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

    15 May 2025 402 KB PDF
    • Bunds followed USTs higher while euro area Q1 GDP growth was revised a touch lower despite a surge in manufacturing production ahead of US tariff hikes.
    • Gilts made more modest gains as UK Q1 GDP beat expectations with the best growth in a year on sunny weather and tariff front-running.  
  • US Data Review

    US Data Review

    15 May 2025 286 KB PDF
    • Retail sales: sluggish but not indicative of a significant retreat by households
    • PPI: April results softer than expected
  • Euro wrap-up

    Euro wrap-up

    14 May 2025 302 KB PDF
    • Bunds made modest losses even as German and Spanish figures confirmed that the pickup in core inflation in April reflected temporary rises in airfares and package holiday prices due to the timing of Easter.
    • Gilts followed USTs lower on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    13 May 2025 345 KB PDF
    • Bunds made modest losses as the ZEW survey pointed to renewed investor optimism in the German economic outlook despite a continued downbeat assessment of current conditions.
    • Despite another upbeat signal on UK retail sales, Gilts made gains at the short end of the curve as payrolls continued to fall and private regular pay growth moderated a touch further than the BoE expected.
  • US Data Review

    US Data Review

    13 May 2025 262 KB PDF
    • CPI: tame in April but yet to fully capture tariff-related pressure
  • Euro wrap-up

    Euro wrap-up

    8 May 2025 421 KB PDF
    • Bunds followed USTs lower as German industrial production and shipments to the US jumped at end-Q1 as firms seemingly front-ran US tariff hikes.
    • While the BoE cut Bank Rate by 25bps, revised down its inflation projection and signalled the likelihood of further monetary easing to come, Gilts made bigger losses after two MPC members voted to keep rates unchanged and the US agreed a deal to reduce tariffs on imports of UK cars and steel.
  • Euro wrap-up

    Euro wrap-up

    7 May 2025 325 KB PDF
    • While German factory orders and turnover beat expectations in March, Bunds made gains as underlying demand remained subdued.
    • Gilts also made gains while the UK construction PMIs signalled ongoing contraction in April despite a recovery in house building activity.
  • US FOMC Review

    US FOMC Review

    7 May 2025 211 KB PDF
    • FOMC: policymakers act unanimously, leaving unchanged the federal funds rate for the third consecutive meeting -- a move in line with market expectations
    • Powell press conference: monetary policy “in a good place;” Committee awaiting “further clarity,” as the costs of waiting are “fairly low”