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

    31 January 2025 424 KB PDF
    • Bunds made gains as German inflation was unchanged on the EU measure in January but core CPI components moderated, and retail sales fell sharply in December.
    • Gilts also made gains as the Nationwide survey reported a moderation in UK house price growth at the start of the year.
  • US Data Review

    US Data Review

    30 January 2025 228 KB PDF
    • Q4 GDP: solid activity driven by brisk consumer spending
    • Unemployment claims: downshift in initial claims following wildfire-related distortions; continuing claims dip from cycle high
  • Euro wrap-up

    Euro wrap-up

    30 January 2025 356 KB PDF
    • Bunds made significant gains as the ECB cut rates by 25bps and signalled at least a couple of further cuts to come, while euro area GDP failed to grow and German GDP contracted more than initially thought in Q4.  
    • Gilts also rallied despite the strongest month of UK mortgage lending in more than two years and a further pickup in mortgage approvals.
  • Euro wrap-up

    Euro wrap-up

    29 January 2025 347 KB PDF
    • While a survey suggested that German consumers are increasingly gloomy about the outlook, Bunds ended the day little changed lending to euro area businesses jumped in December and Spanish GDP beat expectations in Q4.
    • Gilts were also little changed on a quiet day for UK economic news.
  • US FOMC Review

    US FOMC Review

    29 January 2025 213 KB PDF
    • FOMC statement: no change in the target range for the federal funds rate; characterization of labor market upgraded; dropped language indicating inflation “made progress” toward 2 percent
    • Powell press conference: economy strong; labor market solid; monetary policy well positioned
  • Euro wrap-up

    Euro wrap-up

    28 January 2025 321 KB PDF
    • While the ECB’s Bank Lending Survey reported an unwelcome tightening of credit conditions and stagnant demand for business loans, Bunds followed USTs lower. 
    • Gilts were also weaker as a survey suggested that deflation on the UK high street moderated somewhat at the start of the year.
  • Euro wrap-up

    Euro wrap-up

    27 January 2025 252 KB PDF
    • While the ifo survey suggested that the German business climate stabilised at the start of the year, Bunds made gains as the outlook for the coming six months was judged to have worsened.
    • Gilts followed USTs higher on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    24 January 2025 437 KB PDF
    • Bunds made losses as the flash euro area PMIs beat expectations in January, despite still signalling ongoing stagnation in economic output at the start of 2025.
    • Gilts ended the day little changed as the UK flash PMIs were also better than expected but signalled further declines in employment, while other surveys reported weak consumer sentiment and retail sales at the start of the year.