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

  • US FOMC Review

    US FOMC Review

    31 July 2024 164 KB PDF
    • FOMC: no change in policy at the July meeting, but door open to a rate cut in September
    • Policymakers “attentive” to risks to both sides of the dual mandate
  • Euro wrap-up

    Euro wrap-up

    30 July 2024 316 KB PDF
    • While flash German inflation ticked slightly higher, Bunds made gains as euro area GDP growth fell short of the ECB’s projection in Q2 and the Commission’s survey signalled softer growth and lower inflation expectations at the start of Q3.
    • While a UK survey suggested that shop price inflation is still very weak, shorter-dated gilts made modest losses as Thursday’s BoE decision remained too close to call.
  • Euro wrap-up

    Euro wrap-up

    29 July 2024 252 KB PDF
    • Bunds followed the global trend higher, while Irish GDP accelerated in Q2 to make a non-negligible contribution to growth in the region but Belgian growth moderated to give a better guide to the euro area figure.
    • Gilts also made gains while a UK survey signalled that retail sales remained subdued at the start of Q3.
  • Euro wrap-up

    Euro wrap-up

    26 July 2024 363 KB PDF
    • While French and Italian consumer confidence pointed to firmer consumption growth, Bunds followed USTs higher as an Italian business survey signalled slowing economic growth.
    • Ahead of next week's BoE policy announcement, Gilts also made gains on a quiet day for UK economic data.
  • US Economic Comment

    US Economic Comment

    26 July 2024 572 KB PDF
    • Next week’s Fed meeting: no change in policy expected, but increasing likelihood of a cut in September
    • PCE inflation: ongoing progress; broadening disinflation
  • US Data Review

    US Data Review

    25 July 2024 317 KB PDF
    • GDP: growth tilting to the firm side in Q2
    • Inflation: moderate advance in GDP price index, with PCE indexes a bit faster
  • Euro wrap-up

    Euro wrap-up

    25 July 2024 276 KB PDF
    • Bunds made gains as the German ifo business survey implied a further loss of momentum, while the French INSEE survey signalled a marked deterioration in business conditions at the start of Q3.
    • While a UK survey signalled an improvement in expected manufacturing output ahead, Gilts followed the global trend higher as firms’ selling-price expectations fell back.
  • US Data Review

    US Data Review

    24 July 2024 358 KB PDF
    • New home sales: back-to-back declines leave a subdued pace of activity
    • Inventories: elevated amid sluggish sales