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

    18 July 2025 340 KB PDF
    • Bunds made modest losses as data suggested that euro area construction activity appears on track to make a non-negligible contribution to Q2 GDP despite declining in May.
    • Gilts also made losses on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    17 July 2025 210 KB PDF
    • Retail sales: rebound in June, although a portion of the gain may be price effects
  • Euro wrap-up

    Euro wrap-up

    17 July 2025 315 KB PDF
    • Bunds made subtle gains at the long end, as final estimates of euro area inflation was confirmed at the 2% target inflation print.
    • Shorter-dated Gilts made losses even as the latest labour market data flagged further decline in wage growth and payrolls.
  • Euro wrap-up

    Euro wrap-up

    16 July 2025 323 KB PDF
    • Bunds followed USTs higher as euro area goods exports fell to a five-month low in May, signalling a likely negative contribution from net trade to Q2 GDP growth.
    • Gilts made losses following an upside surprise to UK inflation in June.
  • Euro wrap-up

    Euro wrap-up

    15 July 2025 281 KB PDF
    • While euro area industrial production bounced back in May and investors were more upbeat about the German economic outlook, Bunds made modest gains.
    • Gilts followed USTs lower ahead of BoE Governor Bailey’s annual speech at Mansion House, while a UK retail survey signalled a rebound in sales volumes in June.
  • US Data Review

    US Data Review

    15 July 2025 263 KB PDF
    • CPI: core increase below expectations, although tariffs seeping through to goods prices
  • Euro wrap-up

    Euro wrap-up

    11 July 2025 367 KB PDF
    • Despite a downside surprise to UK GDP in May, Gilts made modest losses as the economy remains on track for modestly positive growth in Q2.
    • Bunds also made modest losses as ECB hawk Schnabel downplayed the risks of undershooting the inflation target over the medium term and suggested the bar for another cut is very high.
  • US Economic Comment

    US Economic Comment

    11 July 2025 387 KB PDF
    • The Trump agenda: passage of the One Big Beautiful Bill provides stability on tax policy and the debt ceiling for now but economic uncertainty remains high
    • Consumer inflation expectations: favorable readings from the New York Fed’s Survey of Consumer Expectations despite ongoing tariff concerns