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

    16 May 2023 285 KB PDF
    • Bunds followed USTs lower as euro area employment growth accelerated in Q1 despite subdued GDP growth, even as German investor sentiment with respect to the outlook deteriorated.
    • Despite continued strength in wage growth, Gilts outperformed on evidence of a further loosening of UK labour market conditions.
  • US Data Review

    US Data Review

    16 May 2023 235 KB PDF
    • Retail sales: pickup in April 
    • Industrial production: jump in manufacturing led by auto output; trend in factory output flat
  • European Banks - Credit Update

    European Banks - Credit Update

    15 May 2023 516 KB PDF
    • 1Q23 earnings season is coming to a close. Results continue to be positive and above expectations. Strong trading performances supported French banks’ earnings while Dutch banks leveraged income from deposit margins that offset weakening in mortgage volumes and margins
    • Primary market activity picked up for SSAs as numerous deals were placed across a variety of currencies. Senior bonds with short-medium tenors continued to dominate new FIG deals
    • Secondary market spreads in EUR tightened on last week, while USD were only marginally wider
  • Euro Wrap-up

    Euro Wrap-up

    15 May 2023 232 KB PDF
    • Bunds made losses despite a larger-than-expected decline in euro area industrial output in March to the lowest level in eighteen months.
    • Gilts also made losses on a quiet start to the week for UK economic data.
    • Tuesday will bring updated euro area Q1 GDP data, Germany’s ZEW investor survey and the UK’s latest labour market report.
  • Euro wrap-up

    Euro wrap-up

    12 May 2023 314 KB PDF
    • Gilts made losses as UK GDP edged slightly higher in Q1 despite falling back in March as services activity was hit by subdued spending and public sector strikes.
    • Bunds also made losses on a quiet day for euro area economic news.
  • US Economic Comment

    US Economic Comment

    12 May 2023 329 KB PDF
    • Consumer prices: brisk advance in core; trend in underlying inflation opens the door to a pause in rate hikes
    • Inflation expectations: divergence in views of forecasters & consumers
    • Senior Loan Officer Opinion Survey suggests tighter lending standards
  • Euro Wrap-up

    Euro Wrap-up

    11 May 2023 311 KB PDF
    • Gilts made significant gains even as the BoE increased Bank Rate by a further 25bps and significantly revised up its projections for GDP and inflation.
    • Bunds also made gains despite a significant increase in euro area household inflation expectations reported in the ECB’s latest consumer survey.
  • US Data Review

    US Data Review

    10 May 2023 165 KB PDF
    • CPI: energy up modestly; food prices flat; brisk increase in core