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

    17 October 2024 330 KB PDF
    • Shorter-dated Bunds made gains as the ECB cut rates for the third time this cycle, acknowledging that disinflation is now well on track and recent economic activity has been softer than expected, opening the door wider to further easing in December.
    • Gilts followed USTs lower on a quiet day for UK economic news
  • Euro wrap-up

    Euro wrap-up

    16 October 2024 294 KB PDF
    • Gilts rallied as UK inflation fell significantly below the BoE’s projection in September.
    • Euro area government bonds also made gains as Italian inflation data for September were revised down following the similar downwards revision to the equivalent French figures yesterday.
  • Euro wrap-up

    Euro wrap-up

    15 October 2024 357 KB PDF
    • Despite some unusually firm euro area industrial output data, Bunds followed USTs higher as an investor survey reported a further deterioration in perceptions of current German economic conditions.
    • Gilts also made gains as UK pay growth continued to moderate and job vacancies continued to decline.
  • Euro wrap-up

    Euro wrap-up

    11 October 2024 412 KB PDF
    • While final German inflation data for September provided no surprises, Bunds followed USTs lower.
    • Gilts outperformed to end the day little changed as UK GDP data suggested a further softening of growth momentum in August.
  • US Economic Comment

    US Economic Comment

    11 October 2024 375 KB PDF
    • September inflation: tilting to the high side but still consistent with a return to two percent
  • Euro wrap-up

    Euro wrap-up

    10 October 2024 323 KB PDF
    • While strong German retail sales suggested that consumer spending will provide some much-needed support to GDP in Q3, Bunds followed USTs higher at the short end as the account of the ECB’s September monetary policy meeting reported an increasingly downbeat mood on the Governing Council.
    • Longer-dated Gilts made modest losses as a UK housing survey signalled the strongest house price growth for more than two years.
  • US Data Review

    US Data Review

    10 October 2024 259 KB PDF
    • CPI: firm increase in core, with both goods and services contributing
    • Unemployment claims: rise in initial and continuing claims influenced by hurricane-related weather effects
  • Euro wrap-up

    Euro wrap-up

    8 October 2024 272 KB PDF
    • While German IP beat expectations, Bunds made gains as typically-hawkish Bundesbank President Nagel suggested that he would consider supporting a rate cut next week.
    • Gilts also made gains even as a UK retail survey suggested that sales growth picked up at the end of Q3.