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

    11 April 2025 401 KB PDF
    • Shorter-dated Bunds closed the day little changed as President Lagarde reiterated that the ECB stood ready to intervene if tariffs threatened financial stability in the euro area.
    • Gilts made sizeable losses as UK GDP data beat expectations in February to report the strongest growth in eleven months.
  • US Economic Comment

    US Economic Comment

    11 April 2025 381 KB PDF
    • March inflation data: results for the CPI & PPI suggest year-over-year deceleration in core PCE index
    • Consumer sentiment: dour attitudes; another jump in inflation expectations
  • Euro wrap-up

    Euro wrap-up

    10 April 2025 335 KB PDF
    • Shorter-dated Bunds made losses as the EU suspended for 90 days its retaliatory tariff hikes on US imports.
    • Gilts rallied at the long end while the BoE suspended a longer-dated Gilt sale and BoE Deputy Governor Breeden expressed concern about the risks of ongoing market volatility.
  • US Data Review

    US Data Review

    10 April 2025 248 KB PDF
    • CPI: mostly benign reading in March, but outlook remains uncertain
  • Euro wrap-up

    Euro wrap-up

    7 April 2025 284 KB PDF
    • Longer-dated Bunds made losses but shorter-dated Bunds made gains as the EU sought new trade negotiations with the US but left open the possibility of retaliatory action against Trump's 'reciprocal' tariffs.
    • Gilts made big losses while the UK government insisted it would stand by its fiscal rules and responded to Trump's tariff threat by easing regulations.
  • Euro wrap-up

    Euro wrap-up

    4 April 2025 312 KB PDF
    • Amid significant risk aversion, Bunds rallied hard while German factory orders data suggested that German goods demand remains weak and French IP remained on course for a drop in Q1.
    • Gilts also made further big gains on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    4 April 2025 408 KB PDF
    • Powell’s update: the economy on solid footing; monetary policy well positioned; long-term inflation expectations “anchored”; “uncertainty remains elevated”
    • March employment: data suggest a solid labor market, one not yet scarred by tariff reverberations
  • Euro wrap-up

    Euro wrap-up

    3 April 2025 441 KB PDF
    • Bunds made substantial gains as investors responded to Trump’s additional 20% ‘reciprocal’ tariff on EU exports to the US and the increased likelihood that it might trigger a further ECB rate cut this month.
    • While a UK survey signalled an uptick in business inflation expectations, Gilts outperformed.