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

  • Euro wrap-up

    Euro wrap-up

    6 May 2025 300 KB PDF
    • Bunds had a mixed performance as CDU leader Merz required a second vote in the Bundestag to secure the required majority to become Germany’s next Chancellor, while the final April euro area composite output PMI was in line with the Q1 average, but expectations weakened.   
    • Shorter-dated Gilts made modest gains as the final UK PMIs signalled contraction for the first time in 18 months.
  • US Data Review

    US Data Review

    5 May 2025 227 KB PDF
    • ISM services: indicating expansion for the tenth consecutive month; prices elevated
  • Euro wrap-up

    Euro wrap-up

    2 May 2025 440 KB PDF
    • Bunds followed USTs lower as euro area flash inflation data for April surprised on the upside due to a jump in the services component.
    • Ahead of Monday’s UK Bank Holiday, Gilts closed little changed on the day.
  • US Economic Comment

    US Economic Comment

    2 May 2025 363 KB PDF
    • April employment: scant evidence of deterioration in the labor market; wage growth eases
    • May FOMC: Committee likely on hold; elevated risks to both sides of dual mandate
  • US Data Review

    US Data Review

    1 May 2025 200 KB PDF
    • ISM manufacturing: factory sector eases further into contraction; prices remain elevated
  • Euro wrap-up

    Euro wrap-up

    30 April 2025 323 KB PDF
    • Although euro area Q1 GDP growth beat expectations and member state data suggested that euro area core inflation rose in April, Bunds made gains.
    • Gilts also made gains as UK house prices fell the most since August 2023 after changes to Stamp Duty took effect.
  • US Data Review

    US Data Review

    30 April 2025 263 KB PDF
    • Q1 GDP: constrained by surge in imports; private domestic demand remained solid
    • Inflation: favorable in March after upward revisions to prior data; risks in coming months skewed to the upside
  • Euro wrap-up

    Euro wrap-up

    29 April 2025 374 KB PDF
    • While the first member state data for Q1 GDP suggested firm growth, Bunds made gains as Spanish inflation was steady and the Commission survey flagged a broad-based softening in euro area economic sentiment in April. 
    • Although a retail survey provided mixed messages on UK inflation, Gilts also made gains.