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

    12 June 2025 347 KB PDF
    • Gilts made gains as UK GDP declined in April for the first month in five and by the most since October 2023, while exports to the US fell the most on record.
    • Bunds followed the global trend higher on a quiet day for euro area economic news.
  • US Data Review

    US Data Review

    11 June 2025 249 KB PDF
    • CPI: benign reading in May amid scant evidence of tariff-related pressure
  • Euro wrap-up

    Euro wrap-up

    10 June 2025 339 KB PDF
    • Bunds followed Gilts higher even as Italian industrial production data beat expectations.
    • Gilts made larger gains after the UK labour market reported a slowdown in pay growth and further declines in payrolls and job vacancies.
  • Euro wrap-up

    Euro wrap-up

    6 June 2025 426 KB PDF
    • Bunds ended the day little changed as euro area Q1 GDP growth was revised up and various retail sales, IP and trade data suggested resilience in April.
    • Gilts followed USTs lower on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    6 June 2025 389 KB PDF
    • May employment data: further moderation in hiring
    • Layoffs: recent data from the JOLTS & weekly unemployment claims suggest a pickup in separations
  • Euro wrap-up

    Euro wrap-up

    5 June 2025 414 KB PDF
    • While the ECB cut rates in line with expectations, Bunds made losses as Lagarde repeatedly stated that the end of the rate-cut cycle is approaching, while German factory orders and Irish GDP surprised to the upside.
    • Gilts made modest losses despite an admission from the ONS that April’s inflation figure was erroneously high.
  • Euro wrap-up

    Euro wrap-up

    4 June 2025 366 KB PDF
    • While the final PMIs were consistent with a further weakening in euro area economic activity, Bunds made modest losses as the German cabinet approved a tax incentive package to boost business capex.
    • Gilts followed USTs higher as the UK PMIs pointed to stagnation and easing price pressures.
  • US Data Review

    US Data Review

    4 June 2025 227 KB PDF
    • ISM services: indicating contracting for the first time since June 2024 amid heightened policy uncertainty; prices index remains elevated