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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

    5 December 2023 308 KB PDF
    • Bunds made sizeable gains as influential ECB hawk Schnabel pivoted to a more neutral stance, suggesting that a further rate hike was unlikely.
    • Gilts also made large gains as a survey suggested that UK retail sales remained subdued in November despite heavy discounting.
  • European Banks - Quarterly ESG Update

    European Banks - Quarterly ESG Update

    4 December 2023 613 KB PDF
    • Record year for ESG issuance in 2023 still possible despite third quarter slump
    • Primary market volumes of FIGs and SSAs underperformed due to market volatility but issuers still presented innovative structures to investors
    • After some widening in secondary market spreads throughout 3Q23, indicative fourth quarter data suggests markets have firmed as risks receded and greeniums were partially restored
    • Fixed income markets face new regulatory and disclosure requirements that will raise standards but also improve data quality and comparability of entities from an environmental perspective
    • Key talking points and take-aways from Daiwa Capital Markets Conference 2023 - ESG Panel
  • US Data Review

    US Data Review

    30 November 2023 379 KB PDF
    • PCE price indexes: continued moderation
    • Real consumer spending: solid in October after Q3 jump
    • Other data: upside surprise for Chicago PMI; pending home sales remained soft
  • Euro Wrap-up

    Euro Wrap-up

    30 November 2023 383 KB PDF
    • While the flash estimate of euro area inflation in November significantly undershot expectations with a broad-based moderation in price pressures, Bunds made losses.
    • Despite a moderation in UK business inflation expectations, Gilts also made losses as an external MPC member suggested that monetary policy was less restrictive than the BoE had previously thought.
  • Euro wrap-up

    Euro wrap-up

    29 November 2023 317 KB PDF
    • Bunds made sizeable gains as German inflation fell further than expected, dropping to its lowest level since June 2021, even as the Commission survey suggested that services price expectations remain sticky.
    • While UK mortgage approvals ticked higher, Gilts also made gains as households made a net repayment of their mortgage debt for a second successive month.
  • Euro wrap-up

    Euro wrap-up

    28 November 2023 312 KB PDF
    • Bunds made gains as the latest euro area data suggested that bank lending remained sluggish, while there was only a modest improvement in German and French consumer sentiment.
    • Despite hawkish comments from a BoE Deputy Governor, Gilts also made gains as a UK survey suggested a further easing in shop price inflation.
  • Euro Wrap-up

    Euro Wrap-up

    24 November 2023 335 KB PDF
    • Bunds made losses as a German survey raised hopes of some stabilisation in the business climate in the New Year.  
    • Longer-dated Gilts also made losses as UK consumer confidence bounced back, while BoE Chief Economist Pill stated that price pressures remained stubbornly high.
  • Euro Wrap-up

    Euro Wrap-up

    23 November 2023 296 KB PDF
    • Bunds made losses as the flash euro area PMIs for November reported a modest improvement while the account of the ECB’s October policy meeting underscored its intention to maintain a “higher for longer” stance.
    • Gilts made bigger losses as the flash UK PMIs significantly beat expectations.