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

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  • Euro wrap-up

    Euro wrap-up

    11 September 2025 279 KB PDF
    • Apart from at the super-long end, Bunds made losses as the ECB predictably left its policy and guidance unchanged but gave a stronger impression that rates have now reached their terminal levels for this cycle.
    • Gilts made gains as a survey flagged a weakening in conditions in the UK housing market, likely in part due to ongoing fiscal policy uncertainty.
  • 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