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

2025

  • Euro wrap-up

    Euro wrap-up

    18 March 2026 317 KB PDF
    • While euro area inflation in February remained well contained, Bunds made sizeable losses as the impact of rising wholesale energy prices in March was evident on weekly petrol and heating oil inflation data.
    • Gilts similarly followed USTs lower on a quiet day for UK economic news.
  • US FOMC Review

    US FOMC Review

    18 March 2026 238 KB PDF
    • FOMC policy action: no change in the target range for the federal funds rate amid heightened uncertainty
    • Committee statement: modest changes outside of insertion of language highlighting developments in the Middle East; Miran dissents, again, in favor of ¼ point reduction
  • Euro wrap-up

    Euro wrap-up

    17 March 2026 288 KB PDF
    • Bunds made modest gains, while a German investor survey signalled a marked energy-related deterioration in the economic outlook but uptick in near-term inflation and rate hike expectations.
    • Gilts outperformed on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    16 March 2026 190 KB PDF
    • Industrial production: increases in manufacturing and mining offset decline in utilities
  • Euro wrap-up

    Euro wrap-up

    13 March 2026 438 KB PDF
    • Bunds made further losses, with the 10Y yield moving closer to 3%, as wholesale energy prices remained highly elevated but data confirmed that euro area industrial production fell in January to a 13-month low.
    • Gilts also made losses even as UK GDP failed to grow at the start of the year.
  • US Economic Comment

    US Economic Comment

    13 March 2026 404 KB PDF
    • FOMC: on hold in March amid heighted risks to both sides of the dual mandate; modest changes anticipated in new Summary of Economic Projections
    • Friday data: Q4 growth revised lower, as are our expectations for Q1
  • Euro wrap-up

    Euro wrap-up

    11 March 2026 359 KB PDF
    • While IEA members unanimously agreed to release stocks from their emergency oil reserves, Bunds sold off as the impact of rising wholesale energy prices was evident on German weekly petrol and heating oil inflation data.
    • Gilts again underperformed on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    11 March 2026 234 KB PDF
    • CPI: latest contained advance in line with market expectations, although recent spike in energy prices suggests renewed (but likely transient) pressure in coming months