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

  • US Data Review

    US Data Review

    4 September 2025 224 KB PDF
    • ISM services: indicating expansion in late summer; prices elevated
  • Euro wrap-up

    Euro wrap-up

    3 September 2025 296 KB PDF
    • Bunds made modest gains while the August PMIs signalled a modest improvement in euro area economic growth led by German manufacturing, despite a loss of momentum in services activity. 
    • While the UK PMIs were revised higher in August and BoE Governor Bailey cautioned about the pace of future rate cuts, Gilts made gains after Chancellor Reeves confirmed the Autumn Budget for 26 November.
  • Euro wrap-up

    Euro wrap-up

    2 September 2025 367 KB PDF
    • While the flash August estimate of euro area inflation offered little surprise, Bunds made losses following a global sell-off at the long-end of the curve.
    • The Gilt curve also steepened on a quiet day for UK economic data.
  • US Data Review

    US Data Review

    2 September 2025 215 KB PDF
    • ISM manufacturing: improved in August but still signaling contraction; prices remain elevated
  • Euro wrap-up

    Euro wrap-up

    29 August 2025 418 KB PDF
    • Bunds made modest losses as German inflation rose more than expected in August.
    • Gilts also closed slightly lower amid further speculation about potential tax-raising measures in the autumn Budget.
  • US Economic Comment

    US Economic Comment

    29 August 2025 385 KB PDF
    • PCE price index: in line with expectations; sticky in upper 2’s although not an impediment to near-term rate cut narrative
    • Views from the FOMC: Waller strongly endorses a September cut
  • Euro wrap-up

    Euro wrap-up

    28 August 2025 296 KB PDF
    • While the Commission’s latest economic sentiment indicators were less upbeat than the PMIs, Bunds ended the day little changed after the account of the ECB’s July policy meeting underscored the surprising resilience of economic activity.
    • OATs outperformed as French PM Bayrou signalled his openness to adjusting his fiscal strategy, while Gilts followed USTs higher.
  • US Data Review

    US Data Review

    28 August 2025 197 KB PDF
    • Q2 GDP: upward adjustments to consumer spending and business investment spur positive revision
    • GDI: alternate measure of economic activity suggests firm Q2 performance