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

  • Euro wrap-up

    Euro wrap-up

    31 July 2025 307 KB PDF
    • Longer-dated Bunds made gains as the flash estimate of German HICP inflation fell below 2%.
    • Gilts followed USTs higher on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    31 July 2025 229 KB PDF
    • Personal income: constrained by moderating wage growth
    • Employment cost index: compensation growth higher than expected in Q2 though not problematic with respect to 2 percent inflation
  • US Data Review

    US Data Review

    30 July 2025 200 KB PDF
    • Q2 GDP: surge in net exports provides boost to headline; growth in private domestic demand decelerates
    • Inflation measures: GDP price index subdued while the core price index for personal consumption expenditures exceeded expectations
  • Euro wrap-up

    Euro wrap-up

    30 July 2025 293 KB PDF
    • Shorter-dated Bunds made modest losses as euro area Q2 GDP beat expectations, the Commission economic sentiment index pointed to a pick up in growth in Q3 and Spanish inflation in July surprised to the upside.
    • Gilts made gains on a quiet day for UK economic news.
  • US FOMC Review

    US FOMC Review

    30 July 2025 194 KB PDF
    • Monetary policy: the FOMC voted to keep the target range for the Federal Funds Rate at 4.25-4.5%, although two Governors dissented in favor of easing
    • Powell press conference: base case for tariff-pressure to generate one-off price level increase; mildly restrictive policy stance appropriate at this time
  • Euro wrap-up

    Euro wrap-up

    29 July 2025 297 KB PDF
    • Bunds made modest losses while Spanish GDP growth unexpectedly accelerated in Q2.
    • Gilts followed USTs higher even as a UK survey signalled a further pickup in food inflation in July and ongoing recovery in mortgage lending.
  • Euro wrap-up

    Euro wrap-up

    25 July 2025 415 KB PDF
    • Bunds made modest losses as the German ifo business survey pointed to ongoing resilience at the start of Q3 amid an improvement in manufacturing and construction sector conditions.
    • Gilts also made losses despite a softer-than-expected increase in retail sales volumes in June.
  • US Economic Comment

    US Economic Comment

    25 July 2025 414 KB PDF
    • FOMC preview: little chance of a move next week, but Powell could signal cuts later this year
    • Q2 GDP preview: solid, if unspectacular, performance with significant volatility in net exports and inventories