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

2025

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  • Euro wrap-up

    Euro wrap-up

    11 March 2026 359 KB PDF
    • While IEA members unanimously agreed to release stocks from their emergency oil reserves, Bunds sold off as the impact of rising wholesale energy prices was evident on German weekly petrol and heating oil inflation data.
    • Gilts again underperformed on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    11 March 2026 234 KB PDF
    • CPI: latest contained advance in line with market expectations, although recent spike in energy prices suggests renewed (but likely transient) pressure in coming months
  • US Data Review

    US Data Review

    10 March 2026 215 KB PDF
    • Existing home sales: activity increases on the back of improved affordability
  • Euro wrap-up

    Euro wrap-up

    9 March 2026 322 KB PDF
    • While German industrial production and new factory orders data came in on the soft side, euro area govvies made modest losses as global energy prices rose further.
    • Although the substantial sell-off at the start of the day partially reversed, shorter-dated Gilts still made big losses as market pricing of a BoE rate cut this year tempered. 
  • Euro wrap-up

    Euro wrap-up

    6 March 2026 314 KB PDF
    • As the markets priced a significant risk of an ECB rate hike by year-end, Bunds made losses despite a downwards revision to euro area GDP growth at end-2025. 
    • Gilts made big losses as the price of Brent crude rose above $90 per barrel further fuelling concerns about inflation.
  • US Economic Comment

    US Economic Comment

    6 March 2026 427 KB PDF
    • Tensions in the Middle East: intensifying military exchange raises the possibility of acute pressure in energy prices, with possible adverse implications for U.S. economic growth and inflation
    • February employment: contraction in payrolls implies the labor market may be deteriorating vis-à-vis low-hire, low-fire paradigm suggested by Fed officials
  • Euro wrap-up

    Euro wrap-up

    5 March 2026 385 KB PDF
    • Despite some soft data from the region, euro area govvies sold off again as markets priced increased risks of an ECB rate hike this year due to the energy shock.
    • Gilts also made significant losses as signs of easing business price expectations ahead of the war in the Middle East have now been overtaken by events.
  • Euro wrap-up

    Euro wrap-up

    4 March 2026 345 KB PDF
    • While euro area unemployment fell to a series low and core producer prices rose the most in three years, shorter-dated Bunds followed USTs higher as energy prices stabilised after their recent marked jump.
    • Gilts also made modest gains despite the final UK PMIs suggesting firmer growth in GDP and external demand in Q1.