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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

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  • US Data Review

    US Data Review

    27 March 2025 240 KB PDF
    • Revised Q4 GDP: modest shifts among components; inflation slower; GDI suggests firm performance
    • International trade in goods: tariff front-running distorts the early 2025 data
  • Euro wrap-up

    Euro wrap-up

    26 March 2025 314 KB PDF
    • Bunds made gains at the short end of the curve while French consumer confidence dipped on the more uncertain economic outlook.
    • Gilts made gains across the curve as UK inflation came in below the market consensus while the DMO’s gilt financing remit for the coming fiscal year also undershot market expectations and the UK government confirmed plans for public spending cuts over the coming parliament.
  • Euro wrap-up

    Euro wrap-up

    25 March 2025 324 KB PDF
    • Bunds made losses as the German ifo survey signalled a likely return to modestly positive GDP growth in Q1 and greater optimism about the near-term outlook.
    • Ahead of the Chancellor’s Spring Statement on Wednesday that will likely confirm increased issuance in the coming fiscal year, Gilts made losses despite a deterioration in a UK retail survey.
  • US Data Review

    US Data Review

    25 March 2025 258 KB PDF
    • New home sales: activity picks up in February; prices move lower; inventories elevated
    • Consumer confidence: fourth consecutive decline; expectations slump
  • Euro wrap-up

    Euro wrap-up

    24 March 2025 326 KB PDF
    • Bunds were little changed as the euro area PMIs suggested only modest GDP growth despite the best factory output index in almost three years.
    • After the government on the weekend signalled its commitment to cut public spending, Gilts closed broadly unchanged despite an upwards surprise to the UK composite PMI on the strongest services demand in nine months.
  • Euro wrap-up

    Euro wrap-up

    21 March 2025 398 KB PDF
    • While the Bundesrat ratified the bill to amend the German debt brake, Bunds made gains as euro area consumer confidence fell to a three-month low.
    • Gilts made losses as UK public sector borrowing exceeded expectations in February, reducing the fiscal headroom ahead of next week’s Spring Statement.
  • US Economic Comment

    US Economic Comment

    21 March 2025 423 KB PDF
    • Forecast update: downward adjustment to GDP projection amid heightened uncertainty; slower retreat in inflation expected; risks to labor market tilted to the downside
  • US Data Review

    US Data Review

    20 March 2025 202 KB PDF
    • Unemployment claims: initial filings in upper end of recent range
    • Existing home sales: activity picks up in February; inventories improve but remain tight