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

    12 November 2024 363 KB PDF
    • Longer dated Bunds followed USTs lower, while shorter-dated Bunds made gains as an investor survey reported a notable deterioration in perceptions for German’s economic outlook amid heighted political uncertainties.
    • Gilts also followed USTs lower, even as the UK’s labour market report showed a further moderation in regular pay growth.
  • Euro wrap-up

    Euro wrap-up

    7 November 2024 478 KB PDF
    • Despite a marked decline in German industrial production, Bunds made losses as the market digested yesterday’s news that Germany’s ruling coalition had collapsed amid the dismissal of the finance minister.
    • Gilts followed USTs higher after the BoE cut rates and signalled the likelihood of further gradual easing despite an upwards revision to its GDP and inflation projections.
  • Euro wrap-up

    Euro wrap-up

    6 November 2024 339 KB PDF
    • Despite a major sell-off in USTs in the wake of Tuesday’s US election results, Bunds made notable gains at the short end even as German factory orders also bounced back in September.
    • Gilts made losses ahead of Thursday’s BoE monetary policy announcement and updated macroeconomic projections.
  • Euro wrap-up

    Euro wrap-up

    5 November 2024 282 KB PDF
    • Bunds made losses while French figures for September industrial production fell back at the end of Q3.
    • Gilts made losses after the first bond auction since last week’s Budget announcement and associated increase in Gilt issuance drew the lowest demand in almost a year.
  • US Economic Comment

    US Economic Comment

    1 November 2024 385 KB PDF
    • FOMC: cut of 25 basis points anticipated on November 7
    • October employment: severe weather-related disruptions obscure views on labor market
  • US Data Review

    US Data Review

    31 October 2024 273 KB PDF
    • PCE price indexes: in line with consensus estimates in September; consistent with ongoing rate cuts
    • Personal income and consumption: consumers remained active in September, in part facilitated by a drawdown in savings
  • Euro wrap-up

    Euro wrap-up

    31 October 2024 422 KB PDF
    • Bunds made losses as euro area inflation rose back to the 2% target, the unemployment rate registered a series low and German retail sales posted the strongest quarterly growth in almost three years.
    • Gilts continued to sell off as markets repriced the impact of yesterday’s updated government borrowing plans.
  • Euro wrap-up

    Euro wrap-up

    30 October 2024 389 KB PDF
    • Bunds made significant losses, particularly at the short end, as euro area GDP beat expectations in Q3 and German inflation surprised to the upside in October, reducing the likelihood of a jumbo 50bps rate cut in December.
    • Gilts also made losses as the UK government announced higher borrowing over coming years to fund public investment.