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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2026

2025

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  • Euro wrap-up

    Euro wrap-up

    27 August 2025 301 KB PDF
    • Bunds made gains following a drop in German consumer confidence, contrasting the improved expectations among firms in many sectors.
    • Having made losses on Tuesday, Gilts finished little changed as Ofgem hiked its household energy price cap a touch more than expected.
  • US Data Review

    US Data Review

    26 August 2025 248 KB PDF
    • Durable goods: decline in aircraft orders constrains headline; solid advance for bookings ex. transportation
    • Consumer confidence: decline in August due to rise in inflation expectations and souring views of the labor market
  • Euro wrap-up

    Euro wrap-up

    22 August 2025 376 KB PDF
    • Despite a pickup in euro area negotiated wage growth, Bunds followed USTs higher in the wake of Fed Chair Powell’s dovish remarks and after German GDP in Q2 was revised down significantly.
    • Gilts also followed USTs despite a pickup in UK consumer confidence to its highest level in the year to-date.
  • Euro wrap-up

    Euro wrap-up

    21 August 2025 338 KB PDF
    • Bunds made losses after the August flash PMIs suggested a modest pickup in euro area growth momentum led by German industry, and the EU and US agreed a framework for implementation of last month’s trade deal.
    • Gilts also made losses as the flash UK PMIs flagged a strengthening of economic activity in Q3 centred on the services sector.
  • Euro wrap-up

    Euro wrap-up

    20 August 2025 322 KB PDF
    • Bunds followed USTs higher as euro area inflation was confirmed at the 2% target in July while the number of job vacancies in the region continued to fall.
    • Gilts outperformed as a larger-than-expected increase in UK inflation in July was attributed to the timing of the school summer holidays.  
  • Euro wrap-up

    Euro wrap-up

    18 August 2025 379 KB PDF
    • Bunds made modest gains despite a confirmation of a sharp reduction in euro area goods exports in Q2.
    • On a quiet day for UK data, Gilts followed US Treasuries lower.
  • US Economic Comment

    US Economic Comment

    15 August 2025 381 KB PDF
    • Consumer spending: holding up in early Q3 despite depressed sentiment
    • Inflation: tariff-related pass-through to consumer prices contained thus far; core PCE to round to +0.3 percent in July
  • Euro wrap-up

    Euro wrap-up

    14 August 2025 392 KB PDF
    • While the slowdown in euro area GDP, IP and job growth in Q2 was confirmed, Bunds followed USTs lower in the wake of stronger-than-expected US producer price data.
    • Gilts also made losses as UK GDP growth in Q2 beat expectations.