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

    27 October 2025 300 KB PDF
    • Bunds were little changed as the German ifo survey flagged persisting manufacturing challenges in October but the greatest optimism in the outlook for 2 and a half years, while euro area bank lending remained firm.
    • Gilts made modest gains as a CBI survey signalled weak UK retail sales growth at the start of Q4.
  • Euro wrap-up

    Euro wrap-up

    24 October 2025 392 KB PDF
    • Bunds made losses as the flash euro area PMIs for October surprised significantly on the upside in part thanks to strength in German services.
    • Gilts were little changed even as the UK flash PMIs as well as data for retail sales and consumer confidence beat expectations.
  • US Economic Comment

    US Economic Comment

    24 October 2025 384 KB PDF
    • FOMC: easing in monetary policy a near certitude next week
    • The data: inflation softer than expected, but risks remain; downside risks to the labor market warrant further easing
    • Balance sheet policy: with reserves likely having transitioned from “abundant” to “ample,” the end of Treasury redemptions possibly addressed next week
  • US Data Review

    US Data Review

    23 October 2025 199 KB PDF
    • Existing home sales: activity picks up in September; inventories improve
  • Euro wrap-up

    Euro wrap-up

    22 October 2025 334 KB PDF
    • Gilts outperformed as UK inflation in September undershot the BoE’s projection to support the case for a further rate cut before year-end.
    • Bunds followed USTs marginally lower on a quiet day for euro area economic news.
  • Euro wrap-up

    Euro wrap-up

    21 October 2025 282 KB PDF
    • Bunds made modest gains, while the dataflow remained consistent with an absence of German GDP growth in Q3.
    • Longer-dated Gilts made gains as the overshoot in UK public borrowing compared with the OBR forecast was a little less than previously thought.
  • Euro wrap-up

    Euro wrap-up

    17 October 2025 357 KB PDF
    • After opening higher, Bunds followed USTs lower to close the day little changed as concerns related to US credit losses and trade tensions receded slightly, while final euro area inflation estimates brought an upwards revision to the core rate.
    • Gilts followed USTs lower on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    16 October 2025 324 KB PDF
    • Bunds made very modest gains as euro area goods trade figures showed shipments to the US and China remaining firmly in reverse.
    • Gilts outperformed as UK economic growth momentum slowed in the first two months of Q3 as services activity stagnated.