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

    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.
  • US Data Review

    US Data Review

    26 August 2026 285 KB PDF
    • Revised Q2 GDP: unchanged from first estimate, with upward revision to consumer spending offset by larger constraints from inventory investment and net exports; key inflation metrics revised higher
    • July price indexes: restrained performance for the second consecutive month, although brisk year-over-year advances are still problematic
  • Euro wrap-up

    Euro wrap-up

    25 August 2026 318 KB PDF
    • While the ifo business survey was stronger than expected and German GDP growth in Q2 was revised higher, Bunds made gains as wholesale crude oil prices fell back on events in the Middle East.
    • Gilts followed the global trend higher on a quiet day for economic news from the UK.
  • US Data Review

    US Data Review

    25 August 2026 253 KB PDF
    • Consumer confidence: downtick in headline influenced entirely by drop in expectations; inflation expectations pickup; views on the labor market improve slightly
    • New home sales: activity decelerates as mortgage rates tilt higher; median home price shifts lower; inventories elevated