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

    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
  • Euro wrap-up

    Euro wrap-up

    30 June 2025 343 KB PDF
    • Bunds were little changed as data for German inflation and retail sales and euro area bank lending surprised on the downside, but the ECB’s updated strategy emphasised the euro area’s increased susceptibility to inflation shocks and its readiness to respond forcefully and persistently if necessary.
    • Except for the superlong end of the curve, Gilts made gains despite a marked acceleration in bank lending to firms.
  • Euro wrap-up

    Euro wrap-up

    27 June 2025 355 KB PDF
    • While the Commission survey flagged a deterioration in economic sentiment in June, Bunds followed USTs lower as flash estimates of French and Spanish inflation ticked higher.
    • Gilts also made losses on a quiet day for UK economic news.
  • 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.