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

    6 February 2026 363 KB PDF
    • Bunds were little changed as a return to positive German IP growth in Q4 was confirmed despite a drop in December.
    • Having underperformed earlier in the week, Gilts outperformed on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    5 February 2026 364 KB PDF
    • Despite extremely strong growth in German new factory orders, Bunds followed USTs to close the day slightly higher as the ECB left its policy and forward guidance unchanged.
    • The BoE left Bank Rate unchanged but opened the door to a March cut pushing shorter-dated Gilts higher, but longer-dated Gilts weakened in response to heightened uncertainty about Starmer’s future as UK PM.
  • Euro wrap-up

    Euro wrap-up

    4 February 2026 320 KB PDF
    • Bunds made gains as euro area inflation moved firmly below the 2.0%Y/Y target in January to match the lowest rate since April 2021.
    • Gilts made modest gains while the final UK PMIs signalled renewed growth and price momentum but also a weak job market.
  • US Data Review

    US Data Review

    4 February 2026 231 KB PDF
    • ADP employment: private hiring posts a below-trend gain
    • ISM services: unchanged but indicating expansion for the 19th consecutive month
  • Euro wrap-up

    Euro wrap-up

    3 February 2026 267 KB PDF
    • While French inflation undershot expectations, Bund followed USTs lower.
    • Gilts were little changed on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    2 February 2026 199 KB PDF
    • ISM manufacturing: jump to the highest read since 2022; prices remain elevated
  • Euro wrap-up

    Euro wrap-up

    2 February 2026 281 KB PDF
    • Bunds followed USTs lower while German retail sales data confirmed a return to growth in Q4.
    • While the final UK manufacturing PMI survey pointed to ongoing recovery in the sector with the orders index up to a four-year high, Gilts made very modest gains.
  • Euro wrap-up

    Euro wrap-up

    30 January 2026 402 KB PDF
    • While euro area GDP growth beat expectations, the unemployment rate fell back to a series low and German inflation surprised to the upside, Bunds ended the week little changed.
    • Gilts followed longer-dated USTs slightly lower on a quiet day for UK data.