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.

  • 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 January 2024 285 KB PDF
    • Despite an unexpected drop in euro area consumer confidence, Bunds made losses as the ECB’s Q4 Bank Lending Survey suggested that credit standards tightened only moderately further and loan demand declined at a softer pace than in Q3.
    • Gilts also made losses as the latest UK public finances data underscored the likelihood that substantive tax cuts will be announced in March.
  • Euro Wrap-up

    Euro Wrap-up

    19 January 2024 308 KB PDF
    • Shorter-dated Bunds followed USTs lower, even as German industrial producer prices fell again.
    • Gilts ended little changed on the day at the short end of the curve but made gains at the long end as UK retail sales fell at the sharpest rate since pandemic restrictions were imposed at the start of 2021.
  • US Economic Comment

    US Economic Comment

    19 January 2024 526 KB PDF
    • Q4 GDP: A firm performance ahead of slowdown in 2024
    • Qualitative data: often volatile, but useful in assessing economic momentum
    • Consumer sentiment: a favorable turn?
  • Euro Wrap-up

    Euro Wrap-up

    18 January 2024 279 KB PDF
    • Bunds made gains at the short end but losses further out as the ECB's account of its December policy meeting noted the intention to push against market rate-cut expectations but the downtrend in euro area construction activity continued.
    • Gilts made notable gains even as a UK housing survey offered some signs of stabilisation at the turn of the year, with a notable improvement in sales expectations.
  • US Data Review

    US Data Review

    17 January 2024 331 KB PDF
    • Retail sales: firm in to year-end
    • IP: downward drift since the fall; a pickup in auto production offset weakness in manufacturing ex. autos
  • Euro Wrap-up

    Euro Wrap-up

    17 January 2024 345 KB PDF
    • Bunds made losses even as data confirmed that euro area inflation momentum moderated significantly in December.
    • Gilts made big losses as UK inflation exceeded expectations, but nevertheless continued to undershoot the BoE’s projection.
  • Euro Wrap-up

    Euro Wrap-up

    16 January 2024 271 KB PDF
    • While an ECB survey reported a significant drop in consumer inflation expectations, Bunds made losses as a German survey suggested that investors are more upbeat about the economic outlook.
    • Gilts ended the day little changed even as private sector pay growth continued to slow ahead of the BoE’s expectations.
  • Euro Wrap-up

    Euro Wrap-up

    15 January 2024 268 KB PDF
    • As certain hawkish ECB Governing Council members tried to downplay the prospect of rate cuts before the summer, Bunds made losses even as data reported a fifth drop in euro area IP in six months in November and a decline in German GDP in Q4.
    • Gilts made smaller losses on a quiet day for UK economic news.