London & NY Research

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    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

    28 May 2025 306 KB PDF
    • While the German claimant count rose the most in six years and job vacancies continued to fall, Bunds made losses as an ECB survey measure of consumer inflation expectations rose to a 14-month high.
    • Gilts followed USTs lower on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    27 May 2025 356 KB PDF
    • Euro area government bonds largely made modest losses at the short end but gains at the longer end of the curve after flash French inflation data for May surprised significantly to the downside.
    • Shorter-dated Gilts made bigger losses after a survey of retail businesses suggested that food price inflation rose the most in 12 months in May.
  • US Data Review

    US Data Review

    27 May 2025 236 KB PDF
    • Durable goods: decline in aircraft orders weighs on headline; April shipments data point to soft start for Q2 cap-ex
    • Consumer confidence: rebound led by an advance in expectations
  • Euro wrap-up

    Euro wrap-up

    23 May 2025 402 KB PDF
    • While German GDP growth in Q1 was revised up to a 10-quarter high, Bunds rallied as President Trump threatened a 50% tariff on US imports from the EU and euro area negotiated wage growth slowed further than expected.
    • Gilts also made gains despite a big upside surprise to UK retail sales in April and an improvement in consumer confidence in May.
  • Euro wrap-up

    Euro wrap-up

    22 May 2025 361 KB PDF
    • Bunds made gains as the flash euro area output PMIs disappointed and the price indices pointed to ongoing disinflation, supporting the case for a further ECB rate cut next month.
    • While the UK services activity PMIs improved in May, Gilts also made gains as the price PMIs took a step down to ease concerns about yesterday’s upside surprise to inflation in April.
  • Euro wrap-up

    Euro wrap-up

    21 May 2025 315 KB PDF
    • Gilts made losses after UK inflation data surprised to the upside.
    • Bunds followed the global trend lower on a quiet day for euro area economic news.
  • Euro wrap-up

    Euro wrap-up

    20 May 2025 332 KB PDF
    • Bunds followed USTs lower while euro area consumer confidence partially recovered this month but job vacancies and labour costs growth declined in Q1.
    • Gilts made more sizeable losses after BoE Chief Economist Pill suggested that one Bank Rate cut per quarter was possibly too fast given the pace of pay growth.
  • Euro wrap-up

    Euro wrap-up

    19 May 2025 284 KB PDF
    • Bunds made modest gains as the final estimates of euro area inflation in April strongly suggested that the rise in the core rate was due principally to the timing of Easter.
    • Gilts were little changed as the UK and EU announced a limited ‘reset’ deal encompassing closer relations on defence and security, veterinary and fisheries policies, energy and carbon trading, and the movement of people.