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

    19 June 2025 308 KB PDF
    • While more MPC members than expected voted for a cut, Gilts made losses as the BoE left Bank Rate unchanged at 4.25%.
    • Bunds also made losses as euro area construction data suggested the sector will provide support to economic growth in Q2.
  • Euro wrap-up

    Euro wrap-up

    18 June 2025 292 KB PDF
    • Bunds made gains as the final estimates of euro area inflation in May reaffirmed that underlying price pressures continue to ease.
    • Gilts also made gains as UK inflation fell back thanks to a moderation in the all-important services component.
  • US Economic Comment

    US Economic Comment

    18 June 2025 426 KB PDF
    • FOMC: policymakers vote unanimously to leave the target range for the federal funds rate unchanged for the fourth consecutive meeting at 4-1/4 to 4-1/2 percent
    • The June SEP: faster inflation, slower growth, higher unemployment anticipated; dot plot still signaling two cuts in 2025, but only one in 2026
  • New Development Bank - Issuer Profile

    New Development Bank - Issuer Profile

    17 June 2025 393 KB PDF
    • Synopsis: The New Development Bank is multilateral development bank established by the ‘BRICS’ states. It aims to mobilise resources for infrastructure and development projects in the BRICS region and other emerging as well as developing countries.
  • US Data Review

    US Data Review

    17 June 2025 173 KB PDF
    • Retail sales: pulled lower in part by autos and gasoline
  • Euro wrap-up

    Euro wrap-up

    17 June 2025 288 KB PDF
    • Bunds made modest losses as the ZEW survey suggested that investor optimism with respect to the German economy is the best in almost two years.
    • Gilts also made small losses, while Trump signed an executive order to implement the US and UK trade agreement, including an exemption for the UK’s aerospace sector and lower tariffs on autos.
  • Euro wrap-up

    Euro wrap-up

    13 June 2025 476 KB PDF
    • While data confirmed that euro area factory output and exports fell back sharply in April having surged in Q1, euro area government bonds made losses as oil prices jumped in response to Israel’s air strikes on Iran.
    • Gilts also made losses on a quiet end to the week for UK economic news.
  • US Economic Comment

    US Economic Comment

    13 June 2025 397 KB PDF
    • FOMC preview: with rates likely on hold, the new SEP & Powell press conference take center stage
    • Middle East tensions: further contributing to global economic uncertainty