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

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  • Euro wrap-up

    Euro wrap-up

    26 November 2025 273 KB PDF
    • Gilts outperformed as the UK budget raised taxes to keep public borrowing on a downtrend and added significantly to headroom relative to the government's principal fiscal target.
    • Bunds were little changed on a quiet day for euro area economic data.
  • Euro wrap-up

    Euro wrap-up

    25 November 2025 284 KB PDF
    • Longer-dated Bunds made gains while German GDP data showed that private consumption contracted in Q3 after the ifo business survey suggested minimal improvement in Q4 to contrast the message of the flash PMIs.
    • Gilts outperformed as investors positioned ahead of tomorrow’s UK government Budget statement.
  • US Data Review

    US Data Review

    25 November 2025 297 KB PDF
    • Retail sales: sluggish in September as households curtail discretionary purchases
    • Consumer confidence: decline influenced by deteriorating views on labor market
  • Euro wrap-up

    Euro wrap-up

    21 November 2025 365 KB PDF
    • Bunds made gains while the euro area flash PMIs for November signalled a pickup in economic growth momentum in Q4 but a softening labour market and moderating price pressures.  
    • Gilts made larger gains as the flash UK PMIs indicated a further weakening of underlying growth and a softening labour market, while the latest retail sales and consumer confidence figures also disappointed.
  • US Economic Comment

    US Economic Comment

    21 November 2025 358 KB PDF
    • FOMC: little additional clarity ahead of December gathering despite September employment data; FOMC minutes from October, along with comments this week from various officials, underscore division among Committee members
    • Insights on the economy: S&P PMI flash estimates suggest ongoing moderate growth in Q4
  • Euro wrap-up

    Euro wrap-up

    20 November 2025 299 KB PDF
    • Bunds were little changed as euro area consumer confidence held steady at the highest level so far this year and German producer inflation data illustrated an ongoing absence of pipeline goods price pressures.
    • Gilts followed USTs slightly higher, while a UK manufacturing survey signalled the steepest pace of decline in output since August 2020.
  • US Data Review

    US Data Review

    20 November 2025 279 KB PDF
    • September employment: shutdown-delayed data suggest ongoing softening in underlying conditions, although latest results unlikely to deter hawkish FOMC members calling for a pause in December
    • Existing home sales: activity picks up in October; inventories dip
  • Euro wrap-up

    Euro wrap-up

    19 November 2025 380 KB PDF
    • Bunds were little changed as final euro area inflation data for October aligned with the flash estimate, with the modest uptick relating to likely temporary price pressures in volatile services components.
    • While UK inflation fell for the first month in five in October, Gilts made losses as uncertainty about fiscal policy ahead of next week’s budget persisted.