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

    22 July 2025 327 KB PDF
    • Bunds followed USTs slightly higher while the ECB’s Bank Lending Survey suggested that a further stabilisation in credit standards supported loan demand in Q2.
    • Even as UK public sector net borrowing was higher than a year earlier, in part due to higher debt interest payments, Gilts also followed USTs higher.
  • Euro wrap-up

    Euro wrap-up

    18 July 2025 340 KB PDF
    • Bunds made modest losses as data suggested that euro area construction activity appears on track to make a non-negligible contribution to Q2 GDP despite declining in May.
    • Gilts also made losses on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    18 July 2025 401 KB PDF
    • Inflation data show initial evidence of tariff pass-through, likely keeping the Fed on hold in July
    • Household spending picks up in June as consumers adjust to an uncertain environment
  • US Data Review

    US Data Review

    17 July 2025 210 KB PDF
    • Retail sales: rebound in June, although a portion of the gain may be price effects
  • Euro wrap-up

    Euro wrap-up

    17 July 2025 315 KB PDF
    • Bunds made subtle gains at the long end, as final estimates of euro area inflation was confirmed at the 2% target inflation print.
    • Shorter-dated Gilts made losses even as the latest labour market data flagged further decline in wage growth and payrolls.
  • Euro wrap-up

    Euro wrap-up

    16 July 2025 323 KB PDF
    • Bunds followed USTs higher as euro area goods exports fell to a five-month low in May, signalling a likely negative contribution from net trade to Q2 GDP growth.
    • Gilts made losses following an upside surprise to UK inflation in June.
  • Euro wrap-up

    Euro wrap-up

    15 July 2025 281 KB PDF
    • While euro area industrial production bounced back in May and investors were more upbeat about the German economic outlook, Bunds made modest gains.
    • Gilts followed USTs lower ahead of BoE Governor Bailey’s annual speech at Mansion House, while a UK retail survey signalled a rebound in sales volumes in June.
  • US Data Review

    US Data Review

    15 July 2025 263 KB PDF
    • CPI: core increase below expectations, although tariffs seeping through to goods prices