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


Category Clear
Archive Reset



  • US Economic Comment

    US Economic Comment

    21 June 2021 296 KB PDF
    • FOMC: still viewing price pressure as transitory, but wavering.
    • The household sector: robust financial positions.
  • European Banks - Credit Update

    European Banks - Credit Update

    21 June 2021 1131 KB PDF
    • Extension of leverage ratio relief by ECB until end March-2022 will be welcomed by European banks but stands in contrast to approach taken in Switzerland and the U.S.
    • Extension of Italian GACS scheme by one year for NPL securitisations credit positive for sector.
    • Primary market issuance by European SSA and FIGs exceeds expectations while secondary market spreads continue to hold firm in wake of more hawkish FED policy stance.


  • Euro Wrap-up

    Euro Wrap-up

    18 June 2021 621 KB PDF
    • Bunds were little changed despite another upside surprise in German producer price inflation.
    • Gilts made gains at the longer end of the curve as the latest UK retail sales data surprised on the downside.
  • US FOMC Review

    US FOMC Review

    17 June 2021 217 KB PDF
    • FOMC: interest rate liftoff in 2023, perhaps 2022.
    • Inflation: still viewed as transitory, but could be more persistent than expected.
    • QE: tapering under discussion.


  • Daiwa: Japan Chart Book

    Daiwa: Japan Chart Book

    17 June 2021 1274 KB PDF
    • Incidence of Covid-19 amongst Japan's population remains much lower than in other major economies.
    • As in Europe, Japan's recovery has been set back this year by new waves of coronavirus.
    • Pre-Covid-19 GDP peak now unlikely to be recaptured before 2023.
    • Beyond the unwinding of base effects, the outlook for inflation remains weak.
    • Time is of the essence for PM Suga with a LDP leadership vote and General Election ahead later this year.
  • Euro Wrap-up

    Euro Wrap-up

    16 June 2021 419 KB PDF
    • Bunds made modest gains as weaker euro area labour cost figures contrasted with a pickup in the job vacancy rate.
    • While short-dated gilts were little changed, long-dated gilts also made modest gains even as the latest UK inflation data exceeded expectations. 
  • Euro wrap-up

    Euro wrap-up

    15 June 2021 421 KB PDF
    • Bunds made modest losses as final inflation figures in Germany and France confirmed multi-year highs but Italian inflation was revised down and euro area exports weakened in April.
    • Gilts also made modest losses as data pointed to recovery in the UK’s labour market.
  • US Data Review

    US Data Review

    15 June 2021 233 KB PDF
    • Retail sales: natural easing from rebate-led strength; still strong
    • Industrial production: continued recovery
    • PPI: more pressure in May