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

    4 December 2025 317 KB PDF
    • Bunds followed the global trend lower even as euro area retail sales figures suggested a soft start to household spending in Q4.
    • Gilts bucked the trend to make gains across the curve after the UK construction PMI slumped to the lowest level since the first pandemic lockdown and the global financial crisis before that.  
  • Euro wrap-up

    Euro wrap-up

    3 December 2025 306 KB PDF
    • Bunds were little changed as ECB President Lagarde reiterated that risks to the outlook remain two-sided, while the final November euro area PMIs pointed to firmer economic momentum but easing price pressures in Q4.
    • Gilts made gains apart from at the short end, as the final UK PMIs still pointed to soft growth, job cuts and easing price pressures despite an upwards revision.
  • Euro wrap-up

    Euro wrap-up

    2 December 2025 328 KB PDF
    • While euro area headline inflation ticked slightly higher in November, shorter-dated Bunds made modest gains as core inflation held steady and pricing of services and food continued to normalise.  
    • Gilts made modest gains as a UK survey suggested a decline in shop price inflation as retailers extended Black Friday discounting.
  • Euro wrap-up

    Euro wrap-up

    28 November 2025 388 KB PDF
    • Bunds made modest losses after German inflation surprised to the upside in November, but French and Italian inflation remained subdued.
    • Gilts were little changed on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    27 November 2025 287 KB PDF
    • Bunds made modest losses as the Commission survey reported that economic sentiment in the euro area rose to a 2½-year high, with services firms the most upbeat in more than a year.
    • Shorter-dated Gilts partly reversed yesterday’s post-Budget gains on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    26 November 2025 273 KB PDF
    • Gilts outperformed as the UK budget raised taxes to keep public borrowing on a downtrend and added significantly to headroom relative to the government's principal fiscal target.
    • Bunds were little changed on a quiet day for euro area economic data.
  • Euro wrap-up

    Euro wrap-up

    25 November 2025 284 KB PDF
    • Longer-dated Bunds made gains while German GDP data showed that private consumption contracted in Q3 after the ifo business survey suggested minimal improvement in Q4 to contrast the message of the flash PMIs.
    • Gilts outperformed as investors positioned ahead of tomorrow’s UK government Budget statement.
  • US Data Review

    US Data Review

    25 November 2025 297 KB PDF
    • Retail sales: sluggish in September as households curtail discretionary purchases
    • Consumer confidence: decline influenced by deteriorating views on labor market