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

    12 February 2026 295 KB PDF
    • Bunds were little changed on a quiet day for economic news from the euro area.
    • Gilts made gains as UK GDP growth remained sluggish in Q4, slightly undershooting the BoE’s projection.
  • US Data Review

    US Data Review

    12 February 2026 212 KB PDF
    • Unemployment claims: above-consensus reads for both initial and continuing claims
    • Existing home sales: activity drops in the first month of 2026
  • US Data Review

    US Data Review

    11 February 2026 234 KB PDF
    • Payrolls: solid (albeit highly concentrated) growth of 130,000 in January after tepid hiring in 2025
    • Benchmark revisions: decidedly soft
  • Euro wrap-up

    Euro wrap-up

    10 February 2026 305 KB PDF
    • While the unemployment rate in France rose by more than expected, euro area sovereign bonds followed USTs higher on an otherwise quiet day for economic data.
    • Despite a slightly stronger UK retail sector survey, longer-dated Gilts also made gains.
  • US Data Review

    US Data Review

    10 February 2026 255 KB PDF
    • Retail sales: soft performance in December following downward-revised results
    • Employment cost index: ongoing deceleration in compensation growth
  • Euro wrap-up

    Euro wrap-up

    6 February 2026 363 KB PDF
    • Bunds were little changed as a return to positive German IP growth in Q4 was confirmed despite a drop in December.
    • Having underperformed earlier in the week, Gilts outperformed on a quiet day for UK economic news.
  • US Economic Comment

    US Economic Comment

    6 February 2026 465 KB PDF
    • Labor market data: Employment Situation delayed until next week on account of brief government shutdown; ancillary labor market data suggest softening in early 2026
    • Mid-quarter refunding: likely massive deficits in the years to come point to robust ongoing issuance by Treasury; current coupon sizes sufficient to meet broad funding requirements, with near-term fluctuations in cash needs met with adjustments to T-bill issuance
  • Euro wrap-up

    Euro wrap-up

    5 February 2026 364 KB PDF
    • Despite extremely strong growth in German new factory orders, Bunds followed USTs to close the day slightly higher as the ECB left its policy and forward guidance unchanged.
    • The BoE left Bank Rate unchanged but opened the door to a March cut pushing shorter-dated Gilts higher, but longer-dated Gilts weakened in response to heightened uncertainty about Starmer’s future as UK PM.