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

  • Euro wrap-up

    Euro wrap-up

    17 February 2025 300 KB PDF
    • While data showed that euro area exports ended 2024 on a soft note, Bunds made losses as European leaders met to discuss the region’s security, raising the likelihood of increased borrowing to fund defence spending.
    • Gilts also made losses on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    14 February 2025 395 KB PDF
    • Bunds largely made modest losses as euro area Q4 GDP was revised up slightly but employment growth slowed to the softest in almost four years.
    • Gilts were little changed on a day free of top-tier UK economic data.
  • US Economic Comment

    US Economic Comment

    14 February 2025 409 KB PDF
    • Fed call: multiple cuts in 2025, but more likely in H2
    • Friday data: soft retail sales; industrial production boosted by utility output
  • Euro wrap-up

    Euro wrap-up

    13 February 2025 378 KB PDF
    • Bunds made gains as European gas futures plunged as Germany called for exemptions from storage targets, and euro area industrial production maintained its relentless downtrend at the end of 2024.
    • Gilts also made gains even as UK GDP data beat expectations by registering a very modest pickup in Q4.
  • US Data Review

    US Data Review

    12 February 2025 251 KB PDF
    • CPI: broad-based pressure in January
  • Euro wrap-up

    Euro wrap-up

    7 February 2025 391 KB PDF
    • Bunds ended the day little changed while German exports in December rose the most in eleven months despite a slump manufacturing output to the lowest level since the first Covid lockdown.
    • Gilts were little changed on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    7 February 2025 427 KB PDF
    • January employment: possibly affected by special factors
    • JOLTS: openings decline amid an ongoing rebalancing in labor market conditions
  • Euro wrap-up

    Euro wrap-up

    6 February 2025 361 KB PDF
    • Bunds made modest losses as German new factory orders surprised to the upside in December and euro area retail sales suggested positive consumption growth in Q4.
    • Despite an initial rally after the BoE cut rates by 25bps and two MPC members voted for a 50bps cut, Gilts closed the day lower as the BoE revised up significantly its near-term inflation projection and highlighted the uncertainty of the outlook.