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 April 2025 374 KB PDF
    • While the first member state data for Q1 GDP suggested firm growth, Bunds made gains as Spanish inflation was steady and the Commission survey flagged a broad-based softening in euro area economic sentiment in April. 
    • Although a retail survey provided mixed messages on UK inflation, Gilts also made gains.
  • US Data Review

    US Data Review

    29 April 2025 269 KB PDF
    • International trade in goods: wider deficit in March driven by surging imports ahead of tariffs 
    • Consumer confidence: sharp deterioration in expectations
    • JOLTS: job openings and layoffs rates declined in March, hires rate unchanged, quits rate ticked higher
  • Euro wrap-up

    Euro wrap-up

    25 April 2025 373 KB PDF
    • Euro area government bonds made modest losses as a French survey suggested that manufacturers were relatively unperturbed by the new US tariffs and that overall business sentiment was broadly steady in April.
    • Despite stronger-than-expected UK retail sales data, Gilts were little changed as consumer confidence weakened to a 17-month low.
  • Euro wrap-up

    Euro wrap-up

    24 April 2025 297 KB PDF
    • While the April German ifo survey beat expectations and French consumers revised up their purchase intentions, Bunds followed USTs higher.
    • Gilts also made gains while a UK survey suggested that manufacturers cut capex and hiring intentions due to weak demand and heightened uncertainty.
  • Euro wrap-up

    Euro wrap-up

    23 April 2025 363 KB PDF
    • Bunds made losses while the flash euro area PMIs beat expectations but nevertheless signalled stagnation in April and rising pessimism about the economic outlook.
    • Despite a deterioration in the UK PMIs, shorter-dated Gilts made losses as higher-than-expected public sector borrowing saw the DMO revise its financing remit for FY25 with extra issuance skewed to the short end of the curve.
  • Euro wrap-up

    Euro wrap-up

    22 April 2025 248 KB PDF
    • Bunds made gains as euro area consumer confidence deteriorated sharply amid rising economic uncertainties.
    • Gilts made larger gains as previously hawkish BoE policymaker Greene warned that US tariffs posed disinflationary risks for the UK.
  • Euro wrap-up

    Euro wrap-up

    17 April 2025 352 KB PDF
    • Bunds made gains as the ECB cut rates by 25bps and signalled the likelihood of further easing to come in response to the deteriorating growth outlook and tightening financial conditions.
    • Gilts followed euro area government bonds higher as today’s favourable BoE credit conditions survey results have likely been overtaken by recent events.
  • US Data Review

    US Data Review

    16 April 2025 266 KB PDF
    • Retail sales: solid in March, but tariffs pose significant risk to the outlook for consumer spending
    • Industrial production: increases in manufacturing, mining offset by drop in utilities