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

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  • US Data Review

    US Data Review

    11 September 2025 205 KB PDF
    • CPI: sticky inflation reading unlikely to derail easing in monetary policy, although a reduction of 25 basis points more likely than 50 at next week’s FOMC meeting
    • Core CPI: goods prices advance, in part reflecting tariff-related pressures, with services also recording a firm increase
  • Euro wrap-up

    Euro wrap-up

    9 September 2025 334 KB PDF
    • Bunds made losses but OATs slightly outperformed while François Bayrou submitted his resignation as French Prime Minister.
    • Gilts also made modest losses as a UK retail survey pointed to ongoing sales growth in August.
  • Euro wrap-up

    Euro wrap-up

    8 September 2025 269 KB PDF
    • Ahead of the outcome of this evening’s French confidence vote and despite an upside surprise to German industrial production, Bunds followed the global trend higher.
    • Gilts also made modest gains on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    5 September 2025 331 KB PDF
    • Bunds made gains as German factory orders disappointed at the start of Q3 amid a pullback in demand from outside the euro area.
    • While UK retail sales were firmer than expected in July, Gilts also followed the global trend higher.  
  • US Economic Comment

    US Economic Comment

    5 September 2025 375 KB PDF
    • The labor market: disappointing payroll growth sets the stage for rate cuts by the Fed
    • Wages: decelerating growth amid hiring slowdown
  • Euro wrap-up

    Euro wrap-up

    4 September 2025 325 KB PDF
    • Bunds followed the global trend higher, while euro area retail sales fell at the start of Q3.
    • Gilts also made gains, while the BoE’s DMP survey reported the slowest employment growth expectations since the pandemic and a further slowdown in pay growth.
  • US Data Review

    US Data Review

    4 September 2025 224 KB PDF
    • ISM services: indicating expansion in late summer; prices elevated
  • Euro wrap-up

    Euro wrap-up

    3 September 2025 296 KB PDF
    • Bunds made modest gains while the August PMIs signalled a modest improvement in euro area economic growth led by German manufacturing, despite a loss of momentum in services activity. 
    • While the UK PMIs were revised higher in August and BoE Governor Bailey cautioned about the pace of future rate cuts, Gilts made gains after Chancellor Reeves confirmed the Autumn Budget for 26 November.