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

  • 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.
  • Euro wrap-up

    Euro wrap-up

    2 September 2025 367 KB PDF
    • While the flash August estimate of euro area inflation offered little surprise, Bunds made losses following a global sell-off at the long-end of the curve.
    • The Gilt curve also steepened on a quiet day for UK economic data.
  • US Data Review

    US Data Review

    2 September 2025 215 KB PDF
    • ISM manufacturing: improved in August but still signaling contraction; prices remain elevated
  • Euro wrap-up

    Euro wrap-up

    29 August 2025 418 KB PDF
    • Bunds made modest losses as German inflation rose more than expected in August.
    • Gilts also closed slightly lower amid further speculation about potential tax-raising measures in the autumn Budget.