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

2023

  • Euro Wrap-up

    Euro Wrap-up

    27 March 2024 280 KB PDF
    • While the Commission survey signalled a return to very modest GDP growth in Q1, Bunds made gains as the survey’s price expectations indices fell and ECB Governing Council member Cipollone suggested there should be scope to cut interest rates “swiftly”.
    • Gilts also made gains on a quiet day for top-tier UK data.  
  • US Data Review

    US Data Review

    26 March 2024 374 KB PDF
    • Durable goods orders: sideways trend in orders ex-transportation; shipments data suggests drag from equipment spending on GDP growth in Q1
    • Consumer confidence: little changed from downward-revised reading
  • Euro Wrap-up

    Euro Wrap-up

    22 March 2024 317 KB PDF
    • While the German ifo survey flagged an improved business climate at end-Q1, Bunds made gains as Bundesbank President Nagel suggested that rates could possibly be cut in June.
    • Gilts also made gains as UK retail sales were unchanged in February, and the GfK survey suggested a decline in purchase intentions in March.
  • US Economic Comment

    US Economic Comment

    22 March 2024 545 KB PDF
    • Forecast update: avoiding recession, at least for now
    • Monetary policy: sticky inflation prevents more forceful near-term cuts, while the outlook for rates remains highly uncertain
  • Euro Wrap-up

    Euro Wrap-up

    21 March 2024 326 KB PDF
    • Bunds made gains as the flash euro area PMIs signalled further economic stabilisation in March but ongoing contraction in the German economy.
    • While the BoE kept rates unchanged and the flash UK PMIs signalled ongoing recovery momentum, Gilts made gains as no MPC member voted for a rate hike for the first time since September 2021.
  • Euro Wrap-up

    Euro Wrap-up

    20 March 2024 351 KB PDF
    • Longer-dated Bunds made modest gains even as ECB President Lagarde insisted that the Governing Council would not pre-commit to any particular future path in rates and euro area consumer confidence rose to its highest level in more than two years.
    • Gilts made larger gains as UK inflation fell a touch further than the BoE and market consensus expected.
  • US FOMC Review

    US FOMC Review

    20 March 2024 380 KB PDF
    • FOMC: target range for federal funds rate unchanged at 5.25 to 5.50 percent; cuts contingent on inflation developments
    • SEP: economic growth in 2024-26 adjusted higher from prior forecast; faster core inflation expected in 2024
    • Dot plot: median dot remained at 4.625 percent in 2024; shallower path of cuts anticipated in 2025 and 2026
  • Euro Wrap-up

    Euro Wrap-up

    18 March 2024 277 KB PDF
    • While final euro area HICP figures maintained a downwards trend in headline and core inflation, Bunds made modest losses as services inflation was revised marginally higher from the flash estimate.
    • Gilts made modest gains on a quiet day for UK economic news.