London & NY Research

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    Daiwa Europe’s market-leading research on the Japanese economy.

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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

    2 July 2026 267 KB PDF
    • Bunds had a mixed performance, while euro are unemployment data pointed to ongoing resilience in the labour market in the middle of Q2.
    • Shorter-dated gilts also made modest gains, even as MPC member Catherine Mann reiterated that an ‘activist move’ could bring inflation and expectations back to target.
  • US Economic Comment

    US Economic Comment

    2 July 2026 358 KB PDF
    • June labor market data: unimpressive after previous hints of firming, with the latest results perhaps easing fears of a Fed pivot to rate hikes
  • Euro wrap-up

    Euro wrap-up

    1 July 2026 322 KB PDF
    • Shorter-dated Bunds made modest gains following a downside surprise to euro area inflation in June.
    • Gilts also rose at the short end, while the final UK manufacturing PMI was revised lower but remained consistent with continued growth in the sector.
  • US Data Review

    US Data Review

    1 July 2026 199 KB PDF
    • ISM manufacturing: softer but indicative of expansion for the sixth consecutive month; prices drop but remain elevated
  • TenneT NL - Issuer Profile

    TenneT NL - Issuer Profile

    30 June 2026 364 KB PDF
    • TenneT NL is the Dutch subsidiary and intermediate holding company of TenneT Holding B.V., which is wholly owned by the Dutch state via the Ministry of Finance. 
    • TenneT NL is the sole electricity transmission systems operator (TSO) in the Netherlands, responsible for the country's high-voltage transmission network. 
  • Euro wrap-up

    Euro wrap-up

    30 June 2026 345 KB PDF
    • Bunds ended the day little changed as German and French inflation surprised to the downside in June but consumer spending strengthened in May.
    • Despite soft signals from a UK shop price survey, Gilts made losses as the Government outlined its plans to increase defence spending.
  • Euro wrap-up

    Euro wrap-up

    29 June 2026 311 KB PDF
    • Ahead of President Lagarde’s opening speech at the ECB central banking forum, Bunds made modest losses as Spanish inflation remained sticky in June but inflation expectations eased.
    • As UK PM-in-waiting Burnham insisted that he would stick with the Starmer/Reeves fiscal rules, Gilts outperformed slightly while UK mortgage lending and approvals fell to their lowest since January 2024.
  • Euro wrap-up

    Euro wrap-up

    26 June 2026 353 KB PDF
    • Bunds made modest further gains while an ECB consumer survey suggested that near-term inflation expectations had moderated but medium-term forecasts remained elevated.
    • Gilts made modest losses on a quiet day for UK economic news.