London & NY Research

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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 July 2026 285 KB PDF
    • Bunds made losses as German IP beat expectations in May, while OATs underperformed slightly as far-right Marine Le Pen was cleared to contest next year’s Presidential Election albeit with electronic monitoring.
    • While the BoE proposed to ease bank capital rules, Gilts also made losses.
  • Euro wrap up

    Euro wrap up

    6 July 2026 362 KB PDF
    • Bunds ended the day little changed as euro area retail sales remained subdued in May, but German factory orders pointed to gradual recovery in underlying demand.
    • Gilts made very modest losses while the UK construction PMIs flagged ongoing weak demand, contrasting a pickup in new cars registrations.
  • Euro wrap-up

    Euro wrap-up

    3 July 2026 352 KB PDF
    • Despite a softening in French industrial production in May, Bunds posted modest losses as the final euro area services activity PMI was revised higher.
    • While the BoE’s DMP survey pointed to a further easing in firms’ near-term inflation expectations and the final UK composite PMI was revised lower, Gilts ended the day little changed.
  • Euro wrap-up

    Euro wrap-up

    2 July 2026 267 KB PDF
    • Bunds had a mixed performance, while euro are unemployment data pointed to ongoing resilience in the labour market in the middle of Q2.
    • Shorter-dated gilts also made modest gains, even as MPC member Catherine Mann reiterated that an ‘activist move’ could bring inflation and expectations back to target.
  • US Economic Comment

    US Economic Comment

    2 July 2026 358 KB PDF
    • June labor market data: unimpressive after previous hints of firming, with the latest results perhaps easing fears of a Fed pivot to rate hikes
  • Euro wrap-up

    Euro wrap-up

    1 July 2026 322 KB PDF
    • Shorter-dated Bunds made modest gains following a downside surprise to euro area inflation in June.
    • Gilts also rose at the short end, while the final UK manufacturing PMI was revised lower but remained consistent with continued growth in the sector.
  • US Data Review

    US Data Review

    1 July 2026 199 KB PDF
    • ISM manufacturing: softer but indicative of expansion for the sixth consecutive month; prices drop but remain elevated
  • TenneT NL - Issuer Profile

    TenneT NL - Issuer Profile

    30 June 2026 364 KB PDF
    • TenneT NL is the Dutch subsidiary and intermediate holding company of TenneT Holding B.V., which is wholly owned by the Dutch state via the Ministry of Finance. 
    • TenneT NL is the sole electricity transmission systems operator (TSO) in the Netherlands, responsible for the country's high-voltage transmission network.