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 April 2025 361 KB PDF
    • While surveys suggested that banks are tightening credit standards and investors are again downbeat about Germany’s economic outlook, Bunds made losses as euro area IP rose the most in six months while firms attempted to front-load production and exports ahead of US tariff hikes.
    • While UK pay growth remained elevated, Gilts made gains as the number of payrolled employees fell the most since the initial pandemic slump and job vacancies declined to a four-year low.
  • Euro wrap-up

    Euro wrap-up

    11 April 2025 401 KB PDF
    • Shorter-dated Bunds closed the day little changed as President Lagarde reiterated that the ECB stood ready to intervene if tariffs threatened financial stability in the euro area.
    • Gilts made sizeable losses as UK GDP data beat expectations in February to report the strongest growth in eleven months.
  • US Economic Comment

    US Economic Comment

    11 April 2025 381 KB PDF
    • March inflation data: results for the CPI & PPI suggest year-over-year deceleration in core PCE index
    • Consumer sentiment: dour attitudes; another jump in inflation expectations
  • Euro wrap-up

    Euro wrap-up

    10 April 2025 335 KB PDF
    • Shorter-dated Bunds made losses as the EU suspended for 90 days its retaliatory tariff hikes on US imports.
    • Gilts rallied at the long end while the BoE suspended a longer-dated Gilt sale and BoE Deputy Governor Breeden expressed concern about the risks of ongoing market volatility.
  • US Data Review

    US Data Review

    10 April 2025 248 KB PDF
    • CPI: mostly benign reading in March, but outlook remains uncertain
  • Euro wrap-up

    Euro wrap-up

    7 April 2025 284 KB PDF
    • Longer-dated Bunds made losses but shorter-dated Bunds made gains as the EU sought new trade negotiations with the US but left open the possibility of retaliatory action against Trump's 'reciprocal' tariffs.
    • Gilts made big losses while the UK government insisted it would stand by its fiscal rules and responded to Trump's tariff threat by easing regulations.
  • Euro wrap-up

    Euro wrap-up

    4 April 2025 312 KB PDF
    • Amid significant risk aversion, Bunds rallied hard while German factory orders data suggested that German goods demand remains weak and French IP remained on course for a drop in Q1.
    • Gilts also made further big gains on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    4 April 2025 408 KB PDF
    • Powell’s update: the economy on solid footing; monetary policy well positioned; long-term inflation expectations “anchored”; “uncertainty remains elevated”
    • March employment: data suggest a solid labor market, one not yet scarred by tariff reverberations