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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2019

  • US Data Review

    US Data Review

    4 September 2019 206 KB PDF
    • International trade: deficit narrowed in July, but Q3 on track for a slight drag on growth
  • Euro Wrap-up

    Euro Wrap-up

    4 September 2019 288 KB PDF
    • Despite some weaker euro area retail sales data, Bunds made losses and BTPs made further gains after Five Star Movement members yesterday gave strong backing to the new Italian coalition government programme.
    • Gilts made significant gains as MPs were expected this evening to back a Bill seeking to prevent a no-deal Brexit, and withhold support for a new general election until that Bill becomes is made law.  
  • Euro Wrap-up

    Euro Wrap-up

    3 September 2019 265 KB PDF
    • Shorter-dated Bunds made modest losses after Estonian Governing Council member Muller joined the group of more hawkish members to suggest there is no strong case to resume QE.
    • Gilts made gains as UK MPs took first action to try to prevent a no-deal Brexit.
  • US Data Review

    US Data Review

    3 September 2019 132 KB PDF
    • ISM manufacturing: breaches 50-percent threshold
    • Construction: firm government activity; slow in the private sector
  • Euro Wrap-up

    Euro Wrap-up

    2 September 2019 388 KB PDF
    • Bunds were little changed as the final euro area manufacturing PMIs underscored the impression of ongoing major weakness in the sector.
    • Sterling weakened and Gilts made gains as the UK manufacturing PMI signalled sharp contraction, rebel MPs prepared an attempt to block a no-deal Brexit, and the Government appeared to prepare for an early election.  
  • Euro Wrap-up

    Euro Wrap-up

    30 August 2019 510 KB PDF
    • While flash euro area inflation data were subdued and German retail sales fell sharply, Bunds made modest gains and BTPs sold off as another hawkish ECB policymaker questioned the merits of a new round of QE.
    • As the UK’s political crisis rolled on, Gilts made losses despite some further downbeat economic sentiment surveys.   
  • US Data Review

    US Data Review

    30 August 2019 138 KB PDF
    • Personal income, consumption, prices: brisk consumer spending, contained inflation
  • Euro Wrap-up

    Euro Wrap-up

    29 August 2019 396 KB PDF
    • Bunds at the longer end of the curve fell after the ECB’s Knot (a well-known hawk) stated that he is open to a rate cut but sees no need to resume QE right now. 
    • Despite a late sell-off, longer-dated Gilts made very modest gains on the day after data confirmed another fall in UK car production.