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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

2025

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  • Euro wrap-up

    Euro wrap-up

    9 March 2026 322 KB PDF
    • While German industrial production and new factory orders data came in on the soft side, euro area govvies made modest losses as global energy prices rose further.
    • Although the substantial sell-off at the start of the day partially reversed, shorter-dated Gilts still made big losses as market pricing of a BoE rate cut this year tempered. 
  • Euro wrap-up

    Euro wrap-up

    6 March 2026 314 KB PDF
    • As the markets priced a significant risk of an ECB rate hike by year-end, Bunds made losses despite a downwards revision to euro area GDP growth at end-2025. 
    • Gilts made big losses as the price of Brent crude rose above $90 per barrel further fuelling concerns about inflation.
  • US Economic Comment

    US Economic Comment

    6 March 2026 427 KB PDF
    • Tensions in the Middle East: intensifying military exchange raises the possibility of acute pressure in energy prices, with possible adverse implications for U.S. economic growth and inflation
    • February employment: contraction in payrolls implies the labor market may be deteriorating vis-à-vis low-hire, low-fire paradigm suggested by Fed officials
  • Euro wrap-up

    Euro wrap-up

    5 March 2026 385 KB PDF
    • Despite some soft data from the region, euro area govvies sold off again as markets priced increased risks of an ECB rate hike this year due to the energy shock.
    • Gilts also made significant losses as signs of easing business price expectations ahead of the war in the Middle East have now been overtaken by events.
  • Euro wrap-up

    Euro wrap-up

    4 March 2026 345 KB PDF
    • While euro area unemployment fell to a series low and core producer prices rose the most in three years, shorter-dated Bunds followed USTs higher as energy prices stabilised after their recent marked jump.
    • Gilts also made modest gains despite the final UK PMIs suggesting firmer growth in GDP and external demand in Q1.
  • US Data Review

    US Data Review

    4 March 2026 227 KB PDF
    • ISM services: highest observation since July 2022, led by a jump in new orders; prices ease but remain elevated
  • Euro wrap-up

    Euro wrap-up

    3 March 2026 304 KB PDF
    • Bunds made further losses as wholesale energy prices again rose sharply and euro area inflation surprised to the upside in February.
    • Gilts underperformed even as the UK DMO reduced its planned issuance for the next fiscal year and lowered the share of longer-dated bond sales.
  • European Banks - ESG Update & 2026 Outlook

    European Banks - ESG Update & 2026 Outlook

    2 March 2026 709 KB PDF
    • ESG volumes are expected to reach around EUR950bn in 2026, supported by refinancing needs and repeat programmes. Green bonds continue to dominate.
    • FIG and SSA issuers will benefit from broadening mandates, large redemptions and policy initiatives.
    • So far in 2026, FIG activity has been more resilient while SSAs saw a more tentative start to the year.
    • Relative value is increasingly driven by issuer quality, liquidity and standardisation.