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

    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.
  • Euro wrap-up

    Euro wrap-up

    31 October 2025 377 KB PDF
    • Shorter-dated Bunds followed USTs slightly higher, while euro area inflation slipped back in October as energy and food price pressures faded.
    • Gilts also made modest gains on a quiet day for UK economic news.