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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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2025

2024

  • US Economic Comment

    US Economic Comment

    28 February 2025 376 KB PDF
    • January inflation: in line with expectations; caution still warranted
    • Q1 growth: possible warning signs emerging
  • Euro wrap-up

    Euro wrap-up

    27 February 2025 355 KB PDF
    • Despite an improvement in the Commission’s sentiment indices and a pickup in bank lending, Bunds made gains as the ECB minutes suggested that it was premature to discuss a possible “landing zone” for the deposit rate.
    • Gilts followed USTs lower on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    27 February 2025 224 KB PDF
    • Revised GDP: modest changes; inflation readings adjusted higher
    • Durable goods: jump in aircraft orders boost the headline; shipments data suggest soft capital expenditures in Q1
  • Euro wrap-up

    Euro wrap-up

    26 February 2025 288 KB PDF
    • Longer-dated Bunds made small gains as German consumer confidence fell to an 11-month low.
    • Gilts were little changed on a quiet day for UK economic news.
  • Spain – Banking Sector Review

    Spain – Banking Sector Review

    26 February 2025 564 KB PDF
    • Years of consolidation have streamlined Spain’s banking sector into 10 groups, with the top five controlling 84% of domestic assets.
    • Higher rates have boosted earnings however, near-term rate cuts shift the focus to lending growth, deposit beta management, and revenue diversification.
    • Strong capital buffers, better underwriting, and years of NPL reductions have positioned banks well to withstand potential deterioration of the operating environment.
    • The windfall tax extension and new capital requirements are manageable, especially for larger banks with diverse income streams and solid capital generation.
  • US Data Review

    US Data Review

    26 February 2025 198 KB PDF
    • New home sales: latest drop possibly influenced by weather; prices move higher, underscoring affordability issues; inventories elevated
  • Euro wrap-up

    Euro wrap-up

    25 February 2025 295 KB PDF
    • Despite political discussion between incoming German Chancellor Merz and the SDP to increase defence spending, Bunds followed USTs marginally higher as euro area negotiated wage growth moderated in Q4.
    • While the UK energy regulator announced a chunky hike in household energy tariffs in April, Gilts also followed USTs higher as a retail survey signalled ongoing weakness in spending.
  • Euro wrap-up

    Euro wrap-up

    24 February 2025 341 KB PDF
    • Bunds made gains at the shorter end of the curve as the German federal election result raised the likelihood that CDU/CSU leader Merz will lead a two-party coalition government with the SPD but might struggle to find the numbers in the new Bundestag to amend the constitutional debt brake.
    • Gilts made modest gains across the curve on a quiet day for UK economic news.