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

    18 March 2025 241 KB PDF
    • Housing starts: initiations recover following weather-related decline
    • Industrial production: jumps in manufacturing and mining lead rebound
  • Euro wrap-up

    Euro wrap-up

    14 March 2025 381 KB PDF
    • Despite a downwards revision to German inflation in February, Bunds followed USTs lower as the likelihood rose that Germany’s Parliament would endorse plans to increase public spending on defence and infrastructure.
    • As UK GDP contracted in January on manufacturing and construction weakness Gilts made modest gains despite a rise in household inflation expectations. 
  • US Economic Comment

    US Economic Comment

    14 March 2025 423 KB PDF
    • The March FOMC meeting: no change in policy amid heightened uncertainty; cuts possible later in 2025
    • Recent data: solid labor market allows for “patient” approach on inflation; inflation expectations show signs of deterioration
  • Euro wrap-up

    Euro wrap-up

    13 March 2025 329 KB PDF
    • While euro area industrial output stabilised at the start of the year, Bunds followed USTs to close a touch firmer on the day.
    • Gilts also followed USTs higher, as a UK housing survey signalled a drop in demand ahead of April’s Stamp Duty increase.
  • US Data Review

    US Data Review

    12 March 2025 246 KB PDF
    • CPI: below consensus in February; ongoing moderation in service prices ex. energy
  • Euro wrap-up

    Euro wrap-up

    10 March 2025 276 KB PDF
    • Despite stronger-than-expected German IP growth in January, Bunds made gains as the Green Party sought concessions from the CDU/CSU and SPD in return for its support for their proposed reforms to increase public borrowing.
    • Gilts were little changed while a UK labour market survey signalled a further decline in job vacancies and the slowest wage growth in four years.
  • Euro wrap-up

    Euro wrap-up

    7 March 2025 361 KB PDF
    • Bunds were little changed at the end of a week of significant losses, as the estimate of euro area GDP growth in Q4 was revised up but employee compensation growth moderated.
    • Gilts followed USTs higher on a quiet day for UK economic data.
  • US Economic Comment

    US Economic Comment

    7 March 2025 374 KB PDF
    • February employment: solid, but caution warranted amid heightened uncertainty
    • Friday remarks by Chair Powell: patience amid heightened uncertainty