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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 Economic Comment

    US Economic Comment

    14 February 2025 409 KB PDF
    • Fed call: multiple cuts in 2025, but more likely in H2
    • Friday data: soft retail sales; industrial production boosted by utility output
  • Euro wrap-up

    Euro wrap-up

    13 February 2025 378 KB PDF
    • Bunds made gains as European gas futures plunged as Germany called for exemptions from storage targets, and euro area industrial production maintained its relentless downtrend at the end of 2024.
    • Gilts also made gains even as UK GDP data beat expectations by registering a very modest pickup in Q4.
  • 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