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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  • 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.


  • US Data Review

    US Data Review

    15 September 2021 148 KB PDF
    • Industrial production: hurricane constraints in mining & manufacturing
  • Euro wrap-up

    Euro wrap-up

    15 September 2021 429 KB PDF
    • Bunds made losses as euro area governments looked to respond to pressures in wholesale power markets, final French and Italian inflation estimates highlighted persistent energy price pressures, and euro area industrial production jumped at the start of Q3.
    • Gilts also made losses as UK inflation rose to its strongest rate since 2012, albeit largely reflecting pandemic-related base effects and other special factors.
  • US Data Review

    US Data Review

    14 September 2021 153 KB PDF
    • CPI: cooling in pandemic-related pressure points