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

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  • Euro wrap-up

    Euro wrap-up

    25 April 2025 373 KB PDF
    • Euro area government bonds made modest losses as a French survey suggested that manufacturers were relatively unperturbed by the new US tariffs and that overall business sentiment was broadly steady in April.
    • Despite stronger-than-expected UK retail sales data, Gilts were little changed as consumer confidence weakened to a 17-month low.
  • Euro wrap-up

    Euro wrap-up

    24 April 2025 297 KB PDF
    • While the April German ifo survey beat expectations and French consumers revised up their purchase intentions, Bunds followed USTs higher.
    • Gilts also made gains while a UK survey suggested that manufacturers cut capex and hiring intentions due to weak demand and heightened uncertainty.
  • Euro wrap-up

    Euro wrap-up

    23 April 2025 363 KB PDF
    • Bunds made losses while the flash euro area PMIs beat expectations but nevertheless signalled stagnation in April and rising pessimism about the economic outlook.
    • Despite a deterioration in the UK PMIs, shorter-dated Gilts made losses as higher-than-expected public sector borrowing saw the DMO revise its financing remit for FY25 with extra issuance skewed to the short end of the curve.
  • US Data Review

    US Data Review

    23 April 2025 196 KB PDF
    • New home sales: increase in activity concentrated in the South; prices ease; inventories remain elevated
  • Euro wrap-up

    Euro wrap-up

    22 April 2025 248 KB PDF
    • Bunds made gains as euro area consumer confidence deteriorated sharply amid rising economic uncertainties.
    • Gilts made larger gains as previously hawkish BoE policymaker Greene warned that US tariffs posed disinflationary risks for the UK.
  • Euro wrap-up

    Euro wrap-up

    17 April 2025 352 KB PDF
    • Bunds made gains as the ECB cut rates by 25bps and signalled the likelihood of further easing to come in response to the deteriorating growth outlook and tightening financial conditions.
    • Gilts followed euro area government bonds higher as today’s favourable BoE credit conditions survey results have likely been overtaken by recent events.
  • US Data Review

    US Data Review

    16 April 2025 266 KB PDF
    • Retail sales: solid in March, but tariffs pose significant risk to the outlook for consumer spending
    • Industrial production: increases in manufacturing, mining offset by drop in utilities
  • Euro wrap-up

    Euro wrap-up

    16 April 2025 328 KB PDF
    • Bunds made gains as the final estimates of euro area inflation in March confirmed that the core rate fell to the lowest level in more than three years, albeit in part due to Easter effects.  
    • Despite gains at the longer end of the curve, gilts were little changed at the short end as a downside surprise to UK inflation in March similarly in part reflected the timing of Easter.