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

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  • Euro wrap-up

    Euro wrap-up

    5 August 2026 329 KB PDF
    • While euro area producer prices fell for the first time since before the start of the Iran conflict and the latest French industrial production data were weak, Bunds were little changed.
    • Gilts were also little changed from Tuesday’s close as the UK’s final July services PMIs were consistent with slightly firmer activity and moderating price pressures in the sector.
  • Euro wrap-up

    Euro wrap-up

    3 August 2026 349 KB PDF
    • Bunds followed the global trend higher as oil prices fell sharply on renewed tentative optimism in the Middle East, while German retail sales disappointed in June.
    • Gilts outperformed even as the final UK manufacturing PMI tentatively pointed towards a more favourable economic outlook.
  • Euro wrap-up

    Euro wrap-up

    31 July 2026 388 KB PDF
    • Bunds made losses as euro area inflation ticked higher in July while German jobless claims rose once again.
    • Gilts also followed the global trend lower, while UK house price growth slowed at the start of Q3 as higher mortgage rates weighed on activity.
  • US Economic Comment

    US Economic Comment

    31 July 2026 427 KB PDF
    • Dissents at the July FOMC meeting: the Committee remains united in a return to price stability, but the 9-3 vote – and subsequent statements by dissenters – illustrate perhaps differing approaches to achieving that aim
    • Updated monetary policy forecast: we project that the FOMC will remain on hold through year-end 2026, with policymakers enacting marginal easing in early 2027
  • Euro wrap-up

    Euro wrap-up

    30 July 2026 421 KB PDF
    • Bunds made modest gains while euro area GDP growth in Q2 beat expectations and flash data from Germany and Spain reported a pickup in inflation in July.   
    • Gilts rallied particularly at the short end of the curve as Governor Bailey insisted that the BoE is not edging towards a rate hike despite a smaller majority in favour of today’s decision to leave policy unchanged.  
  • US Data Review

    US Data Review

    30 July 2026 257 KB PDF
    • GDP: strong domestic demand obscured by constraining influence from government spending, net exports, and inventory investment
    • Consumer prices: a restrained reading in the latest month, but inflation worries persist
  • US FOMC Review

    US FOMC Review

    29 July 2026 202 KB PDF
    • FOMC decision: the Committee maintained the target range for the federal funds rate at 3-1/2 to 3-3/4 percent for the fifth consecutive meeting; 9-3 decision with three policymakers favoring a hike
    • The statement: the latest iteration was substantially unchanged from that in June (aside from paragraph indicating dissents), balance sheet policy to continue operating in ample reserves framework
  • Euro wrap-up

    Euro wrap-up

    28 July 2026 338 KB PDF
    • While French consumers were more upbeat at the start of Q3, euro govvies followed the global trend slightly higher on lower oil prices.
    • Gilts also made modest gains as a UK survey showed shop price inflation moderating to a seven-month low.