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

  • Euro Wrap-up

    Euro Wrap-up

    8 July 2019 385 KB PDF
    • While equity investors responded negatively to Deutsche Bank’s restructuring plans, Bunds were little changed as Germany’s latest industrial production and export data broadly met expectations.  
    • Gilts made gains on a quiet day for UK economic news.
  • Euro Wrap-up

    Euro Wrap-up

    5 July 2019 550 KB PDF
    • Despite another set of weak German factory orders data, Bunds followed USTs lower on the back of the stronger US payrolls report.
    • Gilts also followed the global downtrend, despite a soft UK jobs survey and a moderation in unit labour cost growth. 
  • Yen 4Sight

    Yen 4Sight

    5 July 2019 431 KB PDF
    • Despite stronger IP and spending figures in May, the BoJ’s Tankan survey provided a more downbeat assessment of economic conditions in Q2 and beyond.
    • Tokyo inflation data and surveys suggest that price pressures continue to wane.  
  • US Economic Comment

    US Economic Comment

    5 July 2019 264 KB PDF
    • Employment: easing from 2018 pace, but still firm
    • Unemployment: up in June, but favorable outlook
    • Average hourly earnings: growth rate stalls
    • Policy implications: low probability of easing in July; cuts still likely thereafter
  • Euro Wrap-Up

    Euro Wrap-Up

    4 July 2019 377 KB PDF
    • Bunds made modest gains at the longer end of the curve to push 10Y yields below the ECB deposit rate for the first time, as euro area retail sales fell again and ECB policymaker Rehn made further dovish remarks.
    • Gilts also made gains at the longer end as UK car registrations fell again.
  • US Data Review

    US Data Review

    3 July 2019 197 KB PDF
    • ISM nonmanufacturing: noticeable declines in orders, employment, business activity
    • International trade: increase in imports in May exceeds advance in exports; wider deficit
    • Factory orders: aircraft-led drop in durables; petroleum-led drop in nondurables
  • Euro Wrap-up

    Euro Wrap-up

    3 July 2019 404 KB PDF
    • Bunds made modest gains at the long end as the final June PMIs suggested a widespread softening of growth, while BTPs rallied as the European Commission decided not to discipline Italy.
    • Gilts made gains as the UK services PMIs added to evidence of a drop in GDP in Q2.
  • Euro Wrap-up

    Euro Wrap-up

    2 July 2019 369 KB PDF
    • Bunds were little changed despite a disappointing German retail sales release, while BTPs significantly outperformed as Italy reportedly cut its budget deficit target to avoid disciplinary action from the Commission.
    • Gilts made gains as the construction PMI fell to a decade-low and Carney spoke of increased downside risks to global and UK GDP growth.