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

    29 October 2026 368 KB PDF
    • While Lagarde confirmed her early departure from the ECB but signalled that rates are likely to rise in December after today’s pause, Bunds followed the global trend higher.
    • Gilts also made gains as UK mortgage lending and approvals slowed, but business lending and consumer credit remained resilient.
  • US Data Review

    US Data Review

    29 October 2026 252 KB PDF
    • GDP: strong domestic demand, government spending, and inventory investment offset drags from net exports and residential construction
    • PCE price index for September: still brisk
  • Euro wrap-up

    Euro wrap-up

    28 October 2026 270 KB PDF
    • Bunds made losses despite a drop in German consumer confidence to a six-month low.
    • Gilts outperformed with gains at the long end as the Burnham government’s first budget avoided major surprises with a modest fiscal loosening that left intact a downwards trajectory for borrowing over coming years.
  • US FOMC Review

    US FOMC Review

    28 October 2026 217 KB PDF
    • FOMC decision: ratifying market expectations, the Committee voted 10-2 to maintain the target range for the federal funds rate at 3-3/4 to 4 percent
    • Committee statement: the verbiage in the 2pm EST release upgraded the previous favorable characterization of the economy, while noting that inflation remained elevated. However, the majority favored gathering additional information versus hiking at sequential meetings.
  • Euro wrap-up

    Euro wrap-up

    27 October 2026 293 KB PDF
    • Bunds made gains as French consumer confidence slumped to its lowest level since the euro crisis and the ECB Bank Lending Survey suggested tighter credit conditions will weigh more heavily on loan demand in Q4.
    • While a measure of UK shop price inflation jumped to its highest level since February 2024, Gilts were little changed.
  • US Data Review

    US Data Review

    27 October 2026 344 KB PDF
    • Durable goods: increase in aircraft orders boosts headline; bookings ex. transportation also solid; shipments data suggest a strong capex performance in Q3
    • Consumer confidence: increase in headline fueled by improvement in both present situation and expectations; year-ahead inflation views ease; assessments of the labor market tick up
  • Euro wrap-up

    Euro wrap-up

    26 October 2026 312 KB PDF
    • Bunds made gains as a German business survey pointed to firmer economic momentum, while OAT spreads narrowed after Friday evening’s decision by Moody’s not to downgrade France’s sovereign credit rating.
    • Gilts were mixed, while a UK retail survey signalled a questionable improvement in retail sales growth at the start of Q4.
  • Euro wrap-up

    Euro wrap-up

    23 October 2026 425 KB PDF
    • While the flash euro area PMIs signalled softer economic momentum at the start of Q4, Bunds followed the global trend lower as wholesale energy prices jumped.
    • Gilts also made losses as a surprisingly strong UK composite output PMI contrasted significantly with a slump in consumer confidence.