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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2024

2023

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  • Euro wrap-up

    Euro wrap-up

    20 December 2024 357 KB PDF
    • Despite a pickup in German producer prices, Bunds made gains as the Commission’s flash consumer confidence indicator deteriorated in December to an eight-month low.
    • Gilts outperformed as the rebound in UK retail sales in November underwhelmed and the CBI survey suggested that sales remained unseasonably weak in December.
  • Euro wrap-up

    Euro wrap-up

    19 December 2024 315 KB PDF
    • Despite a downbeat French business survey, Bunds followed USTs lower as German consumer confidence edged higher.
    • Gilts outperformed, making gains at the shorter end of the curve, as the BoE left monetary policy unchanged but three MPC members voted for a rate cut and a fourth suggested that they might support more activist policy in future.
  • US Data Review

    US Data Review

    19 December 2024 269 KB PDF
    • Revised Q3 GDP: upward revision led by adjustment to already-brisk consumer spending
    • Unemployment claims: retreat in initial claims following holiday-related volatility
  • US Data Review

    US Data Review

    18 December 2024 174 KB PDF
    • Housing starts: drop in November led decline in multi-family activity
  • Euro wrap-up

    Euro wrap-up

    18 December 2024 357 KB PDF
    • Shorter-dated Bunds made gains as ECB Chief Economist flagged downside risks to the growth outlook, while euro area inflation was revised down from the flash estimate and the ECB wage tracker anticipated a notable moderation in 2025.
    • Ahead of tomorrow BoE announcement, Gilts made losses as the UK’s headline inflation rose to an eight-month high in November.
  • US FOMC Review

    US FOMC Review

    18 December 2024 266 KB PDF
    • FOMC: 25 basis point cut; one policymaker dissents, with preference for no change in the FFR
    • Powell press conference: uncertainty around inflation suggests that Committee should proceed “carefully”
  • Euro wrap-up

    Euro wrap-up

    17 December 2024 306 KB PDF
    • Bunds made very modest gains at the longer end of the curve despite a very weak German ifo business survey and a drop in the euro area trade surplus to a 15-month low.
    • Gilts made big losses as UK private sector pay growth accelerated ahead of expectations.
  • Euro wrap-up

    Euro wrap-up

    16 December 2024 366 KB PDF
    • Bunds made gains as President Lagarde repeated that ECB interest rates will be lowered further, while the flash euro area December PMIs remained consistent with broad stagnation despite surprising to the upside.  
    • Gilts made surprising losses as the flash UK PMIs were consistent with a marked loss of momentum since the summer and the biggest cut in employment in four years.