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

    30 April 2026 478 KB PDF
    • While ECB President Lagarde hinted at a rate hike as soon as the June meeting, Bunds made gains as the oil price fell, euro area core inflation moderated and Q1 GDP undershot expectations. 
    • Gilts also followed the global trend higher, as the BoE ‘actively’ held interest rates, reflecting hopes of some members of the MPC that hikes might not be required given the tightening of financial conditions over recent weeks.  
  • Euro wrap-up

    Euro wrap-up

    29 April 2026 333 KB PDF
    • While German inflation was slightly softer than expected and the Commission sentiment indices slumped in April, Bunds made losses as consumer and business price expectations rose to multi-year highs.
    • Gilts followed the global trend lower on a quiet day for UK economic news.
  • US FOMC Review

    US FOMC Review

    29 April 2026 205 KB PDF
    • FOMC: target range for federal funds rate unchanged at 3-1/2 to 3-3/4 percent amid heightened inflation risks
    • The Committee vote: 8-4 in favor of the monetary policy action; Governor Miran (as expected) in favor of a cut of 25 basis points, while three bank presidents supported the hold but not the inclusion of an easing bias in the statement
  • Euro wrap-up

    Euro wrap-up

    28 April 2026 299 KB PDF
    • Bunds followed the global trend lower, while ECB surveys flagged a tightening of financial conditions and a moderation in firms’ wage expectations, but a deterioration in the near-term inflation expectations.  
    • While a UK survey suggested that weak demand continues to suppress retailer pricing powers, Gilts made losses amid ongoing political pressures on PM Starmer.  
  • Euro wrap-up

    Euro wrap-up

    24 April 2026 428 KB PDF
    • Bunds closed slightly higher after the ifo survey signalled the worst German business climate since 2020.
    • As a BoE survey suggested that UK wage and medium-term inflation expectations remain well anchored, Gilts also made gains despite stronger-than-expected growth in retail sales.
  • US Economic Comment

    US Economic Comment

    24 April 2026 427 KB PDF
    • FOMC preview: on hold amid elevated inflation risks
    • The Warsh appointment: testimony offered limited insight into his prospective chairmanship; Friday announcement by Department of Justice ending probe of Powell removes key obstacle to Senate vote
  • Euro wrap-up

    Euro wrap-up

    23 April 2026 321 KB PDF
    • Despite intra-day volatility, Bunds closed little changed on the day as the flash euro area PMIs suggested a marked weakening of growth momentum and significant increase in cost pressures in April.
    • While the DMO revised down its issuance plan for the new fiscal year and UK consumer confidence deteriorated, Gilts made modest losses as the flash PMIs suggested that UK economic activity in April was firmer than expected amid rising cost pressures.
  • Euro wrap-up

    Euro wrap-up

    22 April 2026 279 KB PDF
    • Bunds made modest losses at the short end of the curve even as the Commission’s flash euro area consumer confidence indicator flagged another sizable deterioration in sentiment.
    • Gilts made losses while UK inflation picked up on higher fuel prices but the core rate undershot expectations.