London & NY Research

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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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2024

2023

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  • Euro wrap-up

    Euro wrap-up

    6 September 2024 343 KB PDF
    • Bunds followed USTs higher as euro area GDP growth in Q2 was revised down, unit labour costs and unit profits slowed, and German IP fell further than expected.
    • Gilts also made gains on a quiet end to the week for UK economic news.
  • US Economic Comment

    US Economic Comment

    6 September 2024 391 KB PDF
    • The labor market: softening, but not yet demanding aggressive action from the FOMC
  • Euro wrap-up

    Euro wrap-up

    5 September 2024 327 KB PDF
    • While German factory orders beat expectations, Bunds made modest gains as manufacturing turnover fell further and euro area retail sales growth remained subdued.
    • Gilts also made modest gains as a BoE survey suggested that firms’ expectations for their output prices and wage growth have moderated.
  • US Data Review

    US Data Review

    5 September 2024 241 KB PDF
    • ISM services: modest increase in August; key components above 50.0
    • Unemployment claims: both initial and continuing claims nudge lower in late summer
  • Euro wrap-up

    Euro wrap-up

    4 September 2024 314 KB PDF
    • Bunds followed USTs higher while underlying euro area goods price pressures remained subdued and the final euro area composite PMI was revised a touch lower.
    • Gilts also followed the global trend despite an upwards revision to the UK activity PMIs.
  • US Data Review

    US Data Review

    3 September 2024 212 KB PDF
    • ISM manufacturing: ongoing soft performance
  • European Banks - Quarterly ESG update (3Q24)

    European Banks - Quarterly ESG update (3Q24)

    3 September 2024 670 KB PDF
    • ESG volumes decelerate from record levels. Higher-for-long rates, uncertain operating environments, market volatility, political risk as well as payback for front-loading issuance all curtailed activity
    • New SLB guidelines and structural improvements aim to mitigate shortcomings of the segment
    • EU misses out on sovereign status for now, while ECB confirms steady decarbonisation of holdings
    • Fewer debut ESG trades in primary market and previous front-loading hamper quarterly volumes
    • Secondary market spreads widen late in 2Q24 in response to event risk. Higher volatility sees greeniums erode but risk indicators and spreads have largely recovered in the ensuing months
  • Euro wrap-up

    Euro wrap-up

    30 August 2024 375 KB PDF
    • While euro area inflation fell to a 3-year low and ECB Executive Board member Schnabel acknowledged the case for further rate cuts, Bunds made modest losses as euro area unemployment eased to a new series low.
    • Gilts made modest gains even as UK mortgage lending rose by the most since November 2022.