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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

2025

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  • 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 374 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.
  • Euro wrap-up

    Euro wrap-up

    25 February 2026 326 KB PDF
    • While the drop in euro area inflation in January well below target was confirmed and German consumer confidence deteriorated more than expected in the latest survey, Bunds were little changed as data confirmed that German domestic demand growth was strong in Q4.
    • Gilts made modest losses as the Ofgem cut its household energy price cap from April by a little less than expected.
  • Euro wrap-up

    Euro wrap-up

    24 February 2026 305 KB PDF
    • Bunds were little changed as business surveys pointed to ongoing recovery in German manufacturing but a broad-based deterioration in sentiment in France.
    • While a UK retail survey flagged a deterioration in sales volumes, hiring and investment intentions, shorter-dated Gilts fell after the new US global tariff reverted to 10%.
  • Euro wrap-up

    Euro wrap-up

    20 February 2026 416 KB PDF
    • Bunds were little changed as the February flash PMIs were consistent with slight moderation in euro area GDP growth in Q1 compared to Q4.
    • Despite a big upside surprise to the latest UK flash PMIs and retail sales data, Gilts made gains at the longer end of the curve as the public sector registered a record budget surplus in January.
  • Euro wrap-up

    Euro wrap-up

    19 February 2026 295 KB PDF
    • Bunds were little changed as euro area consumer confidence edged up to a 12-month high while data confirmed a firm end to 2025 for construction output in the region.
    • Gilts were also little changed as a UK manufacturing survey suggested that output and orders in the sector were slightly improved this month albeit still subdued.