London & NY Research

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    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

    21 July 2026 329 KB PDF
    • Bunds made modest losses while the German ZEW investor survey pointed to a brighter economic outlook and an ECB survey suggested that corporate loan demand improved in Q2 as firms revised up their capex plans.
    • Gilts ended the day little changed as UK private regular pay growth slowed to a 5½-year low.
  • Euro wrap-up

    Euro wrap-up

    20 July 2026 277 KB PDF
    • While German producer prices fell for first month in four and an ECB survey suggested that wage and price expectations remained broadly anchored, longer-dated Bunds followed the global trend lower.
    • As markets awaited the appointment of a new UK Chancellor, Gilts underperformed as UK Prime Minister Andy Burnham stated that he will use ‘any flexibility’ available within the fiscal rules.
  • Euro wrap-up

    Euro wrap-up

    17 July 2026 428 KB PDF
    • Bunds made modest losses at the short end but gains further along the curve as final euro area inflation estimates for June confirmed a softening in the major core components.
    • Gilts also largely made modest gains while Andy Burnham predictably cleared the final hurdle to becoming UK Prime Minister on Monday.
  • US Economic Comment

    US Economic Comment

    17 July 2026 367 KB PDF
    • Monetary policy testimony: Chairman Warsh ushers in change in approach at the central bank, but re-emphasizes unwavering commitment to dual mandate objectives
    • June inflation update: soft CPI slashes prospects for a rate hike in July while also suggesting tame reading for the PCE price index
  • Euro wrap-up

    Euro wrap-up

    16 July 2026 394 KB PDF
    • Bunds followed USTs lower, while the euro area trade balance flipped into deficit in May in part due to higher fuel prices.
    • While BoE Deputy Governor Breeden played down the need to raise rates, Gilts made losses after UK GDP exceeded expectations in May higher services and manufacturing output.
  • US Data Review

    US Data Review

    16 July 2026 224 KB PDF
    • Retail sales: modest advance constrained by lower gasoline prices
  • Euro wrap-up

    Euro wrap-up

    15 July 2026 284 KB PDF
    • Shorter-dated Bunds followed USTs higher, while euro area IP slipped back in May but remained on track to support GDP growth in Q2.
    • Gilts outperformed as media reports suggested that Prime Minister-in-waiting Burnham was likely to avoid appointing a relatively market unfriendly Chancellor.
  • US Data Review

    US Data Review

    14 July 2026 206 KB PDF
    • CPI: drop in gasoline prices contributes to drop in headline; core inflation rounds up to no change