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

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  • Euro wrap-up

    Euro wrap-up

    3 August 2026 349 KB PDF
    • Bunds followed the global trend higher as oil prices fell sharply on renewed tentative optimism in the Middle East, while German retail sales disappointed in June.
    • Gilts outperformed even as the final UK manufacturing PMI tentatively pointed towards a more favourable economic outlook.
  • Euro wrap-up

    Euro wrap-up

    31 July 2026 388 KB PDF
    • Bunds made losses as euro area inflation ticked higher in July while German jobless claims rose once again.
    • Gilts also followed the global trend lower, while UK house price growth slowed at the start of Q3 as higher mortgage rates weighed on activity.
  • US Economic Comment

    US Economic Comment

    31 July 2026 427 KB PDF
    • Dissents at the July FOMC meeting: the Committee remains united in a return to price stability, but the 9-3 vote – and subsequent statements by dissenters – illustrate perhaps differing approaches to achieving that aim
    • Updated monetary policy forecast: we project that the FOMC will remain on hold through year-end 2026, with policymakers enacting marginal easing in early 2027
  • Euro wrap-up

    Euro wrap-up

    30 July 2026 421 KB PDF
    • Bunds made modest gains while euro area GDP growth in Q2 beat expectations and flash data from Germany and Spain reported a pickup in inflation in July.   
    • Gilts rallied particularly at the short end of the curve as Governor Bailey insisted that the BoE is not edging towards a rate hike despite a smaller majority in favour of today’s decision to leave policy unchanged.  
  • US Data Review

    US Data Review

    30 July 2026 257 KB PDF
    • GDP: strong domestic demand obscured by constraining influence from government spending, net exports, and inventory investment
    • Consumer prices: a restrained reading in the latest month, but inflation worries persist
  • US FOMC Review

    US FOMC Review

    29 July 2026 202 KB PDF
    • FOMC decision: the Committee maintained the target range for the federal funds rate at 3-1/2 to 3-3/4 percent for the fifth consecutive meeting; 9-3 decision with three policymakers favoring a hike
    • The statement: the latest iteration was substantially unchanged from that in June (aside from paragraph indicating dissents), balance sheet policy to continue operating in ample reserves framework
  • Euro wrap-up

    Euro wrap-up

    28 July 2026 338 KB PDF
    • While French consumers were more upbeat at the start of Q3, euro govvies followed the global trend slightly higher on lower oil prices.
    • Gilts also made modest gains as a UK survey showed shop price inflation moderating to a seven-month low.
  • US Data Review

    US Data Review

    28 July 2026 233 KB PDF
    • Consumer confidence: dip in July influenced by deterioration in views on current conditions; inflation expectations ease; labor market assessments worsen