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

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  • US Data Review

    US Data Review

    31 October 2024 273 KB PDF
    • PCE price indexes: in line with consensus estimates in September; consistent with ongoing rate cuts
    • Personal income and consumption: consumers remained active in September, in part facilitated by a drawdown in savings
  • Euro wrap-up

    Euro wrap-up

    31 October 2024 422 KB PDF
    • Bunds made losses as euro area inflation rose back to the 2% target, the unemployment rate registered a series low and German retail sales posted the strongest quarterly growth in almost three years.
    • Gilts continued to sell off as markets repriced the impact of yesterday’s updated government borrowing plans.
  • Euro wrap-up

    Euro wrap-up

    30 October 2024 389 KB PDF
    • Bunds made significant losses, particularly at the short end, as euro area GDP beat expectations in Q3 and German inflation surprised to the upside in October, reducing the likelihood of a jumbo 50bps rate cut in December.
    • Gilts also made losses as the UK government announced higher borrowing over coming years to fund public investment.
  • US Data Review

    US Data Review

    30 October 2024 195 KB PDF
    • Q3 GDP: led by resilient consumer; consistent with soft landing for the US economy
    • Inflation: moderate advance in GDP price index; core PCE index within striking distance of 2.0 percent
  • Euro wrap-up

    Euro wrap-up

    29 October 2024 348 KB PDF
    • Bunds made losses as a survey suggested that German consumers were the least downbeat since April 2022.
    • Ahead of tomorrow’s Budget announcements, Gilts also made losses as UK mortgage approvals rose to the highest level for more than two years.
  • Euro wrap-up

    Euro wrap-up

    25 October 2024 435 KB PDF
    • Bunds made losses as the ifo survey suggested that German firms were a touch less downbeat in October while some ECB hawks tried to push back against suggestions that rates should be cut by 50bps in December.
    • Gilts made losses at the short end of the curve but gains at the long end as UK consumer confidence dropped to a nine-month low.
  • US Economic Comment

    US Economic Comment

    25 October 2024 372 KB PDF
    • Q3 GDP: solid growth expected, led by consumer spending
    • The Fed’s Beige Book: mixed assessment of current economic conditions, but outlook positive
  • Euro wrap-up

    Euro wrap-up

    24 October 2024 325 KB PDF
    • Bunds made gains as the flash euro area PMIs remained consistent with economic stagnation at the start of Q4, while the price components pointed to ongoing disinflation.
    • While the flash UK composite PMI fell to an eleven-month low, Gilts made losses after the Chancellor confirmed that she would avoid the cuts in public sector investment planned by the previous government.