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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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2021

2020

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  • US Data Review

    US Data Review

    24 September 2021 153 KB PDF
    • New home sales: signs of improvement, but still lacking vigor.
  • Euro Wrap-up

    Euro Wrap-up

    24 September 2021 578 KB PDF
    • Bunds made losses even as the German ifo survey suggested a further loss of recovery momentum and Christine Lagarde insisted price pressures were likely to be temporary and the ECB could accelerate asset purchases if needed to maintain favourable financial conditions.
    • Gilts also made losses despite a drop in UK consumer confidence and a weak retail survey.
  • US FOMC Review

    US FOMC Review

    23 September 2021 208 KB PDF
    • FOMC: no decision on tapering, but lots of information; dot plot shows potential liftoff in 2022.
  • Euro Wrap-up

    Euro Wrap-up

    23 September 2021 560 KB PDF
    • Bunds made notable losses as a Reuters report suggested that eight ECB Council members judged the Bank’s inflation forecast to be too low, and the euro area flash PMIs suggested a softening of growth momentum amid ongoing supply constraints and rising cost pressures.
    • Gilts also made significant losses as the BoE stated that the case has strengthened for some modest tightening of monetary policy over the forecast horizon.
  • US Data Review

    US Data Review

    21 September 2021 151 KB PDF
    • Housing starts: August surge and upward revisions led by multi-family starts
  • Euro wrap-up

    Euro wrap-up

    21 September 2021 468 KB PDF
    • Bunds made modest gains at the long end of the curve, as ECB Governing Council member Stournaras cautioned that it is “too early to declare victory over the pandemic” and so “too early to draw conclusions about the extension or not of the PEPP [purchase programme] beyond March 2022”.
    • Gilts made modest losses at the short end as a survey of UK manufacturers flagged concerns about the impact of supply-side challenges on prices.
  • US Economic Comment

    US Economic Comment

    20 September 2021 277 KB PDF
    • FOMC preview: strong clues for tapering this year.
    • The surge in RRPs supports the case for tapering.
    • Interest rate liftoff: dot plot likely to continue indicating 2023.
  • European Banks - Credit Update

    European Banks - Credit Update

    20 September 2021 911 KB PDF
    • Over the past decade, global banking sectors saw rising regulatory levies applied due to poor governance and conduct. Greater reporting transparency related to ESG will highlight this further.
    • EBA funding report suggests strong rise in MREL eligible debt issuance by 2023.
    • Strong primary market issuance by FIGs and SSAs with several debut themed issuances while secondary spreads continue to tighten amidst rising risk perceptions.