London & NY Research

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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

    22 November 2024 364 KB PDF
    • Updated Fed call: on track for neutral amid somewhat fewer cuts
    • S&P Flash PMIs: manufacturing sector sluggish, while service sector activity remained firm
  • US Data Review

    US Data Review

    21 November 2024 201 KB PDF
    • Unemployment insurance: initial claims continue to move lower from October highs; continuing claims rise to new cycle high
    • Existing home sales: increase in activity supported by advances in all major regions; inventory situation remains constrained from long-term perspective
  • Euro wrap-up

    Euro wrap-up

    21 November 2024 283 KB PDF
    • Bunds made gains as the flash euro area consumer confidence index fell in November by the most in 14 months.
    • While UK public sector net borrowing exceeded expectations, Gilts made gains as BoE Deputy Governor Ramsden made a case for cutting Bank Rate more quickly if the labour market continues to loosen.
  • Euro wrap-up

    Euro wrap-up

    20 November 2024 329 KB PDF
    • Shorter-dated Bunds made modest gains despite a surge in euro area negotiated wage growth in Q3.
    • While the jump in UK inflation was a touch larger than expected, shorter-dated Gilts ended the day little changed as BoE Deputy Governor Ramsden suggested that he sees a case for ‘less gradual’ easing if uncertainty fades.
  • Euro wrap-up

    Euro wrap-up

    19 November 2024 313 KB PDF
    • Bunds made gains as Governing Council members re-affirmed the likelihood of a further rate cut in December amid signs of a less tight labour market and softer wage growth in Q3.
    • Gilts also made gains as BoE Governor Bailey reiterated that the economic outlook was consistent with gradual rate cuts, but the newest external MPC member Taylor signalled a more dovish stance.
  • Euro wrap-up

    Euro wrap-up

    18 November 2024 280 KB PDF
    • While euro area trade figures suggested that net exports were a drag on GDP in Q3, Bunds made losses as the bilateral surplus with the US rose to a record high in Q3 and several Governing Council members flagged a potential need for caution in the face of heightened uncertainty.
    • Gilts followed USTs marginally lower on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    15 November 2024 427 KB PDF
    • Bunds followed USTs lower on a relatively quiet day for euro area economic news.
    • Gilts made modest gains as UK GDP growth slowed more than expected in Q3 despite a solid contribution from final domestic demand.
  • US Economic Comment

    US Economic Comment

    15 November 2024 285 KB PDF
    • Powell & inflation data: signs still point to rate cuts in late 2024 and early 2025
    • Consumer spending: October retail sales subdued, but consumer spending still likely on track in Q4