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

    5 December 2024 392 KB PDF
    • Bunds made losses, while OATs outperformed, after far-right leader Le Pen suggested that the French budget could be passed soon, conditional on a more gradual pace of fiscal consolidation.
    • Gilts made moderate losses as a BoE survey signalled that firms would look to pass on some new budget-related costs to higher prices, while also squeezing profit margins and wage growth.
  • US Data Review

    US Data Review

    4 December 2024 232 KB PDF
    • ISM services: key subcomponents post sizeable declines in November
  • Euro wrap-up

    Euro wrap-up

    4 December 2024 355 KB PDF
    • The French National Assembly backed a no-confidence motion against the Barnier government.
    • Ahead of the vote at European market close, Bunds had made very modest losses while OATs were little changed on the day.
    • Gilts were also little changed as BoE Governor Bailey suggested that one BoE rate cut per quarter might still be the most likely scenario in 2025.
  • US Data Review

    US Data Review

    2 December 2024 213 KB PDF
    • ISM manufacturing: factory sector contracts at a slower rate
  • Euro wrap-up

    Euro wrap-up

    2 December 2024 347 KB PDF
    • Bunds made gains while OATs underperformed significantly as French Prime Minister Barnier invoked a constitutional rule to force through his social security bill, raising the prospect of a no-confidence vote later this week.
    • Gilts made gains even as UK house price growth accelerated the most in more than two years.
  • Euro wrap-up

    Euro wrap-up

    29 November 2024 456 KB PDF
    • Bunds made gains as the flash headline estimate of euro area inflation in November rose but the core rate was unchanged, while German and French spending indicators fell back in October.
    • Gilts also made gains despite a jump in UK mortgage approvals.
  • Euro wrap-up

    Euro wrap-up

    28 November 2024 362 KB PDF
    • Bunds made further gains as flash German inflation estimates for November undershot expectations, while the Commission survey and bank lending data were consistent with soft euro area GDP growth in Q4.
    • OATs outperformed as the French government appeared to make concessions to the opposition parties in an attempt to pass its Budget.
  • Euro wrap-up

    Euro wrap-up

    27 November 2024 290 KB PDF
    • Despite a sharp deterioration in German and French consumer confidence, shorter-dated Bunds made losses as the hawkish Executive Board member Schnabel cautioned against cutting interest rates into accommodative territory.
    • Gilts followed USTs higher on a quiet day for UK economic news.