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

    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
  • Euro wrap-up

    Euro wrap-up

    17 December 2025 337 KB PDF
    • While December’s ifo business survey reported less upbeat expectations for German economic conditions in the first half of 2026, Bunds followed USTs lower after euro area inflation in November was revised down.
    • Gilts made gains across the curve after November’s CPI inflation data surprised to the downside, cementing the likelihood of a BoE rate cut.
  • Euro wrap-up

    Euro wrap-up

    16 December 2025 349 KB PDF
    • Bunds made modest gains as the euro area flash December PMIs surprised to the downside, albeit remaining consistent with an acceleration in GDP growth in Q4.
    • While UK unemployment jumped in October and private regular pay growth slowed, Gilts made losses after the flash PMIs exceeded expectations.
  • US Data Review

    US Data Review

    16 December 2025 307 KB PDF
    • Employment report: tepid payroll growth in November after October decline; unemployment rate jumped to 4.6 percent
    • Retail sales: solid, if unspectacular, start in the fourth quarter