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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2026

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  • Euro wrap-up

    Euro wrap-up

    17 September 2026 327 KB PDF
    • Bunds made gains at the longer end of the curve as euro area inflation in August was revised down despite matching a three-year high.
    • Gilts rallied across the curve as the BoE’s MPC left Bank Rate unchanged with the same majority in favour of the decision as in July and agreed a long-term plan for QT, ceasing its sales of its longest-dated Gilts.
  • Euro wrap-up

    Euro wrap-up

    16 September 2026 284 KB PDF
    • As wholesale energy prices fell, Bunds made gains while euro area IP softened at the start of Q3.
    • Gilts outperformed even as higher petrol prices pushed UK inflation up to a five-month high and the core rate remained unchanged.
  • US Data Review

    US Data Review

    16 September 2026 221 KB PDF
    • Retail sales: broad-based increase in activity in August
  • US FOMC Review

    US FOMC Review

    16 September 2026 210 KB PDF
    • FOMC decision: the Committee voted unanimously to raise the target range for the federal funds rate by 25 basis points to 3-3/4 to 4 percent
    • Committee statement & press conference: hawkish language indicates a willingness to hike further in response to upside inflation risks
  • Euro wrap-up

    Euro wrap-up

    15 September 2026 458 KB PDF
    • Longer-dated Bunds made modest losses while a survey suggested that investors remain broadly upbeat about the German economic outlook and euro area exports extended their recent upturn.
    • Gilts were little changed, despite a soft UK labour market report showing private regular wage growth matching the lowest since 2020 and a further decline in headcount.
  • Euro wrap-up

    Euro wrap-up

    11 September 2026 487 KB PDF
    • While comments from ECB policymakers underscored the strong probability of further policy tightening, shorter-dated Bunds made gains as oil prices fell back.
    • Despite an upside surprise to UK GDP in July, shorter-dated Gilts also made gains while a BoE household survey reported a moderation in inflation expectations. 
  • US Economic Comment

    US Economic Comment

    11 September 2026 381 KB PDF
    • FOMC preview: firm underlying inflation paves the way for a hike next week
    • Summary of Economic Projections: expect modest changes to inflation and rates outlooks
  • Euro wrap-up

    Euro wrap-up

    10 September 2026 272 KB PDF
    • Bunds made significant losses as wholesale energy prices surged and the ECB’s updated macroeconomic projections pointed to the strong likelihood of additional policy tightening to come after today’s unanimous rate hike.
    • As expectations for a future BoE rate hike increased, Gilts underperformed with 2Y yields at a near-3-year high and 10Y yields reaching the loftiest level since 2007.