London & NY Research

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    Daiwa Europe’s market-leading research on the Japanese economy.

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    Daiwa’s research coverage of the euro area and UK economies.

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    Daiwa’s coverage of the US economy from our colleagues in New York

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2025

2024

  • US Data Review

    US Data Review

    5 March 2025 235 KB PDF
    • ISM services: indicating expansion for the eighth consecutive month
  • Euro wrap-up

    Euro wrap-up

    3 March 2025 329 KB PDF
    • Bunds made sizeable losses amid the prospects of higher government military spending, even as core inflation fell to a three-year low.
    • Gilts made more modest losses as UK mortgage lending picked up ahead of the Stamp Duty hike in April.
  • US Data Review

    US Data Review

    3 March 2025 199 KB PDF
    • ISM manufacturing: brief recovery may be stalling amid tariff-related uncertainty; employment and orders weak
    • Prices paid: higher for the fifth consecutive month
  • Euro wrap-up

    Euro wrap-up

    28 February 2025 446 KB PDF
    • Bunds followed USTs higher, as German core inflation fell to the lowest since mid-2021, and French and Italian services inflation also declined to multi-year lows.
    • Gilts also made gains even as BoE Deputy Governor reiterated that a gradual approach to future rate cuts is appropriate given uncertainty about the strength of wage settlements this year.
  • US Economic Comment

    US Economic Comment

    28 February 2025 376 KB PDF
    • January inflation: in line with expectations; caution still warranted
    • Q1 growth: possible warning signs emerging
  • Euro wrap-up

    Euro wrap-up

    27 February 2025 355 KB PDF
    • Despite an improvement in the Commission’s sentiment indices and a pickup in bank lending, Bunds made gains as the ECB minutes suggested that it was premature to discuss a possible “landing zone” for the deposit rate.
    • Gilts followed USTs lower on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    27 February 2025 224 KB PDF
    • Revised GDP: modest changes; inflation readings adjusted higher
    • Durable goods: jump in aircraft orders boost the headline; shipments data suggest soft capital expenditures in Q1
  • Euro wrap-up

    Euro wrap-up

    26 February 2025 288 KB PDF
    • Longer-dated Bunds made small gains as German consumer confidence fell to an 11-month low.
    • Gilts were little changed on a quiet day for UK economic news.