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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2026

2025

  • Euro wrap-up

    Euro wrap-up

    10 February 2026 305 KB PDF
    • While the unemployment rate in France rose by more than expected, euro area sovereign bonds followed USTs higher on an otherwise quiet day for economic data.
    • Despite a slightly stronger UK retail sector survey, longer-dated Gilts also made gains.
  • US Data Review

    US Data Review

    10 February 2026 255 KB PDF
    • Retail sales: soft performance in December following downward-revised results
    • Employment cost index: ongoing deceleration in compensation growth
  • Euro wrap-up

    Euro wrap-up

    6 February 2026 363 KB PDF
    • Bunds were little changed as a return to positive German IP growth in Q4 was confirmed despite a drop in December.
    • Having underperformed earlier in the week, Gilts outperformed on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    6 February 2026 465 KB PDF
    • Labor market data: Employment Situation delayed until next week on account of brief government shutdown; ancillary labor market data suggest softening in early 2026
    • Mid-quarter refunding: likely massive deficits in the years to come point to robust ongoing issuance by Treasury; current coupon sizes sufficient to meet broad funding requirements, with near-term fluctuations in cash needs met with adjustments to T-bill issuance
  • Euro wrap-up

    Euro wrap-up

    5 February 2026 364 KB PDF
    • Despite extremely strong growth in German new factory orders, Bunds followed USTs to close the day slightly higher as the ECB left its policy and forward guidance unchanged.
    • The BoE left Bank Rate unchanged but opened the door to a March cut pushing shorter-dated Gilts higher, but longer-dated Gilts weakened in response to heightened uncertainty about Starmer’s future as UK PM.
  • Euro wrap-up

    Euro wrap-up

    4 February 2026 320 KB PDF
    • Bunds made gains as euro area inflation moved firmly below the 2.0%Y/Y target in January to match the lowest rate since April 2021.
    • Gilts made modest gains while the final UK PMIs signalled renewed growth and price momentum but also a weak job market.
  • US Data Review

    US Data Review

    4 February 2026 231 KB PDF
    • ADP employment: private hiring posts a below-trend gain
    • ISM services: unchanged but indicating expansion for the 19th consecutive month
  • Euro wrap-up

    Euro wrap-up

    3 February 2026 267 KB PDF
    • While French inflation undershot expectations, Bund followed USTs lower.
    • Gilts were little changed on a quiet day for UK economic news.