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

    4 September 2026 627 KB PDF
    • Bunds ended the day little changed as weak euro area retail sales data were offset by a further strong rise in German factory orders.
    • Gilts followed USTs lower after a BoE survey showed a modest uptick in firms’ inflation expectations, although price- and wage-setting behaviour appeared to remain broadly stable.
  • US Economic Comment

    US Economic Comment

    4 September 2026 390 KB PDF
    • August employment: payrolls above expectations; unemployment low; indicative of a fully employed economy
    • A September rate hike: it comes down to next week’s CPI
  • Euro wrap-up

    Euro wrap-up

    3 September 2026 328 KB PDF
    • Despite stronger-than-expected euro area producer prices and final August PMIs consistent with solid expansion in Q3, Bunds followed USTs higher.
    • While BoE Chief Economist Pill’s renewed call for a rate hike, Gilts outperformed as the final UK PMIs continued to signal subdued demand.
  • Euro wrap-up

    Euro wrap-up

    1 September 2026 487 KB PDF
    • Bunds posted modest losses as euro area inflation rose to its highest level in almost three years, but German retail sales recorded their steepest decline in five years.
    • While UK bank lending weakened, Gilts underperformed after a survey suggested shop price inflation accelerated to a seven-month high.
  • US Data Review

    US Data Review

    1 September 2026 199 KB PDF
    • ISM manufacturing: softer in August but still indicating expansion for the eighth straight month; price index remains unchanged at an elevated level
  • Euro wrap-up

    Euro wrap-up

    28 August 2026 406 KB PDF
    • Bunds followed USTs lower as French and Spanish inflation rose and the Commission survey pointed to resilient economic growth over the summer.
    • Gilts similarly made losses on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    28 August 2026 404 KB PDF
    • Warsh at Jackson Hole: the Fed Chairman expressed discontent with current inflation and unequivocal defense of inflation target, while offering justification for not providing a clear reaction function
    • Nonfarm payrolls preliminary benchmark revisions: modest downward adjustment to payrolls in the 12 months ended March 2026; data ratify policymakers’ views that the labor market is relatively healthy despite modest hiring
  • Euro wrap-up

    Euro wrap-up

    27 August 2026 315 KB PDF
    • Bunds made modest losses as German consumer confidence rose to a six-month high, euro area bank lending remained resilient and the ECB account of its July policy meeting reinforced expectations of a September rate hike.
    • Gilts were little changed on a quiet day for UK economic news.