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

    17 July 2026 428 KB PDF
    • Bunds made modest losses at the short end but gains further along the curve as final euro area inflation estimates for June confirmed a softening in the major core components.
    • Gilts also largely made modest gains while Andy Burnham predictably cleared the final hurdle to becoming UK Prime Minister on Monday.
  • US Economic Comment

    US Economic Comment

    17 July 2026 367 KB PDF
    • Monetary policy testimony: Chairman Warsh ushers in change in approach at the central bank, but re-emphasizes unwavering commitment to dual mandate objectives
    • June inflation update: soft CPI slashes prospects for a rate hike in July while also suggesting tame reading for the PCE price index
  • Euro wrap-up

    Euro wrap-up

    16 July 2026 394 KB PDF
    • Bunds followed USTs lower, while the euro area trade balance flipped into deficit in May in part due to higher fuel prices.
    • While BoE Deputy Governor Breeden played down the need to raise rates, Gilts made losses after UK GDP exceeded expectations in May higher services and manufacturing output.
  • US Data Review

    US Data Review

    16 July 2026 224 KB PDF
    • Retail sales: modest advance constrained by lower gasoline prices
  • Euro wrap-up

    Euro wrap-up

    15 July 2026 284 KB PDF
    • Shorter-dated Bunds followed USTs higher, while euro area IP slipped back in May but remained on track to support GDP growth in Q2.
    • Gilts outperformed as media reports suggested that Prime Minister-in-waiting Burnham was likely to avoid appointing a relatively market unfriendly Chancellor.
  • US Data Review

    US Data Review

    14 July 2026 206 KB PDF
    • CPI: drop in gasoline prices contributes to drop in headline; core inflation rounds up to no change
  • Euro wrap-up

    Euro wrap-up

    10 July 2026 356 KB PDF
    • Longer-dated Bunds made gains while final German and French inflation readings confirmed a sharp drop in headline inflation and suggested limited spillover effects from the Iran war beyond the energy components. 
    • Gilts made modest gains even as BoE Chief Economist Pill maintained his view that interest rates will need to be hiked in the coming year.
  • Euro wrap-up

    Euro wrap-up

    9 July 2026 265 KB PDF
    • While German exports rose for a fourth successive month and the account of the ECB’s June policy meeting underscored the Governing Council’s desire to keep all options open on the future path for rates, Bunds followed the global trend higher.
    • Gilts also made gains while a UK survey pointed to continued weakness in house prices and demand.