London & NY Research

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    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

    13 November 2025 330 KB PDF
    • Bunds followed USTs lower, while euro area industrial output moved broadly sideways in September to provide a neutral contribution to GDP in Q3.
    • Gilts also made losses even as UK GDP surprised to the downside in Q3 as a predictable slump in car production dragged on economic activity in September.
  • Euro wrap-up

    Euro wrap-up

    11 November 2025 356 KB PDF
    • Bunds made modest gains as the ZEW investor survey remained downbeat about current conditions but retained cautious optimism about the outlook.
    • Gilts outperformed after the UK labour market report flagged softer pay growth and a further rise in joblessness in September, paving the way for a December rate cut.
  • Euro wrap-up

    Euro wrap-up

    7 November 2025 363 KB PDF
    • Bunds made modest losses as German exports rose in September amid tentative signs of recovery in shipments to the US.
    • Gilts also made losses on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    6 November 2025 322 KB PDF
    • Bunds followed the global trend higher despite a smaller than expected rebound in German industrial output in September, while euro area retail sales posted modest growth in Q3.
    • Gilts also made gains as the BoE kept Bank Rate steady at 4.00%, but strongly signalled the likelihood of a December rate cut.
  • Euro wrap-up

    Euro wrap-up

    5 November 2025 326 KB PDF
    • Bunds followed USTs slightly lower, while German factory orders data showed tentative signs of stabilisation and the final euro area PMIs pointed to accelerated recovery momentum.
    • Gilts also made losses as the final UK composite PMI was upwardly revised in October to the second-highest reading in 13 months.
  • Euro wrap-up

    Euro wrap-up

    31 October 2025 377 KB PDF
    • Shorter-dated Bunds followed USTs slightly higher, while euro area inflation slipped back in October as energy and food price pressures faded.
    • Gilts also made modest gains on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    30 October 2025 319 KB PDF
    • Bunds made losses as the ECB left its monetary policy and guidance unchanged, but euro area Q3 GDP beat its expectations and Lagarde stated that some downside risks to the euro area growth outlook have alleviated.
    • Gilts followed USTs lower on a quiet day for UK economic news.
  • US FOMC Review

    US FOMC Review

    29 October 2025 231 KB PDF
    • FOMC action: officials ratified market expectations with a cut of 25 basis points in the target range for the federal funds rate to 3.75-4.00% amid both hawkish and dovish dissents; cut in December “far from” a foregone conclusion
    • QT: Treasury redemptions (currently capped at $5 billion per month) to end effective December 1; redemptions of agency securities to be reinvested in Treasury bills