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.

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    Daiwa’s coverage of the US economy from our colleagues in New York

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2021

2020

  • US Economic Comment

    US Economic Comment

    27 September 2021 303 KB PDF
    • FOMC: finally, some concrete information on QE.
    • Housing: another shift in preferences?
  • European Banks - Credit Update

    European Banks - Credit Update

    27 September 2021 1162 KB PDF
    • Norwegian regulators indicate lower MREL subordination requirements for banks.
    • ECB intends to widen climate stress tests to include trading operations of banks, while the EBA expects banks to build capital buffers in light of stricter climate-related regulatory demands.
    • Primary markets seemingly shrugged off the Evergrande fallout, as markets rebounded quickly and issuance volumes among SSAs and FIGs were well within expectation.
  • Euro Wrap-up

    Euro Wrap-up

    27 September 2021 386 KB PDF
    • Bunds were little changed as the SPD won the largest share of the vote in Germany’s federal election with a three-party coalition to be required to govern once Merkel departs.
    • Gilts made losses as a speech by BoE Governor stated that current price pressures are likely to be transient, but also that the outlook remains uncertain and that Bank Rate might have to be raised.
  • US Data Review

    US Data Review

    27 September 2021 150 KB PDF
    • Durable goods orders: aircraft-related advance.
  • 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.