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

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  • Euro wrap-up

    Euro wrap-up

    22 October 2025 334 KB PDF
    • Gilts outperformed as UK inflation in September undershot the BoE’s projection to support the case for a further rate cut before year-end.
    • Bunds followed USTs marginally lower on a quiet day for euro area economic news.
  • Euro wrap-up

    Euro wrap-up

    21 October 2025 282 KB PDF
    • Bunds made modest gains, while the dataflow remained consistent with an absence of German GDP growth in Q3.
    • Longer-dated Gilts made gains as the overshoot in UK public borrowing compared with the OBR forecast was a little less than previously thought.
  • Euro wrap-up

    Euro wrap-up

    17 October 2025 357 KB PDF
    • After opening higher, Bunds followed USTs lower to close the day little changed as concerns related to US credit losses and trade tensions receded slightly, while final euro area inflation estimates brought an upwards revision to the core rate.
    • Gilts followed USTs lower on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    16 October 2025 324 KB PDF
    • Bunds made very modest gains as euro area goods trade figures showed shipments to the US and China remaining firmly in reverse.
    • Gilts outperformed as UK economic growth momentum slowed in the first two months of Q3 as services activity stagnated.
  • Euro wrap-up

    Euro wrap-up

    15 October 2025 285 KB PDF
    • Bunds made gains as euro area industrial output declined to a seven-month low in August.
    • Gilts opened higher after BoE Governor Bailey yesterday evening reiterated his concerns about the softening labour market.
  • Euro wrap-up

    Euro wrap-up

    14 October 2025 325 KB PDF
    • Bunds made gains and OAT spreads narrowed as French PM Lecornu proposed postponing the 2023 pension reform to gain cross-party support to pass next year’s budget.
    • Gilts rallied as UK pay growth fell below the BoE’s forecast and a survey suggested that consumers were reluctant to spend at end-Q3.
  • 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.