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

    7 January 2026 352 KB PDF
    • Bunds made further gains as euro area inflation returned to target and German retail sales data disappointed.
    • Gilts outperformed while the UK construction PMIs implied a marked decline in activity in the sector in Q4.
  • US Data Review

    US Data Review

    7 January 2026 230 KB PDF
    • ISM services: firmest reading of 2025, led by new orders; prices ease but remain elevated
  • Euro wrap-up

    Euro wrap-up

    6 January 2026 318 KB PDF
    • Bunds made gains as German inflation declined further than expected in December, falling back to 2.0%Y/Y on the HICP measure.
    • Gilts were also marginally higher as the final December UK services activity PMI was revised lower to suggest a lacklustre end to 2025.
  • Euro wrap-up

    Euro wrap-up

    5 January 2026 323 KB PDF
    • After Friday’s euro area bank lending data signalled ongoing moderate economic expansion in Q4, Bunds followed the global trend higher today on a quiet day for euro area economic news.
    • Gilts also made gains while UK bank lending figures showed that mortgage applications fell but consumer credit and business loans grew firmly in November.
  • US Data Review

    US Data Review

    5 January 2026 214 KB PDF

    ISM manufacturing: stuck in contraction; prices remain elevated

  • US Economic Comment

    US Economic Comment

    19 December 2025 417 KB PDF
    • 2026 outlook: U.S. economy to remain on track, boosted by tailwinds from monetary and tax policy, although downside risks remain
    • Monetary policy: further easing expected amid softening labor market and decelerating inflation
  • Euro wrap-up

    Euro wrap-up

    18 December 2025 399 KB PDF
    • While the ECB revised higher its inflation forecast for 2026 and the German debt agency confirmed a big increase in issuance next year, longer-dated Bunds followed USTs slightly higher.
    • While the BoE eased by 25bps and signalled that Bank Rate will likely maintain a gradual downward path, shorter-dated Gilts made losses as several BoE policymakers remained cautious with respect to the near-term outlook.
  • US Data Review

    US Data Review

    18 December 2025 225 KB PDF
    • CPI: November data suggest notable cooling, although some skepticism necessary given disruptions to data collection tied to the government shutdown