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

    17 April 2025 352 KB PDF
    • Bunds made gains as the ECB cut rates by 25bps and signalled the likelihood of further easing to come in response to the deteriorating growth outlook and tightening financial conditions.
    • Gilts followed euro area government bonds higher as today’s favourable BoE credit conditions survey results have likely been overtaken by recent events.
  • US Data Review

    US Data Review

    16 April 2025 266 KB PDF
    • Retail sales: solid in March, but tariffs pose significant risk to the outlook for consumer spending
    • Industrial production: increases in manufacturing, mining offset by drop in utilities
  • Euro wrap-up

    Euro wrap-up

    16 April 2025 328 KB PDF
    • Bunds made gains as the final estimates of euro area inflation in March confirmed that the core rate fell to the lowest level in more than three years, albeit in part due to Easter effects.  
    • Despite gains at the longer end of the curve, gilts were little changed at the short end as a downside surprise to UK inflation in March similarly in part reflected the timing of Easter.
  • Euro wrap-up

    Euro wrap-up

    15 April 2025 361 KB PDF
    • While surveys suggested that banks are tightening credit standards and investors are again downbeat about Germany’s economic outlook, Bunds made losses as euro area IP rose the most in six months while firms attempted to front-load production and exports ahead of US tariff hikes.
    • While UK pay growth remained elevated, Gilts made gains as the number of payrolled employees fell the most since the initial pandemic slump and job vacancies declined to a four-year low.
  • Euro wrap-up

    Euro wrap-up

    11 April 2025 401 KB PDF
    • Shorter-dated Bunds closed the day little changed as President Lagarde reiterated that the ECB stood ready to intervene if tariffs threatened financial stability in the euro area.
    • Gilts made sizeable losses as UK GDP data beat expectations in February to report the strongest growth in eleven months.
  • US Economic Comment

    US Economic Comment

    11 April 2025 381 KB PDF
    • March inflation data: results for the CPI & PPI suggest year-over-year deceleration in core PCE index
    • Consumer sentiment: dour attitudes; another jump in inflation expectations
  • Euro wrap-up

    Euro wrap-up

    10 April 2025 335 KB PDF
    • Shorter-dated Bunds made losses as the EU suspended for 90 days its retaliatory tariff hikes on US imports.
    • Gilts rallied at the long end while the BoE suspended a longer-dated Gilt sale and BoE Deputy Governor Breeden expressed concern about the risks of ongoing market volatility.
  • US Data Review

    US Data Review

    10 April 2025 248 KB PDF
    • CPI: mostly benign reading in March, but outlook remains uncertain