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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  • Euro wrap-up

    Euro wrap-up

    7 August 2025 387 KB PDF
    • Longer-dated Bunds made gains as German industrial production slumped in June to the lowest level since the first Covid-19 lockdown.
    • While the BoE cut rates by 25bps and signalled the likelihood of further gradual easing in future, shorter-dated Gilts made sizeable losses as four MPC members voted to keep rates unchanged.
  • Euro wrap-up

    Euro wrap-up

    6 August 2025 337 KB PDF
    • Bunds made modest losses as euro area retail sales rose in Q2 for a seventh successive quarter, while German factory orders surged in Q2 despite a fall back in demand in June.
    • Gilts also made losses despite a weak UK construction PMI survey.
  • Euro wrap-up

    Euro wrap-up

    5 August 2025 321 KB PDF
    • Bunds were little changed as the euro area services and composite PMIs for July were revised down but French and Spanish manufacturing output data for June beat expectations.
    • Gilts made modest losses at the shorter end of the curve as the UK services and composite PMIs for July were revised up.
  • Euro wrap-up

    Euro wrap-up

    1 August 2025 404 KB PDF
    • Bunds followed USTs higher while the flash estimates of euro area HICP in July showed headline inflation unchanged at 2.0%Y/Y.
    • Gilts also made gains on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    1 August 2025 403 KB PDF
    • July payrolls: below consensus reading augmented by sharp downward revisions; labor market slowdown raises the possibility of Fed easing in September
    • Household survey data: unemployment moved higher while labor force participation eased
  • Euro wrap-up

    Euro wrap-up

    31 July 2025 307 KB PDF
    • Longer-dated Bunds made gains as the flash estimate of German HICP inflation fell below 2%.
    • Gilts followed USTs higher on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    31 July 2025 229 KB PDF
    • Personal income: constrained by moderating wage growth
    • Employment cost index: compensation growth higher than expected in Q2 though not problematic with respect to 2 percent inflation
  • US Data Review

    US Data Review

    30 July 2025 200 KB PDF
    • Q2 GDP: surge in net exports provides boost to headline; growth in private domestic demand decelerates
    • Inflation measures: GDP price index subdued while the core price index for personal consumption expenditures exceeded expectations