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

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  • Euro Wrap-up

    Euro Wrap-up

    13 December 2023 303 KB PDF
    • Bunds made gains as the euro area’s industrial sector remained in recession at the start of Q4.
    • Gilts made larger gains as UK GDP fell more than expected in October, with a broad-based decline across the major sectors.
  • US FOMC Review

    US FOMC Review

    13 December 2023 373 KB PDF
    • FOMC: target range for the federal funds rate unchanged at 5.25 to 5.50 percent, the likely peak for the current cycle
    • September: inflation nudged lower in 2024 & 2025; economic growth a bit slower in 2024
    • Dot Plot: signaling 75 basis points in cuts in 2024
  • Euro wrap-up

    Euro wrap-up

    12 December 2023 270 KB PDF
    • Bunds made gains as the ZEW survey suggested that investor expectations of German business conditions have improved to a nine-month high on expectations of cooling inflation and lower rates.
    • Gilts outperformed as UK pay growth moderated while payrolls fell slightly and jobless claims rose again.
  • Euro Wrap-up

    Euro Wrap-up

    8 December 2023 334 KB PDF
    • Bunds followed USTs lower but the final estimates of German inflation in November confirmed a broad-based easing of price pressures.
    • Gilts also made losses despite survey evidence of a significant softening of conditions in the UK labour market.
  • US Economic Comment

    US Economic Comment

    8 December 2023 517 KB PDF
    • November employment: solid payroll growth; drop in the unemployment rate
    • Fed Preview: FOMC to proceed cautiously; no suggestion of imminent pivot
    • Consumer Sentiment: rebound in December; inflation expectations settle
  • Euro wrap-up

    Euro wrap-up

    7 December 2023 279 KB PDF
    • Bunds made modest gains as German industrial production contracted for a fifth consecutive month, while the drop in euro area GDP in Q3 was confirmed despite a pickup in final domestic demand.
    • Gilts followed USTs lower on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    6 December 2023 302 KB PDF
    • Trade balance: nominal goods deficit widens, implying drag from net exports on GDP in Q4
    • Revised nonfarm productivity: upward adjustment to already-firm Q3 data
  • Euro Wrap-up

    Euro Wrap-up

    6 December 2023 281 KB PDF
    • Bunds made further gains as euro area retail sales remained subdued and German factory orders declined further than expected at the start of Q4 while a survey pointed to ongoing contraction in German construction.
    • Gilts also largely made gains as the UK construction PMIs pointed to significant weakness in house-building as well as a notable cooling of input cost pressures in the sector.