London & NY Research


    Daiwa Europe’s market-leading research on the Japanese economy.


    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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  • 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.
  • Daiwa: Japan Chart Book

    Daiwa: Japan Chart Book

    20 September 2021 1185 KB PDF
    • Amidst its worst Covid-19 outbreak, Japan has significantly ramped up progress on vaccination.
    • Japan’s recovery has been set back by new coronavirus waves, but so far by less than expected.
    • Pre-Covid-19 GDP peak still unlikely to be recaptured until 2023.
    • Beyond the unwinding of base effects, the outlook for inflation remains weak.
    • No matter who wins the LDP leadership vote, the LDP will very likely win the General Election.


  • Euro Wrap-up

    Euro Wrap-up

    17 September 2021 762 KB PDF
    • Bunds made losses as final euro area inflation was unrevised at a near-decade high and risks to the near-term inflation outlook remain skewed to the upside.
    • Gilts also made losses despite a downside surprise to UK retail sales in August, which marked the longest unbroken losing streak on the series.
  • US Data Review

    US Data Review

    16 September 2021 158 KB PDF
    • Retail sales: Covid be damned; consumers remain active.
  • Euro Wrap-up

    Euro Wrap-up

    16 September 2021 408 KB PDF
    • Bunds made modest gains as European gas and power prices fell back while the value of euro area exports resumed an uptrend in July.
    • Gilts followed USTs lower as a survey suggested that UK firms found it increasingly difficult to fill job vacancies heading into September.