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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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  • US Data Review

    US Data Review

    27 January 2026 248 KB PDF
    • Consumer confidence: swoon in January influenced by views on inflation and the labor market
  • Euro wrap-up

    Euro wrap-up

    26 January 2026 318 KB PDF
    • Bunds made gains as the German ifo business survey disappointed, suggesting modest economic momentum at the start of 2026.
    • On a quiet day for UK data, Gilts also made gains after Manchester Mayor Burnham was prevented from running in a by-election reducing the probability of a near-term challenge to PM Starmer’s leadership.
  • Euro wrap-up

    Euro wrap-up

    23 January 2026 372 KB PDF
    • Bunds made modest losses while the flash euro area activity and employment PMIs were softer than expected, but the survey’s price indices rose sharply.
    • Gilts underperformed as the UK PMIs, consumer confidence and retail sales data beat expectations.
  • US Economic Comment

    US Economic Comment

    23 January 2026 416 KB PDF
    • FOMC: on hold next week; reserve management purchases to continue
    • The U.S. flash PMI: indicative of the U.S. remaining on a growth trajectory, although January prints below consensus expectations
  • Euro wrap-up

    Euro wrap-up

    22 January 2026 266 KB PDF
    • Shorter-dated Bunds made modest losses as euro area consumer confidence surprisingly rose to an eleven-month high.
    • While UK public borrowing was lower than expected, political speculation surrounding a potential leadership challenge saw longer-dated gilts sell off. 
  • US Data Review

    US Data Review

    22 January 2026 255 KB PDF
    • Revised Q3 GDP: modest upward revision, led by business fixed investment
    • PCE price index: moderate monthly advances for both headline and core in the October/November period, with sideways year-over-year trend
  • Euro wrap-up

    Euro wrap-up

    21 January 2026 289 KB PDF
    • Gilts ended the day little changed while UK inflation ticked higher in December but remained below the BoE’s projection and underlying price pressures remained contained.
    • Bunds made further modest losses on a quiet day for euro area economic news.
  • Euro wrap-up

    Euro wrap-up

    20 January 2026 311 KB PDF
    • Longer-dated Bunds followed JGBs lower while euro area construction output fell in November but remained on track for growth in Q4.
    • Gilts also followed the global trend lower despite a soft UK labour market report signalling the weakest private pay growth in five years.