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.

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    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

    18 September 2024 280 KB PDF
    • FOMC: pivot to lower rates initiated with a cut of 50 basis points
    • The September SEP: moderate growth; expectations for inflation adjusted lower; higher near-term unemployment versus June projections
  • US Data Review

    US Data Review

    17 September 2024 256 KB PDF
    • Retail sales: solid in August after brisk activity in the prior month
    • Industrial production: rebound in August following hurricane-related volatility in the prior month
  • Euro wrap-up

    Euro wrap-up

    17 September 2024 262 KB PDF
    • Bunds followed USTs lower, despite an extremely downbeat German investor survey.
    • Gilts also made modest losses on a quiet day for UK economic news.
  • Issuer Profile - Black Sea Trade and Development Bank

    Issuer Profile - Black Sea Trade and Development Bank

    16 September 2024 421 KB PDF
  • Euro wrap-up

    Euro wrap-up

    13 September 2024 436 KB PDF
    • Bunds were little changed on the day as data confirmed that euro area industrial production is on track to contract again in Q3 and that the pickup in French services inflation in August was caused in part by temporary Olympic-related factors.
    • Gilts were also little changed on a quiet end to the week for UK economic news.
  • US Economic Comment

    US Economic Comment

    13 September 2024 414 KB PDF
    • FOMC preview: the Committee is on track to ease policy, but the magnitude of the first cut (and path of rates) is far from certain
    • The Summary of Economic Projections: meaningful changes to the dot plot; modest revisions to economic data
  • US Data Review

    US Data Review

    12 September 2024 235 KB PDF
    • PPI: August results consistent with ongoing moderation in inflation
    • Unemployment claims: modest increases for both initial and continuing claims
  • Euro wrap-up

    Euro wrap-up

    12 September 2024 270 KB PDF
    • Bunds made losses as the ECB cut rates but left its projections little changed and President Lagarde gave no indication that the Governing Council feels any urgency to cut rates again in October.
    • Gilts made losses while a UK residential market survey signalled a gradual pickup in sales and house prices ahead.