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

    27 June 2025 355 KB PDF
    • While the Commission survey flagged a deterioration in economic sentiment in June, Bunds followed USTs lower as flash estimates of French and Spanish inflation ticked higher.
    • Gilts also made losses on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    26 June 2025 287 KB PDF
    • Shorter-dated Bunds made modest gains as German consumer confidence slipped back despite an improvement in economic and income expectations.
    • Gilts also made gains as a UK retail survey signalled a marked decline in sales volumes at the end of Q2.
  • Euro wrap-up

    Euro wrap-up

    24 June 2025 301 KB PDF
    • Bunds underperformed other European govvies as Chancellor Merz’s Cabinet approved additional debt issuance in Q3 and key spending and borrowing plans for the coming four years.
    • Gilts followed USTs higher while BoE Governor Bailey acknowledged that there is more evidence that the labour market is softening and pay growth is slowing.
  • Euro wrap-up

    Euro wrap-up

    23 June 2025 291 KB PDF
    • Bunds made minimal gains as the flash PMIs suggested that euro area economic conditions remained stable despite heightened geopolitical risks and price pressures remained muted.
    • Gilts made larger gains as the flash UK services output price PMI fell back below the long-run average for the first time since early 2021.
  • Euro wrap-up

    Euro wrap-up

    20 June 2025 368 KB PDF
    • Bunds closed the day little changed, while euro area consumer confidence edged slightly lower amid heightened geopolitical tensions, but French business confidence remained broadly stable.
    • Despite a larger-than-expected decline in UK retail sales in May, Gilts made modest losses as consumer confidence modestly improved.
  • Euro wrap-up

    Euro wrap-up

    19 June 2025 308 KB PDF
    • While more MPC members than expected voted for a cut, Gilts made losses as the BoE left Bank Rate unchanged at 4.25%.
    • Bunds also made losses as euro area construction data suggested the sector will provide support to economic growth in Q2.
  • Euro wrap-up

    Euro wrap-up

    18 June 2025 292 KB PDF
    • Bunds made gains as the final estimates of euro area inflation in May reaffirmed that underlying price pressures continue to ease.
    • Gilts also made gains as UK inflation fell back thanks to a moderation in the all-important services component.
  • US Economic Comment

    US Economic Comment

    18 June 2025 426 KB PDF
    • FOMC: policymakers vote unanimously to leave the target range for the federal funds rate unchanged for the fourth consecutive meeting at 4-1/4 to 4-1/2 percent
    • The June SEP: faster inflation, slower growth, higher unemployment anticipated; dot plot still signaling two cuts in 2025, but only one in 2026