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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2025

  • US FOMC Review

    US FOMC Review

    29 October 2025 231 KB PDF
    • FOMC action: officials ratified market expectations with a cut of 25 basis points in the target range for the federal funds rate to 3.75-4.00% amid both hawkish and dovish dissents; cut in December “far from” a foregone conclusion
    • QT: Treasury redemptions (currently capped at $5 billion per month) to end effective December 1; redemptions of agency securities to be reinvested in Treasury bills
  • Euro wrap-up

    Euro wrap-up

    28 October 2025 352 KB PDF
    • Bunds made slight losses despite a decline in German consumer confidence to a seven-month low while an ECB survey reported that credit standards on euro area business loans tightened in Q3.
    • While yields flirted with year-to-date lows at most maturities after a UK retail survey suggested that food inflation moderated again in October, Gilts were little changed on the day approaching the close.
  • US Data Review

    US Data Review

    28 October 2025 269 KB PDF
    • House price indexes: both FHFA and S&P measures advance in August, although price trends still appear to be softening
    • Consumer confidence: slight decline from upwardly revised result
  • Euro wrap-up

    Euro wrap-up

    27 October 2025 300 KB PDF
    • Bunds were little changed as the German ifo survey flagged persisting manufacturing challenges in October but the greatest optimism in the outlook for 2 and a half years, while euro area bank lending remained firm.
    • Gilts made modest gains as a CBI survey signalled weak UK retail sales growth at the start of Q4.
  • Euro wrap-up

    Euro wrap-up

    24 October 2025 392 KB PDF
    • Bunds made losses as the flash euro area PMIs for October surprised significantly on the upside in part thanks to strength in German services.
    • Gilts were little changed even as the UK flash PMIs as well as data for retail sales and consumer confidence beat expectations.
  • US Economic Comment

    US Economic Comment

    24 October 2025 384 KB PDF
    • FOMC: easing in monetary policy a near certitude next week
    • The data: inflation softer than expected, but risks remain; downside risks to the labor market warrant further easing
    • Balance sheet policy: with reserves likely having transitioned from “abundant” to “ample,” the end of Treasury redemptions possibly addressed next week
  • US Data Review

    US Data Review

    23 October 2025 199 KB PDF
    • Existing home sales: activity picks up in September; inventories improve
  • Euro wrap-up

    Euro wrap-up

    22 October 2025 334 KB PDF
    • Gilts outperformed as UK inflation in September undershot the BoE’s projection to support the case for a further rate cut before year-end.
    • Bunds followed USTs marginally lower on a quiet day for euro area economic news.