London & NY Research

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    Daiwa Europe’s market-leading research on the Japanese economy.

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    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

    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
  • New Development Bank - Issuer Profile

    New Development Bank - Issuer Profile

    17 June 2025 393 KB PDF
    • Synopsis: The New Development Bank is multilateral development bank established by the ‘BRICS’ states. It aims to mobilise resources for infrastructure and development projects in the BRICS region and other emerging as well as developing countries.