London & NY Research

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    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

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  • Euro wrap-up

    Euro wrap-up

    22 May 2026 414 KB PDF
    • Following yesterday evening’s late UST rally, Bunds made gains as the ifo and INSEE surveys further flagged the risks of contractions in German and French GDP this quarter.
    • While UK public borrowing exceeded expectations in April, Gilts also made gains as British retail sales fell further than expected that month.
  • US Economic Comment

    US Economic Comment

    22 May 2026 390 KB PDF
    • Recent views from Fed officials: suggestive of more hawkish assessments on the path of monetary policy
    • PMI update: economic growth solid, but supply-chain disruptions likely contributing to already troubling price pressure
  • FMO (Nedfin) - Issuer Profile

    FMO (Nedfin) - Issuer Profile

    21 May 2026 377 KB PDF
    • FMO is a Dutch development bank that is majority owned by the state. It functions as a strategic policy vehicle to support private sector projects in emerging markets. 
  • Euro wrap-up

    Euro wrap-up

    21 May 2026 315 KB PDF
    • While the flash euro area PMIs weakened unexpectedly to suggest a drop in GDP in Q2, Bunds followed USTs lower as euro area consumer confidence improved slightly.
    • Longer-dated Gilts made modest gains as the UK flash PMIs deteriorated significantly to suggest a services-led contraction in economic output in Q2.
  • Euro wrap-up

    Euro wrap-up

    20 May 2026 380 KB PDF
    • While a Reuters report suggested a strong likelihood that the ECB will raise rates in June, Bunds made gains as euro area core inflation was confirmed at a 4-year low and oil prices fell on reports that President Trump hinted a deal with Iran might be near.
    • Gilts outperformed as UK inflation surprised to the downside in April and BoE Governor Bailey acknowledged that tighter financial conditions had lessened the need to raise rates.
  • Euro wrap-up

    Euro wrap-up

    19 May 2026 388 KB PDF
    • Bunds followed USTs lower while the euro area trade surplus narrowed to a 9-month low on higher energy prices.
    • Despite another soft UK labour market report, Gilts also made losses.
  • US Economic Comment

    US Economic Comment

    15 May 2026 407 KB PDF
    • April inflation: running hot 15
    • Q2 consumer spending: early data suggest households remain active despite higher energy costs, but a pickup in debt delinquencies suggests emerging strains
  • Euro wrap-up

    Euro wrap-up

    14 May 2026 399 KB PDF
    • While UK GDP growth accelerated in Q1 and risks of a challenge to Starmer’s leadership were heightened by the resignation of a Cabinet minister, Gilts made gains.
    • Bunds also made modest gains on a quiet day for euro area economic news.