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

2024

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  • Euro wrap-up

    Euro wrap-up

    23 January 2025 293 KB PDF
    • Bunds were little changed as surveys suggested that euro area consumer confidence and French business sentiment remained very subdued at the start of the year.
    • Gilts outperformed, particularly at the shorter end of the curve following a downbeat UK manufacturing survey and after Chancellor Rachel Reeves signalled her readiness to tighten fiscal policy in March if necessary to ensure that she remains on track to meet her budgetary rules.
  • Euro wrap-up

    Euro wrap-up

    21 January 2025 287 KB PDF
    • Bunds made modest gains as the ZEW survey inevitably reported that investors remain very downbeat about German economic conditions at the start of the year.
    • Despite a pickup in private sector pay growth, Gilts made larger gains as data showed that the UK labour market continues to loosen with a rising unemployment rate and falling payroll employment and vacancies.
  • Euro wrap-up

    Euro wrap-up

    20 January 2025 270 KB PDF
    • Bunds made modest gains as euro area construction activity rose to the highest level since July 2023, but building work in Germany and France fell to multi-year lows.
    • Gilts were little changed on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    17 January 2025 392 KB PDF
    • Bunds were little changed as final euro area inflation data confirmed a rise in the headline HICP rate in December to a five-month high, but unchanged core inflation and the softest services inflation momentum for more than three years.
    • Gilts outperformed as UK retail sales disappointed expectations in December to record the steepest quarterly decline in a year.
  • US Economic Comment

    US Economic Comment

    17 January 2025 372 KB PDF
    • December inflation: notable month-to-month improvement
    • Business sentiment: election-related bounce
  • US Data Review

    US Data Review

    16 January 2025 219 KB PDF
    • Retail sales: solid discretionary (holiday-related) spending in December
    • Unemployment claims: pickup in initial claims not worrisome
  • Euro wrap-up

    Euro wrap-up

    16 January 2025 387 KB PDF
    • Despite a rebound in euro area exports in November, Bunds made gains as the ECB account flagged that some Governing Council members noted a case for a 50bps rate cut in December.
    • Gilts also made gains as UK GDP growth fell short of expectations in November to maintain a zero trend.
  • Euro wrap-up

    Euro wrap-up

    15 January 2025 438 KB PDF
    • Bunds followed Gilts higher as data suggested that German GDP contracted in Q4 to leave output down for a second successive year in 2024.
    • Gilts made significant gains as UK headline, core and services inflation undershot expectations in December to increase the likelihood that the MPC will cut Bank Rate at its next meeting in February.