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

    13 August 2025 279 KB PDF
    • While the drop in German core inflation in July was largely due to softness in services categories that are typically volatile and might be expected to rebound, Bunds followed USTs higher.  
    • Gilts also made gains on a quiet day for economic news from the UK.
  • Euro wrap-up

    Euro wrap-up

    12 August 2025 318 KB PDF
    • While the ZEW survey suggested that investors have tempered their optimism in the German economic outlook, Bunds made losses.
    • Despite a further moderation in private sector pay growth and falling job vacancies in the UK, Gilts made larger losses on mixed signals on employment.
  • US Data Review

    US Data Review

    12 August 2025 269 KB PDF
    • CPI: in line with expectations; subdued tariff-related pressure; airfares drive firm advance in core services ex. housing
  • Euro wrap-up

    Euro wrap-up

    7 August 2025 387 KB PDF
    • Longer-dated Bunds made gains as German industrial production slumped in June to the lowest level since the first Covid-19 lockdown.
    • While the BoE cut rates by 25bps and signalled the likelihood of further gradual easing in future, shorter-dated Gilts made sizeable losses as four MPC members voted to keep rates unchanged.
  • Euro wrap-up

    Euro wrap-up

    6 August 2025 337 KB PDF
    • Bunds made modest losses as euro area retail sales rose in Q2 for a seventh successive quarter, while German factory orders surged in Q2 despite a fall back in demand in June.
    • Gilts also made losses despite a weak UK construction PMI survey.
  • Euro wrap-up

    Euro wrap-up

    5 August 2025 321 KB PDF
    • Bunds were little changed as the euro area services and composite PMIs for July were revised down but French and Spanish manufacturing output data for June beat expectations.
    • Gilts made modest losses at the shorter end of the curve as the UK services and composite PMIs for July were revised up.
  • Euro wrap-up

    Euro wrap-up

    1 August 2025 404 KB PDF
    • Bunds followed USTs higher while the flash estimates of euro area HICP in July showed headline inflation unchanged at 2.0%Y/Y.
    • Gilts also made gains on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    1 August 2025 403 KB PDF
    • July payrolls: below consensus reading augmented by sharp downward revisions; labor market slowdown raises the possibility of Fed easing in September
    • Household survey data: unemployment moved higher while labor force participation eased