made large losses as the ifo survey signalled accelerated recovery momentum in the German economy at the start of Q2, but Italian economic sentiment softened amid a deteriorating fiscal backdrop.
    • Gilts also made losses as a UK survey signalled an improvement in manufacturing production expectations.
  • 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