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

    29 August 2025 418 KB PDF
    • Bunds made modest losses as German inflation rose more than expected in August.
    • Gilts also closed slightly lower amid further speculation about potential tax-raising measures in the autumn Budget.
  • Euro wrap-up

    Euro wrap-up

    28 August 2025 296 KB PDF
    • While the Commission’s latest economic sentiment indicators were less upbeat than the PMIs, Bunds ended the day little changed after the account of the ECB’s July policy meeting underscored the surprising resilience of economic activity.
    • OATs outperformed as French PM Bayrou signalled his openness to adjusting his fiscal strategy, while Gilts followed USTs higher.
  • US Data Review

    US Data Review

    28 August 2025 197 KB PDF
    • Q2 GDP: upward adjustments to consumer spending and business investment spur positive revision
    • GDI: alternate measure of economic activity suggests firm Q2 performance
  • Euro wrap-up

    Euro wrap-up

    27 August 2025 301 KB PDF
    • Bunds made gains following a drop in German consumer confidence, contrasting the improved expectations among firms in many sectors.
    • Having made losses on Tuesday, Gilts finished little changed as Ofgem hiked its household energy price cap a touch more than expected.
  • US Data Review

    US Data Review

    26 August 2025 248 KB PDF
    • Durable goods: decline in aircraft orders constrains headline; solid advance for bookings ex. transportation
    • Consumer confidence: decline in August due to rise in inflation expectations and souring views of the labor market
  • Euro wrap-up

    Euro wrap-up

    22 August 2025 376 KB PDF
    • Despite a pickup in euro area negotiated wage growth, Bunds followed USTs higher in the wake of Fed Chair Powell’s dovish remarks and after German GDP in Q2 was revised down significantly.
    • Gilts also followed USTs despite a pickup in UK consumer confidence to its highest level in the year to-date.
  • Euro wrap-up

    Euro wrap-up

    21 August 2025 338 KB PDF
    • Bunds made losses after the August flash PMIs suggested a modest pickup in euro area growth momentum led by German industry, and the EU and US agreed a framework for implementation of last month’s trade deal.
    • Gilts also made losses as the flash UK PMIs flagged a strengthening of economic activity in Q3 centred on the services sector.
  • Euro wrap-up

    Euro wrap-up

    20 August 2025 322 KB PDF
    • Bunds followed USTs higher as euro area inflation was confirmed at the 2% target in July while the number of job vacancies in the region continued to fall.
    • Gilts outperformed as a larger-than-expected increase in UK inflation in July was attributed to the timing of the school summer holidays.