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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  • US Economic Comment

    US Economic Comment

    2 August 2024 345 KB PDF
    • FOMC: set to move in September; soft data raise market speculation of aggressive action
    • July employment: disappointing payroll growth; upward move in unemployment rate
  • Euro wrap-up

    Euro wrap-up

    1 August 2024 386 KB PDF
    • Bunds followed the global trend higher as euro area unemployment rose in June.
    • Gilts rallied across the curve as the BoE’s MPC voted 5-4 to cut Bank Rate and continued to forecast that inflation is likely to decline sustainably below target before the end of its projection horizon.
  • US Data Review

    US Data Review

    1 August 2024 224 KB PDF
    • Productivity: favorable performance in Q2
    • Unemployment claims: Both initial and continuing claims move higher in late July
  • Euro wrap-up

    Euro wrap-up

    31 July 2024 285 KB PDF
    • Despite a slight rise in euro area inflation in July, Bunds made gains as the core rate remained steady and German labour market data weakened.
    • Gilts made larger gains ahead of the BoE’s rate announcement.
  • US Data Review

    US Data Review

    31 July 2024 232 KB PDF
    • Employment cost index: ongoing moderation as tightness in labor market subsides
    • MNI Chicago PMI: sub-50; key components indicate contraction
  • 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.