London & NY Research

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    Daiwa Europe’s market-leading research on the Japanese economy.

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    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

    9 October 2025 360 KB PDF
    • Despite a further decline in German exports, Bunds made modest losses as the account of the ECB’s September policy meeting emphasised that risks to the inflation outlook are two-sided.
    • Gilts followed the global trend lower even as a UK housing market survey suggested a further decline in buyer demand amid Budget-related tax uncertainties.
  • Euro wrap-up

    Euro wrap-up

    8 October 2025 257 KB PDF
    • OATs outperformed on signals that a deal on a draft French Budget for 2026 was within reach, while Bunds also made gains as German IP slumped in August.
    • Shorter-dated Gilts made modest losses, while data suggested that the UK government borrowing was less than previously thought but remained higher than the OBR’s forecast.
  • Euro wrap-up

    Euro wrap-up

    7 October 2025 253 KB PDF
    • Bunds were little changed while OAT spreads remained wide as German factory orders data disappointed on weak demand from outside the euro area.
    • Gilts were also little changed on a quiet day for economic news from the UK.
  • Euro wrap-up

    Euro wrap-up

    6 October 2025 326 KB PDF
    • After spreads of OATs over Bunds rose to the highest levels for the year, French PM Lecornu was given until Wednesday evening to reach a new political agreement with opposition parties.
    • Gilts made losses while the UK construction PMI rose to a three-month high despite ongoing caution ahead of the government’s end-November Budget.
  • Euro wrap-up

    Euro wrap-up

    3 October 2025 335 KB PDF
    • Bunds made modest losses as political uncertainty continued to dominate the news flow in France and data suggested that the industrial sector supported French GDP growth in Q3.
    • Gilts made gains after a big downwards revision to the final UK PMIs implied that economic growth might have ground to a halt.
  • US Economic Comment

    US Economic Comment

    3 October 2025 382 KB PDF
    • Government shutdown: acrimony between parties raises possibility of a protracted disruption; long-term impact likely to be limited, although current standstill increases prospects for near-term Fed easing
    • The employment situation: although the Bureau of Labor Statistics’ report for September was postponed, ancillary metrics ratify policymakers’ concern about downside risks to the labor market
    • Additional insights on the economy: ISM data for September carry a soft tone
  • Euro wrap-up

    Euro wrap-up

    2 October 2025 284 KB PDF
    • While the euro area jobless rate edged up from the series low, longer-dated bunds made modest gains.
    • Gilts closed slightly lower while the BoE’s DMP survey reported an uptick in business inflation expectations but maintained expectations for weaker jobs and wage growth.
  • Euro wrap-up

    Euro wrap-up

    1 October 2025 280 KB PDF
    • While euro area inflation rose to a five-month high, Lagarde suggested that risks to consumer prices were quite contained allowing Bunds to follow USTs slightly higher.
    • Gilts also made modest gains on a quiet day for UK economic news.