London & NY Research

  • JAPAN

    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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  • 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
  • Euro wrap-up

    Euro wrap-up

    20 March 2025 343 KB PDF
    • Gilts made losses as the BoE left Bank Rate unchanged and repeated the case for ‘gradual and careful’ easing ahead amid still elevated pay growth.
    • Despite accelerated momentum in euro area construction activity at the start of the year, Bunds made modest gains as German producer prices signalled a continued absence of factory pipeline pressures.
  • Euro wrap-up

    Euro wrap-up

    19 March 2025 318 KB PDF
    • Ahead of tonight’s Fed announcements, shorter-dated Bunds followed USTs slightly lower but made modest gains at the longer-end while euro area inflation was revised down from the flash estimate.
    • Gilts made modest gains on a quiet day for UK economic news.
  • US FOMC Review

    US FOMC Review

    19 March 2025 221 KB PDF
    • FOMC: no change in the target range for the federal funds rate (midpoint 4.375 percent)
    • QT: Treasury redemptions reduced beginning in April; “no decision” about the ultimate end of QT 
  • Euro wrap-up

    Euro wrap-up

    18 March 2025 339 KB PDF
    • Bunds ended the day a touch firmer even as German lawmakers passed a landmark bill to allow a substantial increase in public spending on defence and infrastructure and the ZEW survey signalled a marked improvement in investor optimism with respect to the German economic outlook. 
    • Gilts made modest losses on a quiet day for UK economic news.