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

    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.
  • Euro wrap-up

    Euro wrap-up

    14 November 2025 493 KB PDF
    • Bunds made modest losses while euro area GDP growth was affirmed at 0.2%Q/Q in Q3 after a surge in exports to the US in September.
    • Gilts underperformed after reports suggested that Chancellor Reeves was set to U-turn on plans to hike income tax in the Autumn budget.
  • US Economic Comment

    US Economic Comment

    14 November 2025 332 KB PDF
    • Government shutdown: resolved after 43-day stalemate; funding in place through January month-end
    • Prospects for Fed easing: currently too close to call ahead of the December 9-10 FOMC meeting, although we suspect softening labor market ultimately sways officials toward a cut
  • Euro wrap-up

    Euro wrap-up

    13 November 2025 330 KB PDF
    • Bunds followed USTs lower, while euro area industrial output moved broadly sideways in September to provide a neutral contribution to GDP in Q3.
    • Gilts also made losses even as UK GDP surprised to the downside in Q3 as a predictable slump in car production dragged on economic activity in September.
  • Euro wrap-up

    Euro wrap-up

    11 November 2025 356 KB PDF
    • Bunds made modest gains as the ZEW investor survey remained downbeat about current conditions but retained cautious optimism about the outlook.
    • Gilts outperformed after the UK labour market report flagged softer pay growth and a further rise in joblessness in September, paving the way for a December rate cut.
  • Euro wrap-up

    Euro wrap-up

    7 November 2025 363 KB PDF
    • Bunds made modest losses as German exports rose in September amid tentative signs of recovery in shipments to the US.
    • Gilts also made losses on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    6 November 2025 322 KB PDF
    • Bunds followed the global trend higher despite a smaller than expected rebound in German industrial output in September, while euro area retail sales posted modest growth in Q3.
    • Gilts also made gains as the BoE kept Bank Rate steady at 4.00%, but strongly signalled the likelihood of a December rate cut.
  • Euro wrap-up

    Euro wrap-up

    5 November 2025 326 KB PDF
    • Bunds followed USTs slightly lower, while German factory orders data showed tentative signs of stabilisation and the final euro area PMIs pointed to accelerated recovery momentum.
    • Gilts also made losses as the final UK composite PMI was upwardly revised in October to the second-highest reading in 13 months.