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

    2 June 2026 326 KB PDF
    • While euro area inflation rose to the highest level since September 2023 and core inflation surprised to the upside, Bunds followed USTs higher.
    • Gilts also made gains as BoE Governor Bailey reiterated that tighter financial conditions allowed the MPC time to assess the impact of the energy shock.
  • Euro wrap-up

    Euro wrap-up

    1 June 2026 299 KB PDF
    • Bund yields followed the global trend higher as oil prices rose on reports that Iran will halt discussions with the US, while European data showed that household inflation expectations remained elevated, the labour market remained resilient but German retail sales fell further.
    • Gilts underperformed on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    1 June 2026 199 KB PDF
    • ISM manufacturing: indicating expansion for the fifth consecutive month; prices remain elevated
  • Euro wrap-up

    Euro wrap-up

    29 May 2026 366 KB PDF
    • As German inflation undershot expectations in May, Bunds followed the global trend higher on continued optimism for a potential resolution to the conflict in the Middle East.
    • Gilts also made gains after Governor Bailey reiterated that the BoE could tolerate a temporary inflation target overshoot until circumstances in the Middle East and the impact of the energy shock become clearer.
  • US Economic Comment

    US Economic Comment

    29 May 2026 410 KB PDF
    • Q2 GDP: the latest data suggest an acceleration from downwardly revised Q1 pace
    • Inflation: ugly print in April to keep Fed on sidelines
  • Euro wrap-up

    Euro wrap-up

    28 May 2026 289 KB PDF
    • While the ECB’s account of its April policy meeting appeared to validate predictions of a June rate hike, but data suggested that price expectations had since moderated, Bunds ended the day higher on news regarding a potential US-Iran deal.
    • Gilts continued to outperform euro govvies on a quiet day for UK news.
  • US Data Review

    US Data Review

    28 May 2026 286 KB PDF
    • Consumer inflation: below expectations but still hot
    • Personal income and consumption: income growth was lackluster in April, with households drawing on savings to facilitate solid spending
  • European Banks - Quarterly ESG Update (2Q26)

    European Banks - Quarterly ESG Update (2Q26)

    27 May 2026 520 KB PDF
    • Strong 1Q26 volumes and solid flow so far in 2Q26 keep our 2026 issuance forecast on track. Activity mostly driven by refinancing needs as meaningful policy-driven incentives remain absent.
    • EuGBS bonds attract wider issuer base as standard benefits from regulatory clarification.
    • SSA issuance rebounds in 1Q26, while FIGs see drop off in activity due to geopolitical tensions.
    • Bond greeniums remain resilient despite ongoing market volatility. On a regional basis, European entities performed the strongest over the past year.