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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

  • US Economic Comment

    US Economic Comment

    29 May 2026 410 KB PDF
    • Q2 GDP: the latest data suggest an acceleration from downwardly revised Q1 pace
    • Inflation: ugly print in April to keep Fed on sidelines
  • Euro wrap-up

    Euro wrap-up

    28 May 2026 289 KB PDF
    • While the ECB’s account of its April policy meeting appeared to validate predictions of a June rate hike, but data suggested that price expectations had since moderated, Bunds ended the day higher on news regarding a potential US-Iran deal.
    • Gilts continued to outperform euro govvies on a quiet day for UK news.
  • US Data Review

    US Data Review

    28 May 2026 286 KB PDF
    • Consumer inflation: below expectations but still hot
    • Personal income and consumption: income growth was lackluster in April, with households drawing on savings to facilitate solid spending
  • European Banks - Quarterly ESG Update (2Q26)

    European Banks - Quarterly ESG Update (2Q26)

    27 May 2026 520 KB PDF
    • Strong 1Q26 volumes and solid flow so far in 2Q26 keep our 2026 issuance forecast on track. Activity mostly driven by refinancing needs as meaningful policy-driven incentives remain absent.
    • EuGBS bonds attract wider issuer base as standard benefits from regulatory clarification.
    • SSA issuance rebounds in 1Q26, while FIGs see drop off in activity due to geopolitical tensions.
    • Bond greeniums remain resilient despite ongoing market volatility. On a regional basis, European entities performed the strongest over the past year.
  • Euro wrap-up

    Euro wrap-up

    27 May 2026 312 KB PDF
    • Bunds ended the day little changed after oscillating on Iran-related news, while euro area new car registrations remained firm but French consumer confidence deteriorated close to historical lows.
    • While Ofgem confirmed a sharp rise in British household energy bills, Gilts made gains as oil prices fell.
  • Euro wrap-up

    Euro wrap-up

    22 May 2026 414 KB PDF
    • Following yesterday evening’s late UST rally, Bunds made gains as the ifo and INSEE surveys further flagged the risks of contractions in German and French GDP this quarter.
    • While UK public borrowing exceeded expectations in April, Gilts also made gains as British retail sales fell further than expected that month.
  • US Economic Comment

    US Economic Comment

    22 May 2026 390 KB PDF
    • Recent views from Fed officials: suggestive of more hawkish assessments on the path of monetary policy
    • PMI update: economic growth solid, but supply-chain disruptions likely contributing to already troubling price pressure
  • FMO (Nedfin) - Issuer Profile

    FMO (Nedfin) - Issuer Profile

    21 May 2026 377 KB PDF
    • FMO is a Dutch development bank that is majority owned by the state. It functions as a strategic policy vehicle to support private sector projects in emerging markets.