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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

    7 October 2026 340 KB PDF
    • While German industrial production data surprised to the upside on a surge in construction activity, shorter-dated Bunds made gains as investor concerns about France returned to the fore.
    • Gilts made sizeable losses on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    6 October 2026 358 KB PDF
    • Longer-dated Bunds made gains as German factory orders fell back while OATs rallied as the French far-right RN party pledged to cut the government deficit if it came to office next year.
    • While hawkish BoE policymaker Catherine Mann reiterated her view that the UK labour market is not weak enough to tame inflation, Gilts also closed the day higher.
  • Euro wrap-up

    Euro wrap-up

    5 October 2026 311 KB PDF
    • While French spreads narrowed and Bunds made losses except at the short end as euro area producer price inflation rose to the highest rate since early 2023.
    • Gilts also made losses, while the final UK services activity PMI suggested a loss of momentum despite an upwards revision from the flash estimate.
  • Euro wrap-up

    Euro wrap-up

    2 October 2026 443 KB PDF
    • While euro area inflation rose above expectations to a three-year high and French and Italian bonds initially extended their sell-off, all euro area govvies ended the day higher on news of a release of strategic European diesel reserves.
    • Gilts also made gains as a BoE survey reported that business inflation and wage expectations remain relatively well anchored.
  • Euro wrap-up

    Euro wrap-up

    1 October 2026 313 KB PDF
    • While the French government presented its draft budget for 2027 with its plan to reduce its budget deficit to 5% of GDP, OATs and BTPs continued to sell off while Bunds rallied hard on a flight to quality.  
    • Gilts rallied while the UK manufacturing PMIs suggested a softening of momentum at the end of Q3.
  • Euro wrap-up

    Euro wrap-up

    30 September 2026 300 KB PDF
    • While OATs continued to sell off and flash German, French and Italian inflation surprised to the upside, Bunds made sizeable gains.
    • Shorter-dated Gilts made modest gains despite an upwards revision to UK GDP in Q2 to confirm the strongest growth of the G7 in H126.
  • Euro wrap-up

    Euro wrap-up

    29 September 2026 355 KB PDF
    • While flash estimates of Spanish and Belgian inflation surprised to the upside, Bunds made modest gains while the Commission’s economic sentiment indicator fell slightly as consumer expectations deteriorated.
    • Gilts also made modest gains as the BRC’s measure of shop price inflation moderated and mortgage approvals slowed, but business lending and household credit flows remained robust.
  • Euro wrap-up

    Euro wrap-up

    25 September 2026 378 KB PDF
    • Bunds made gains at the shorter end of the curve as German consumer confidence fell to a four-month low while euro area bank lending growth was broadly steady.
    • Despite some more hawkish commentary from BoE Governor Bailey and a further improvement in UK consumer confidence, Gilts made gains across the curve as wholesale natural gas prices fell.