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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

    4 March 2026 345 KB PDF
    • While euro area unemployment fell to a series low and core producer prices rose the most in three years, shorter-dated Bunds followed USTs higher as energy prices stabilised after their recent marked jump.
    • Gilts also made modest gains despite the final UK PMIs suggesting firmer growth in GDP and external demand in Q1.
  • US Data Review

    US Data Review

    4 March 2026 227 KB PDF
    • ISM services: highest observation since July 2022, led by a jump in new orders; prices ease but remain elevated
  • Euro wrap-up

    Euro wrap-up

    3 March 2026 304 KB PDF
    • Bunds made further losses as wholesale energy prices again rose sharply and euro area inflation surprised to the upside in February.
    • Gilts underperformed even as the UK DMO reduced its planned issuance for the next fiscal year and lowered the share of longer-dated bond sales.
  • European Banks - ESG Update & 2026 Outlook

    European Banks - ESG Update & 2026 Outlook

    2 March 2026 709 KB PDF
    • ESG volumes are expected to reach around EUR950bn in 2026, supported by refinancing needs and repeat programmes. Green bonds continue to dominate.
    • FIG and SSA issuers will benefit from broadening mandates, large redemptions and policy initiatives.
    • So far in 2026, FIG activity has been more resilient while SSAs saw a more tentative start to the year.
    • Relative value is increasingly driven by issuer quality, liquidity and standardisation.
  • US Data Review

    US Data Review

    2 March 2026 199 KB PDF
    • ISM manufacturing: indicating expansion for the second consecutive month; prices surge to highest level since 2022
  • Euro wrap-up

    Euro wrap-up

    2 March 2026 376 KB PDF
    • While ECB policymakers were keen not to pre-judge the likely impact of events in the Middle East on the future path of rates, Bunds followed the global trend lower as wholesale energy prices jumped sharply.
    • Gilts also made losses, while BoE dove Taylor suggested the MPC will need to be mindful of the downside risks to economic output posed by the Iran War.
  • Euro wrap-up

    Euro wrap-up

    27 February 2026 374 KB PDF
    • Against the backdrop of diminished global risk appetite, Bunds made gains as a downside surprise in the flash estimates of German inflation in February contrasted upside surprises in France and Spain.
    • While a poor result for the Labour party in the Gorton and Denton by-election raised further questions about Keir Starmer’s future as Prime Minister, Gilts also made gains as UK consumer confidence deteriorated.
  • Euro wrap-up

    Euro wrap-up

    26 February 2026 297 KB PDF
    • Bunds made modest gains while the latest Commission survey reported an unexpected deterioration in sentiment in the middle of Q1 led by France, while bank lending remained subdued in January.
    • Ahead of the results of today’s by-election in Gorton and Denton, Gilts followed USTs higher on heightened global risk aversion.