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

    20 August 2025 322 KB PDF
    • Bunds followed USTs higher as euro area inflation was confirmed at the 2% target in July while the number of job vacancies in the region continued to fall.
    • Gilts outperformed as a larger-than-expected increase in UK inflation in July was attributed to the timing of the school summer holidays.  
  • Euro wrap-up

    Euro wrap-up

    18 August 2025 379 KB PDF
    • Bunds made modest gains despite a confirmation of a sharp reduction in euro area goods exports in Q2.
    • On a quiet day for UK data, Gilts followed US Treasuries lower.
  • US Economic Comment

    US Economic Comment

    15 August 2025 381 KB PDF
    • Consumer spending: holding up in early Q3 despite depressed sentiment
    • Inflation: tariff-related pass-through to consumer prices contained thus far; core PCE to round to +0.3 percent in July
  • Euro wrap-up

    Euro wrap-up

    14 August 2025 392 KB PDF
    • While the slowdown in euro area GDP, IP and job growth in Q2 was confirmed, Bunds followed USTs lower in the wake of stronger-than-expected US producer price data.
    • Gilts also made losses as UK GDP growth in Q2 beat expectations.
  • 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.