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

    12 September 2023 290 KB PDF
    • Bunds made modest losses as a German survey signalled that investors are a touch less downbeat about the outlook despite increased expectations of contraction in Q3.
    • Despite UK wage growth remaining very high, Gilts made gains as today’s labour market data reported the steepest drop in employment since the first wave of the pandemic and, before that, the global financial crisis.
  • US Economic Comment

    US Economic Comment

    8 September 2023 555 KB PDF
    • Forecast update: brisk near-term growth, but odds still favor recession next year
    • Monetary policy: FOMC to maintain restrictive policy “for some time” to combat sticky inflation
  • Euro Wrap-up

    Euro Wrap-up

    7 September 2023 342 KB PDF
    • Bunds made gains as euro area GDP growth in Q2 was revised down and German industrial production fell for a third successive month.
    • Gilts also made gains as UK business inflation expectations moderated. 
  • US Data Review

    US Data Review

    6 September 2023 280 KB PDF
    • ISM services: firm in August
  • Euro wrap-up

    Euro wrap-up

    6 September 2023 274 KB PDF
    • Although German factory orders fell the most since 2020 and euro area retail sales also declined, Bunds followed USTs lower as some of the traditionally hawkish members of the ECB Governing Council suggested they might support a rate hike next week.
    • While the UK construction PMIs remained consistent with growth in the sector, Gilts outperformed as BoE Governor Bailey stated that rates are now “near the top of the cycle”.
  • Euro wrap-up

    Euro wrap-up

    5 September 2023 284 KB PDF
    • While euro area PPI inflation dropped to a 14-year low and the euro area services PMIs flagged recession risks, Bunds followed USTs lower as a survey reported a pickup in medium-term consumer inflation expectations.
    • Gilts also made losses as the UK headline services PMI was revised up and a retail survey beat expectations.
  • European Banks - Credit Update

    European Banks - Credit Update

    4 September 2023 725 KB PDF
    • UBS group 2Q23 results show impact of Credit Suisse integration and outlines restructuring path ahead with focus on cost savings. ‘Record’ profit generated due to negative goodwill effect. 
    • Primary market activity muted for SSAs with just a handful of trades while FIGs saw a host of activity across payment ranks and currencies. Santander’s non-call didn’t impact other AT1 issuance. 
    • Secondary market spreads were mixed for EUR and USD. Spreads were impacted by the UBS earnings presentation, resulting in tightening for Swiss entities.
  • Euro wrap-up

    Euro wrap-up

    1 September 2023 312 KB PDF
    • Bunds made losses even as the final August manufacturing PMIs again highlighted ongoing weakness in the sector and an ifo survey suggested that German auto manufacturers are increasingly downbeat.
    • Despite soft manufacturing PMIs and a further big drop in house prices, Gilts also made losses as the level of UK GDP was revised up significantly.