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 May 2025 361 KB PDF
    • Bunds made gains as the flash euro area output PMIs disappointed and the price indices pointed to ongoing disinflation, supporting the case for a further ECB rate cut next month.
    • While the UK services activity PMIs improved in May, Gilts also made gains as the price PMIs took a step down to ease concerns about yesterday’s upside surprise to inflation in April.
  • Euro wrap-up

    Euro wrap-up

    21 May 2025 315 KB PDF
    • Gilts made losses after UK inflation data surprised to the upside.
    • Bunds followed the global trend lower on a quiet day for euro area economic news.
  • Euro wrap-up

    Euro wrap-up

    20 May 2025 332 KB PDF
    • Bunds followed USTs lower while euro area consumer confidence partially recovered this month but job vacancies and labour costs growth declined in Q1.
    • Gilts made more sizeable losses after BoE Chief Economist Pill suggested that one Bank Rate cut per quarter was possibly too fast given the pace of pay growth.
  • Euro wrap-up

    Euro wrap-up

    19 May 2025 284 KB PDF
    • Bunds made modest gains as the final estimates of euro area inflation in April strongly suggested that the rise in the core rate was due principally to the timing of Easter.
    • Gilts were little changed as the UK and EU announced a limited ‘reset’ deal encompassing closer relations on defence and security, veterinary and fisheries policies, energy and carbon trading, and the movement of people.
  • Euro wrap-up

    Euro wrap-up

    16 May 2025 447 KB PDF
    • Bunds made gains while the euro area goods trade surplus hit a record high due to an extraordinary surge in exports to the US ahead of April’s tariff hikes.
    • Gilts made modest losses at the short end of the curve but modest gains at the longer end on a quiet end to the week for UK economic news.  
  • US Economic Comment

    US Economic Comment

    16 May 2025 402 KB PDF
    • Consumer prices: well behaved in 2025 thus far; significant risks remain
    • Household spending: tepid in April, with emerging financial stress a possible culprit
  • Euro wrap-up

    Euro wrap-up

    15 May 2025 402 KB PDF
    • Bunds followed USTs higher while euro area Q1 GDP growth was revised a touch lower despite a surge in manufacturing production ahead of US tariff hikes.
    • Gilts made more modest gains as UK Q1 GDP beat expectations with the best growth in a year on sunny weather and tariff front-running.  
  • US Data Review

    US Data Review

    15 May 2025 286 KB PDF
    • Retail sales: sluggish but not indicative of a significant retreat by households
    • PPI: April results softer than expected