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

    21 March 2025 423 KB PDF
    • Forecast update: downward adjustment to GDP projection amid heightened uncertainty; slower retreat in inflation expected; risks to labor market tilted to the downside
  • US Data Review

    US Data Review

    20 March 2025 202 KB PDF
    • Unemployment claims: initial filings in upper end of recent range
    • Existing home sales: activity picks up in February; inventories improve but remain tight
  • Euro wrap-up

    Euro wrap-up

    20 March 2025 343 KB PDF
    • Gilts made losses as the BoE left Bank Rate unchanged and repeated the case for ‘gradual and careful’ easing ahead amid still elevated pay growth.
    • Despite accelerated momentum in euro area construction activity at the start of the year, Bunds made modest gains as German producer prices signalled a continued absence of factory pipeline pressures.
  • Euro wrap-up

    Euro wrap-up

    19 March 2025 318 KB PDF
    • Ahead of tonight’s Fed announcements, shorter-dated Bunds followed USTs slightly lower but made modest gains at the longer-end while euro area inflation was revised down from the flash estimate.
    • Gilts made modest gains on a quiet day for UK economic news.
  • US FOMC Review

    US FOMC Review

    19 March 2025 221 KB PDF
    • FOMC: no change in the target range for the federal funds rate (midpoint 4.375 percent)
    • QT: Treasury redemptions reduced beginning in April; “no decision” about the ultimate end of QT 
  • Euro wrap-up

    Euro wrap-up

    18 March 2025 339 KB PDF
    • Bunds ended the day a touch firmer even as German lawmakers passed a landmark bill to allow a substantial increase in public spending on defence and infrastructure and the ZEW survey signalled a marked improvement in investor optimism with respect to the German economic outlook. 
    • Gilts made modest losses on a quiet day for UK economic news.  
  • US Data Review

    US Data Review

    18 March 2025 241 KB PDF
    • Housing starts: initiations recover following weather-related decline
    • Industrial production: jumps in manufacturing and mining lead rebound
  • Euro wrap-up

    Euro wrap-up

    14 March 2025 381 KB PDF
    • Despite a downwards revision to German inflation in February, Bunds followed USTs lower as the likelihood rose that Germany’s Parliament would endorse plans to increase public spending on defence and infrastructure.
    • As UK GDP contracted in January on manufacturing and construction weakness Gilts made modest gains despite a rise in household inflation expectations.