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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2025

2024

  • US Data Review

    US Data Review

    12 February 2025 251 KB PDF
    • CPI: broad-based pressure in January
  • Euro wrap-up

    Euro wrap-up

    7 February 2025 391 KB PDF
    • Bunds ended the day little changed while German exports in December rose the most in eleven months despite a slump manufacturing output to the lowest level since the first Covid lockdown.
    • Gilts were little changed on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    7 February 2025 427 KB PDF
    • January employment: possibly affected by special factors
    • JOLTS: openings decline amid an ongoing rebalancing in labor market conditions
  • Euro wrap-up

    Euro wrap-up

    6 February 2025 361 KB PDF
    • Bunds made modest losses as German new factory orders surprised to the upside in December and euro area retail sales suggested positive consumption growth in Q4.
    • Despite an initial rally after the BoE cut rates by 25bps and two MPC members voted for a 50bps cut, Gilts closed the day lower as the BoE revised up significantly its near-term inflation projection and highlighted the uncertainty of the outlook.
  • Euro wrap-up

    Euro wrap-up

    5 February 2025 376 KB PDF
    • Bunds followed USTs higher while the ECB’s wage tracker pointed to a marked slowdown in pay growth this year, euro area PPI inflation came in at zero and the final euro area PMIs signalled an ongoing absence of economic momentum at the start of 2025.
    • Gilts also made gains as the final January PMIs were consistent with continued weakness in UK economic activity.
  • US Data Review

    US Data Review

    3 February 2025 200 KB PDF
    • ISM manufacturing: factory sector expands following 26 months of contraction
  • Euro wrap-up

    Euro wrap-up

    3 February 2025 305 KB PDF
    • While euro area inflation came in a touch firmer than expected in January, Bunds made significant gains as markets reacted to US President Trump’s tariff plans.
    • Gilts also made gains on a quiet day for top-tier UK economic news.
  • Euro wrap-up

    Euro wrap-up

    31 January 2025 424 KB PDF
    • Bunds made gains as German inflation was unchanged on the EU measure in January but core CPI components moderated, and retail sales fell sharply in December.
    • Gilts also made gains as the Nationwide survey reported a moderation in UK house price growth at the start of the year.