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

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  • US Economic Comment

    US Economic Comment

    14 March 2025 423 KB PDF
    • The March FOMC meeting: no change in policy amid heightened uncertainty; cuts possible later in 2025
    • Recent data: solid labor market allows for “patient” approach on inflation; inflation expectations show signs of deterioration
  • Euro wrap-up

    Euro wrap-up

    13 March 2025 329 KB PDF
    • While euro area industrial output stabilised at the start of the year, Bunds followed USTs to close a touch firmer on the day.
    • Gilts also followed USTs higher, as a UK housing survey signalled a drop in demand ahead of April’s Stamp Duty increase.
  • US Data Review

    US Data Review

    12 March 2025 246 KB PDF
    • CPI: below consensus in February; ongoing moderation in service prices ex. energy
  • Euro wrap-up

    Euro wrap-up

    10 March 2025 276 KB PDF
    • Despite stronger-than-expected German IP growth in January, Bunds made gains as the Green Party sought concessions from the CDU/CSU and SPD in return for its support for their proposed reforms to increase public borrowing.
    • Gilts were little changed while a UK labour market survey signalled a further decline in job vacancies and the slowest wage growth in four years.
  • Euro wrap-up

    Euro wrap-up

    7 March 2025 361 KB PDF
    • Bunds were little changed at the end of a week of significant losses, as the estimate of euro area GDP growth in Q4 was revised up but employee compensation growth moderated.
    • Gilts followed USTs higher on a quiet day for UK economic data.
  • US Economic Comment

    US Economic Comment

    7 March 2025 374 KB PDF
    • February employment: solid, but caution warranted amid heightened uncertainty
    • Friday remarks by Chair Powell: patience amid heightened uncertainty
  • Euro wrap-up

    Euro wrap-up

    6 March 2025 310 KB PDF
    • As EU leaders met to discuss loosening the region’s fiscal rules to fund more military spending and the Governing Council noted that its policy is ‘becoming meaningfully less restrictive’, euro area government bonds made further significant losses even as the ECB cut rates by a further 25bps.
    • Gilts made gains at the shorter end of the curve despite a slight pickup in UK business wage and price expectations.
  • Euro wrap-up

    Euro wrap-up

    5 March 2025 335 KB PDF
    • Bunds made big losses as yesterday evening’s German proposals for extra military and infrastructure spending significantly beat expectations.
    • Gilts followed Bunds lower, while BoE policymakers repeated the case for a careful and gradual approach to future rate cuts given heightened economic uncertainties.