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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  • 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
  • Euro wrap-up

    Euro wrap-up

    8 July 2025 276 KB PDF
    • Bunds followed the global trend lower even as German exports fell more than expected in May, reinforcing the likelihood that net trade was a drag on Q2 GDP.
    • Longer-dated Gilts underperformed as the Office for Budgetary Responsibility flagged mounting risks to the UK fiscal outlook in the absence of substantive policy adjustments.
  • Euro wrap-up

    Euro wrap-up

    7 July 2025 246 KB PDF
    • Bunds made losses as German manufacturing production surprised to the upside in May, offsetting a notable drag from construction.
    • Gilts followed the global trend lower on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    4 July 2025 356 KB PDF
    • Bunds made gains as German factory orders and manufacturing turnover data disappointed and euro area manufacturing output prices declined as the strong euro weighed on import prices.  
    • Gilts made modest losses as the UK construction PMIs pointed to a further recovery in housebuilding but weakness in other subsectors.
  • Euro wrap-up

    Euro wrap-up

    3 July 2025 362 KB PDF
    • While the account of the ECB June policy meeting showed that a few Governing Council members would have been content not to have cut rates, Bunds followed Gilts higher.
    • Despite a sizeable upwards revision to the UK PMIs and a sell-off in USTs, Gilts partly reversed Wednesday’s losses after Prime Minister Starmer reaffirmed his support for Chancellor Reeves.
  • US Economic Comment

    US Economic Comment

    3 July 2025 365 KB PDF
    • The labor market: solid topline results in June, although a slowdown in private-sector hiring raises some concern; the unemployment rate remained low
    • June PMIs: suggestive of ongoing economic expansion
  • Euro wrap-up

    Euro wrap-up

    1 July 2025 334 KB PDF
    • While euro area inflation ticked higher in June, Bunds made gains as several ECB Governing Council members flagged concerns about the strong euro.
    • Gilts also made gains as UK house prices fell for the third month in four.
  • US Data Review

    US Data Review

    1 July 2025 197 KB PDF
    • ISM manufacturing: slight improvement in June though still signaling contraction; prices remain elevated