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

    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.
  • Euro wrap-up

    Euro wrap-up

    30 October 2025 319 KB PDF
    • Bunds made losses as the ECB left its monetary policy and guidance unchanged, but euro area Q3 GDP beat its expectations and Lagarde stated that some downside risks to the euro area growth outlook have alleviated.
    • Gilts followed USTs lower on a quiet day for UK economic news.
  • US FOMC Review

    US FOMC Review

    29 October 2025 231 KB PDF
    • FOMC action: officials ratified market expectations with a cut of 25 basis points in the target range for the federal funds rate to 3.75-4.00% amid both hawkish and dovish dissents; cut in December “far from” a foregone conclusion
    • QT: Treasury redemptions (currently capped at $5 billion per month) to end effective December 1; redemptions of agency securities to be reinvested in Treasury bills
  • Euro wrap-up

    Euro wrap-up

    28 October 2025 352 KB PDF
    • Bunds made slight losses despite a decline in German consumer confidence to a seven-month low while an ECB survey reported that credit standards on euro area business loans tightened in Q3.
    • While yields flirted with year-to-date lows at most maturities after a UK retail survey suggested that food inflation moderated again in October, Gilts were little changed on the day approaching the close.
  • US Data Review

    US Data Review

    28 October 2025 269 KB PDF
    • House price indexes: both FHFA and S&P measures advance in August, although price trends still appear to be softening
    • Consumer confidence: slight decline from upwardly revised result
  • Euro wrap-up

    Euro wrap-up

    27 October 2025 300 KB PDF
    • Bunds were little changed as the German ifo survey flagged persisting manufacturing challenges in October but the greatest optimism in the outlook for 2 and a half years, while euro area bank lending remained firm.
    • Gilts made modest gains as a CBI survey signalled weak UK retail sales growth at the start of Q4.
  • Euro wrap-up

    Euro wrap-up

    24 October 2025 392 KB PDF
    • Bunds made losses as the flash euro area PMIs for October surprised significantly on the upside in part thanks to strength in German services.
    • Gilts were little changed even as the UK flash PMIs as well as data for retail sales and consumer confidence beat expectations.
  • US Economic Comment

    US Economic Comment

    24 October 2025 384 KB PDF
    • FOMC: easing in monetary policy a near certitude next week
    • The data: inflation softer than expected, but risks remain; downside risks to the labor market warrant further easing
    • Balance sheet policy: with reserves likely having transitioned from “abundant” to “ample,” the end of Treasury redemptions possibly addressed next week