London & NY Research

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    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

2024

  • US Economic Comment

    US Economic Comment

    15 November 2024 285 KB PDF
    • Powell & inflation data: signs still point to rate cuts in late 2024 and early 2025
    • Consumer spending: October retail sales subdued, but consumer spending still likely on track in Q4
  • Euro wrap-up

    Euro wrap-up

    14 November 2024 316 KB PDF
    • Bunds made gains as euro area industrial production contracted in Q3, while the ECB minutes of the October policy meeting highlighted some concerns of a potential inflation target undershoot in 2025.
    • Gilts followed USTs higher at the short end, even as a UK survey signalled continued recovery in the housing market at the start of Q4.
  • US Data Review

    US Data Review

    13 November 2024 213 KB PDF
    • CPI: in line with market expectations; core services remain under pressure
  • Euro wrap-up

    Euro wrap-up

    12 November 2024 363 KB PDF
    • Longer dated Bunds followed USTs lower, while shorter-dated Bunds made gains as an investor survey reported a notable deterioration in perceptions for German’s economic outlook amid heighted political uncertainties.
    • Gilts also followed USTs lower, even as the UK’s labour market report showed a further moderation in regular pay growth.
  • Euro wrap-up

    Euro wrap-up

    7 November 2024 478 KB PDF
    • Despite a marked decline in German industrial production, Bunds made losses as the market digested yesterday’s news that Germany’s ruling coalition had collapsed amid the dismissal of the finance minister.
    • Gilts followed USTs higher after the BoE cut rates and signalled the likelihood of further gradual easing despite an upwards revision to its GDP and inflation projections.
  • Euro wrap-up

    Euro wrap-up

    6 November 2024 339 KB PDF
    • Despite a major sell-off in USTs in the wake of Tuesday’s US election results, Bunds made notable gains at the short end even as German factory orders also bounced back in September.
    • Gilts made losses ahead of Thursday’s BoE monetary policy announcement and updated macroeconomic projections.
  • Euro wrap-up

    Euro wrap-up

    5 November 2024 282 KB PDF
    • Bunds made losses while French figures for September industrial production fell back at the end of Q3.
    • Gilts made losses after the first bond auction since last week’s Budget announcement and associated increase in Gilt issuance drew the lowest demand in almost a year.
  • US Economic Comment

    US Economic Comment

    1 November 2024 385 KB PDF
    • FOMC: cut of 25 basis points anticipated on November 7
    • October employment: severe weather-related disruptions obscure views on labor market