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

    8 May 2025 421 KB PDF
    • Bunds followed USTs lower as German industrial production and shipments to the US jumped at end-Q1 as firms seemingly front-ran US tariff hikes.
    • While the BoE cut Bank Rate by 25bps, revised down its inflation projection and signalled the likelihood of further monetary easing to come, Gilts made bigger losses after two MPC members voted to keep rates unchanged and the US agreed a deal to reduce tariffs on imports of UK cars and steel.
  • Euro wrap-up

    Euro wrap-up

    7 May 2025 325 KB PDF
    • While German factory orders and turnover beat expectations in March, Bunds made gains as underlying demand remained subdued.
    • Gilts also made gains while the UK construction PMIs signalled ongoing contraction in April despite a recovery in house building activity.
  • US FOMC Review

    US FOMC Review

    7 May 2025 211 KB PDF
    • FOMC: policymakers act unanimously, leaving unchanged the federal funds rate for the third consecutive meeting -- a move in line with market expectations
    • Powell press conference: monetary policy “in a good place;” Committee awaiting “further clarity,” as the costs of waiting are “fairly low”
  • Euro wrap-up

    Euro wrap-up

    6 May 2025 300 KB PDF
    • Bunds had a mixed performance as CDU leader Merz required a second vote in the Bundestag to secure the required majority to become Germany’s next Chancellor, while the final April euro area composite output PMI was in line with the Q1 average, but expectations weakened.   
    • Shorter-dated Gilts made modest gains as the final UK PMIs signalled contraction for the first time in 18 months.
  • US Data Review

    US Data Review

    5 May 2025 227 KB PDF
    • ISM services: indicating expansion for the tenth consecutive month; prices elevated
  • Euro wrap-up

    Euro wrap-up

    2 May 2025 440 KB PDF
    • Bunds followed USTs lower as euro area flash inflation data for April surprised on the upside due to a jump in the services component.
    • Ahead of Monday’s UK Bank Holiday, Gilts closed little changed on the day.
  • US Economic Comment

    US Economic Comment

    2 May 2025 363 KB PDF
    • April employment: scant evidence of deterioration in the labor market; wage growth eases
    • May FOMC: Committee likely on hold; elevated risks to both sides of dual mandate
  • US Data Review

    US Data Review

    1 May 2025 200 KB PDF
    • ISM manufacturing: factory sector eases further into contraction; prices remain elevated