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 July 2025 276 KB PDF
    • Bunds followed the global trend lower even as German exports fell more than expected in May, reinforcing the likelihood that net trade was a drag on Q2 GDP.
    • Longer-dated Gilts underperformed as the Office for Budgetary Responsibility flagged mounting risks to the UK fiscal outlook in the absence of substantive policy adjustments.
  • Euro wrap-up

    Euro wrap-up

    7 July 2025 246 KB PDF
    • Bunds made losses as German manufacturing production surprised to the upside in May, offsetting a notable drag from construction.
    • Gilts followed the global trend lower on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    4 July 2025 356 KB PDF
    • Bunds made gains as German factory orders and manufacturing turnover data disappointed and euro area manufacturing output prices declined as the strong euro weighed on import prices.  
    • Gilts made modest losses as the UK construction PMIs pointed to a further recovery in housebuilding but weakness in other subsectors.
  • Euro wrap-up

    Euro wrap-up

    3 July 2025 362 KB PDF
    • While the account of the ECB June policy meeting showed that a few Governing Council members would have been content not to have cut rates, Bunds followed Gilts higher.
    • Despite a sizeable upwards revision to the UK PMIs and a sell-off in USTs, Gilts partly reversed Wednesday’s losses after Prime Minister Starmer reaffirmed his support for Chancellor Reeves.
  • US Economic Comment

    US Economic Comment

    3 July 2025 365 KB PDF
    • The labor market: solid topline results in June, although a slowdown in private-sector hiring raises some concern; the unemployment rate remained low
    • June PMIs: suggestive of ongoing economic expansion
  • Euro wrap-up

    Euro wrap-up

    1 July 2025 334 KB PDF
    • While euro area inflation ticked higher in June, Bunds made gains as several ECB Governing Council members flagged concerns about the strong euro.
    • Gilts also made gains as UK house prices fell for the third month in four.
  • US Data Review

    US Data Review

    1 July 2025 197 KB PDF
    • ISM manufacturing: slight improvement in June though still signaling contraction; prices remain elevated
  • Euro wrap-up

    Euro wrap-up

    30 June 2025 343 KB PDF
    • Bunds were little changed as data for German inflation and retail sales and euro area bank lending surprised on the downside, but the ECB’s updated strategy emphasised the euro area’s increased susceptibility to inflation shocks and its readiness to respond forcefully and persistently if necessary.
    • Except for the superlong end of the curve, Gilts made gains despite a marked acceleration in bank lending to firms.