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

    21 February 2025 450 KB PDF
    • Bunds made gains as the euro area composite PMI signalled ongoing stagnation in February due to a questionable deterioration in France.
    • Gilts also made gains as the UK composite PMI remained consistent with sluggish GDP growth and firms signalled the steepest cut in headcount for more than four years amid weak demand.
  • Euro wrap-up

    Euro wrap-up

    20 February 2025 332 KB PDF
    • Bunds followed USTs higher even as euro area consumer confidence rose to a four-month high in February and construction output provided modest support to Q4 GDP growth.
    • Shorter-dated Gilts also made modest gains as a UK manufacturing survey signalled ongoing contraction in the three months to February.
  • Euro wrap-up

    Euro wrap-up

    19 February 2025 308 KB PDF
    • While euro area labour cost growth continued to moderate, Bunds made losses as ECB Executive Board member Schnabel suggested that the Governing Council might soon need to pause or cease its easing cycle.
    • Gilts also made losses as UK inflation in January beat expectations.
  • Euro wrap-up

    Euro wrap-up

    18 February 2025 409 KB PDF
    • Bunds were little changed on the day despite a more upbeat German investor survey.
    • Gilts made losses as UK pay growth picked up towards year-end while the labour market appeared to remain broadly resilient despite soft economic growth.
  • Euro wrap-up

    Euro wrap-up

    17 February 2025 300 KB PDF
    • While data showed that euro area exports ended 2024 on a soft note, Bunds made losses as European leaders met to discuss the region’s security, raising the likelihood of increased borrowing to fund defence spending.
    • Gilts also made losses on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    14 February 2025 395 KB PDF
    • Bunds largely made modest losses as euro area Q4 GDP was revised up slightly but employment growth slowed to the softest in almost four years.
    • Gilts were little changed on a day free of top-tier UK economic data.
  • US Economic Comment

    US Economic Comment

    14 February 2025 409 KB PDF
    • Fed call: multiple cuts in 2025, but more likely in H2
    • Friday data: soft retail sales; industrial production boosted by utility output
  • Euro wrap-up

    Euro wrap-up

    13 February 2025 378 KB PDF
    • Bunds made gains as European gas futures plunged as Germany called for exemptions from storage targets, and euro area industrial production maintained its relentless downtrend at the end of 2024.
    • Gilts also made gains even as UK GDP data beat expectations by registering a very modest pickup in Q4.