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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  • Euro wrap-up

    Euro wrap-up

    9 January 2025 406 KB PDF
    • Bunds made modest losses as German industrial production and export figures surprised to the upside, while euro area retail sales remained on track for modest growth in Q4.
    • Gilts were little changed while a BoE Deputy Governor reaffirmed that she expects rates to be cut and a survey reported that firms have revised up their inflation expectations but expect wage and job growth to slow.
  • Euro wrap-up

    Euro wrap-up

    8 January 2025 336 KB PDF
    • Shorter-dated Bunds were little changed as downside surprises to the European Commission’s sentiment survey indices and German factory orders data illustrated the loss of economic momentum in Q4.
    • Despite a quiet day for UK economic news, longer-dated Gilts made significant losses as concerns about higher issuance in the year ahead and fiscal sustainability continued to resonate.
  • Euro wrap-up

    Euro wrap-up

    7 January 2025 373 KB PDF
    • Longer-dated Bunds followed USTs lower, but shorter-dated Bunds were little changed as euro area inflation aligned with initial expectations and core inflation momentum continued to moderate.
    • Despite an underwhelming UK retail and construction survey, Gilts followed USTs lower with 30Y yields the highest since 1998 after today’s auction attracted the lowest demand for more than a year.
  • US Data Review

    US Data Review

    7 January 2025 237 KB PDF
    • U.S. trade balance: wider deficit in November
    • ISM services: indicating expansion for the sixth consecutive month; concerning jump in prices
  • Euro wrap-up

    Euro wrap-up

    6 January 2025 378 KB PDF
    • Bunds made losses as the flash estimates of German inflation in December surprised on the upside.
    • Gilts also made losses even as the final December PMIs provided further evidence that the UK economy flat-lined towards year-end.
  • Euro wrap-up

    Euro wrap-up

    20 December 2024 357 KB PDF
    • Despite a pickup in German producer prices, Bunds made gains as the Commission’s flash consumer confidence indicator deteriorated in December to an eight-month low.
    • Gilts outperformed as the rebound in UK retail sales in November underwhelmed and the CBI survey suggested that sales remained unseasonably weak in December.
  • US Economic Comment

    US Economic Comment

    20 December 2024 410 KB PDF
    • Forecast update: continued solid growth in 2025; slow retreat in inflation; heightened policy uncertainty on account of incoming Trump administration
  • Euro wrap-up

    Euro wrap-up

    19 December 2024 315 KB PDF
    • Despite a downbeat French business survey, Bunds followed USTs lower as German consumer confidence edged higher.
    • Gilts outperformed, making gains at the shorter end of the curve, as the BoE left monetary policy unchanged but three MPC members voted for a rate cut and a fourth suggested that they might support more activist policy in future.