London & NY Research

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    Daiwa Europe’s market-leading research on the Japanese economy.

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    Daiwa’s research coverage of the euro area and UK economies.

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    Daiwa’s coverage of the US economy from our colleagues in New York

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2025

2024

  • US Economic Comment

    US Economic Comment

    6 June 2025 389 KB PDF
    • May employment data: further moderation in hiring
    • Layoffs: recent data from the JOLTS & weekly unemployment claims suggest a pickup in separations
  • Euro wrap-up

    Euro wrap-up

    5 June 2025 414 KB PDF
    • While the ECB cut rates in line with expectations, Bunds made losses as Lagarde repeatedly stated that the end of the rate-cut cycle is approaching, while German factory orders and Irish GDP surprised to the upside.
    • Gilts made modest losses despite an admission from the ONS that April’s inflation figure was erroneously high.
  • Euro wrap-up

    Euro wrap-up

    4 June 2025 366 KB PDF
    • While the final PMIs were consistent with a further weakening in euro area economic activity, Bunds made modest losses as the German cabinet approved a tax incentive package to boost business capex.
    • Gilts followed USTs higher as the UK PMIs pointed to stagnation and easing price pressures.
  • US Data Review

    US Data Review

    4 June 2025 227 KB PDF
    • ISM services: indicating contracting for the first time since June 2024 amid heightened policy uncertainty; prices index remains elevated
  • Euro wrap-up

    Euro wrap-up

    3 June 2025 315 KB PDF
    • Bunds made gains as flash May euro area inflation estimates fell more than expected, with headline inflation back below the 2% target and the core HICP rate the lowest since January 2022.
    • Gilts also made gains after MPC members suggested that the outcome of the BoE’s summer review of QT is uncertain, while Governor Bailey stated the MPC might need to cut rates faster if wage growth slowed more significantly.
  • US Data Review

    US Data Review

    2 June 2025 213 KB PDF
    • ISM manufacturing: signaling contraction in May; inflation eases but remains elevated
  • Banco Santander S.A. - Issuer Profile

    Banco Santander S.A. - Issuer Profile

    30 May 2025 485 KB PDF
    • Banco Santander S.A is one of the largest banking groups in Europe with a broad international footprint in Europe, LATAM and North America.
  • Euro wrap-up

    Euro wrap-up

    30 May 2025 470 KB PDF
    • Despite a downside surprise to German retail sales and moderation in services inflation to a 13-month low, Bunds ended the day little changed while euro area bank lending remained resilitent at the start of Q2.
    • Shorter-dated Gilts made losses on a quiet day for UK economic releases.