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

    25 September 2025 300 KB PDF
    • Bunds followed the global trend lower as a survey suggested that German consumers were more upbeat and firm bank lending data implied that ECB policy is no longer restrictive.
    • Gilts underperformed as the shutdown at JLR raised concerns of a possible fiscal impact while pressures against PM Starmer from within his own party continue to mount. 
  • Euro wrap-up

    Euro wrap-up

    24 September 2025 271 KB PDF
    • Bunds ended the day little changed while the ifo business survey was less upbeat than the flash PMIs, casting doubt on Germany’s growth momentum in Q3.
    • Gilts followed USTs lower to close little changed even as BoE Governor Bailey reiterated his expectation that interest rates have further to fall as the labour market loosens and consumers remain cautious.
  • US Data Review

    US Data Review

    24 September 2025 233 KB PDF
    • New home sales: surge in August concentrated in the South; prices ease; inventories remain elevated
  • Euro wrap-up

    Euro wrap-up

    23 September 2025 329 KB PDF
    • Bunds made very modest losses as the flash PMIs signalled a modest pickup in euro area growth momentum led by a rebound in German services.
    • Gilts made gains as the flash UK PMIs pointed to a marked slowdown in growth momentum at the end of Q3 amid a slump in manufacturing output.
  • Euro wrap-up

    Euro wrap-up

    19 September 2025 362 KB PDF
    • Bunds made losses while a survey suggested that French business conditions remain broadly stable despite political uncertainty and strikes.
    • Gilts also made losses as UK public borrowing significantly exceeded expectations, retail sales growth remained steady, but consumer confidence deteriorated.
  • US Economic Comment

    US Economic Comment

    19 September 2025 394 KB PDF
    • Updated Fed call: further cuts in 2025 and 2026 in support of the labor market
    • The path ahead for the Fed: robust debate likely given competing dual mandate objectives
  • Euro wrap-up

    Euro wrap-up

    18 September 2025 287 KB PDF
    • Bunds made losses as the German government announced extra issuance for the coming quarter while euro area construction output rose at the start of Q3.
    • Gilts followed the trend lower as the BoE slowed the pace of QT but left rates unchanged and signalled concerns about ‘prominent’ upside risks to the UK inflation outlook.
  • Euro wrap-up

    Euro wrap-up

    17 September 2025 333 KB PDF
    • Despite a modest downwards revision to euro area headline inflation, Bunds were little changed as core inflation continued to flatline above target.
    • Gilts were also little changed as UK inflation moved sideways at almost double the 2% target but a drop in core inflation left the door open to a November rate cut.