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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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  • 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
  • Euro wrap-up

    Euro wrap-up

    21 August 2026 431 KB PDF
    • Bunds were little changed as the flash euro area PMIs signalled steady economic growth and a slight easing of cost pressures, while consumer confidence edged higher and wage settlement growth and household inflation expectations moderated.
    • While UK consumer confidence rose to a 2-year high and public borrowing exceeded expectations, Gilts made modest gains as the flash PMIs suggested moderate growth in Q3.
  • Euro wrap-up

    Euro wrap-up

    20 August 2026 294 KB PDF
    • Bunds were little changed on the day despite a bigger than expected increase in German producer prices while euro area construction output data disappointed.
    • Gilts followed USTs lower as a survey suggested a slight improvement in mood in the UK industrial sector.
  • Euro wrap-up

    Euro wrap-up

    19 August 2026 312 KB PDF
    • Bunds made losses as final euro area inflation data confirmed a modest pickup in headline and core rates in July.
    • While UK inflation predictably jumped on higher household energy bills, Gilts made gains as a stable core print and easing input costs reinforced expectations that the BoE will leave rates unchanged for some time.
  • Euro wrap-up

    Euro wrap-up

    18 August 2026 341 KB PDF
    • With wholesale energy prices higher, Bunds made losses while the ZEW survey suggested that investor optimism with respect to the German economic outlook has risen again.   
    • Gilts made slightly smaller losses as the latest UK labour market data reported further moderation in private sector pay growth and declining payrolls.
  • US Economic Comment

    US Economic Comment

    14 August 2026 379 KB PDF
    • August price data: inflation reports for July suggest a tame increase in the PCE price index, which could allow the FOMC to leave interest rates unchanged in September amid possible softening in other data
    • Retail sales and consumer sentiment: disappointing