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

    1 October 2025 280 KB PDF
    • While euro area inflation rose to a five-month high, Lagarde suggested that risks to consumer prices were quite contained allowing Bunds to follow USTs slightly higher.
    • Gilts also made modest gains on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    1 October 2025 214 KB PDF
    • ISM manufacturing: rebound in production leads improvement in composite though still signaling contraction; prices remain elevated
  • Euro wrap-up

    Euro wrap-up

    30 September 2025 328 KB PDF
    • Bunds were little changed, despite an upside surprise to German inflation, which rose to a 7-month high on prices of fuel and services.
    • Gilts closed the day little changed while updated national accounts data suggested that the UK economy was larger than previously estimated and a survey showed shop price inflation up to an 18-month high.  
  • Euro wrap-up

    Euro wrap-up

    29 September 2025 298 KB PDF
    • Bunds followed USTs higher while the Commission survey pointed to economic resilience in the euro area at the end of Q3 but minimal pickup in growth momentum.
    • Despite a pickup in UK bank lending, Gilts outperformed after BoE Deputy Governor Ramsden intimated that he might back a rate cut by year-end and government ministers refused to rule out manifesto-breaking tax hikes.
  • Euro wrap-up

    Euro wrap-up

    26 September 2025 335 KB PDF
    • Bunds made gains while an Italian survey signalled a return to modest growth in Q3 and euro area consumer inflation expectations rose further above target.
    • Gilts also trended higher on a quiet end to the week for UK economic news.
  • US Economic Comment

    US Economic Comment

    26 September 2025 370 KB PDF
    • August inflation data: moderate advance in PCE price index; in line with expectations
    • Q3 GDP update: data in hand suggest a solid performance, again underpinned by resilient households
  • Euro wrap-up

    Euro wrap-up

    25 September 2025 300 KB PDF
    • Bunds followed the global trend lower as a survey suggested that German consumers were more upbeat and firm bank lending data implied that ECB policy is no longer restrictive.
    • Gilts underperformed as the shutdown at JLR raised concerns of a possible fiscal impact while pressures against PM Starmer from within his own party continue to mount. 
  • Euro wrap-up

    Euro wrap-up

    24 September 2025 271 KB PDF
    • Bunds ended the day little changed while the ifo business survey was less upbeat than the flash PMIs, casting doubt on Germany’s growth momentum in Q3.
    • Gilts followed USTs lower to close little changed even as BoE Governor Bailey reiterated his expectation that interest rates have further to fall as the labour market loosens and consumers remain cautious.