Nomura – The Week Ahead
Episodes
The Week Ahead – Up and Up
01 May 2026
Contributed by Lukas
This week, in the US, we recap the FOMC meeting and key data and look ahead to the coming Payrolls report. In Europe, we review the ECB and BOE policy...
The Week Ahead – Central Banks' Bigger Bark Than Bite
24 Apr 2026
Contributed by Lukas
This week, we preview decisions from the Fed, ECB, and BOE, but expect no fireworks. In Asia, the BOJ may sound hawkish but BOT is likely dovish. In ...
The Week Ahead – Diverging Fortunes
17 Apr 2026
Contributed by Lukas
This week, we discuss our views on the ceasefire from a US perspective, the latest from the Fed, and fiscal policy in Europe. Rate decisions in Indone...
The Week Ahead - It's a Fragile Truce
10 Apr 2026
Contributed by Lukas
This week, we discuss our views on the ceasefire from a US perspective, the latest from the Fed, and fiscal policy in Europe. We preview key data suc...
The Week Ahead – They Think It's All Over...
02 Apr 2026
Contributed by Lukas
This week, we look back at the effects already being felt across the global economy. In the US, we preview employment and inflation releases, and outl...
Special Edition: Nomura Central Bankers' Seminar
01 Apr 2026
Contributed by Lukas
With geopolitics and the US economy in focus at our Central Bankers' Seminar, we are delighted to bring two expert speakers to the podcast. Former Fed...
The Week Ahead - Deal or No Deal?
27 Mar 2026
Contributed by Lukas
This week, The Middle East conflict remains front and centre. In the US, we discuss the conflict and the health of the consumer and preview the March...
The Week Ahead - The Fallout from Epic Fury
20 Mar 2026
Contributed by Lukas
This week, we discuss our views on the policy signals from recent decisions by the Fed, ECB and BOE. In the Middle East, we continue to monitor the ...
The Week Ahead - Iran, Oil, and the Central Bank Response
12 Mar 2026
Contributed by Lukas
This week, we preview central bank policy responses amid the elevated uncertainity in the Middle East. In the US, we see the economy as relatively in...
The Week Ahead – Stuck In The Middle With Crude
06 Mar 2026
Contributed by Lukas
The markets are fixated on the Middle East, especially on how rising energy prices will impact inflation. We see challenges for the larger energy imp...
The Week Ahead – Tariff Uncertainty is Back… Or Is It?
27 Feb 2026
Contributed by Lukas
This week, we discuss US tariff policy and geopolitical risks in Iran while the US jobs report is on tap. We also preview the UK Spring Statement, th...
The Week Ahead - Horsing Around: The Chinese New Year Begins at a Canter
20 Feb 2026
Contributed by Lukas
This week, we examine coming US inflation and labour market data, and the Fed outlook following a hawkish set of minutes this week. In Europe, we disc...
The Week Ahead - Taking it in Stride in the Year of the Horse?
13 Feb 2026
Contributed by Lukas
This week, we discuss US labor markets and preview US core PCE, UK CPI and other key data in Europe. In Japan Post-election policies are in focus whi...
The Week Ahead - A Dove in Hawk's Clothing?
06 Feb 2026
Contributed by Lukas
This week, we discuss our new Bank of England view and the risks to euro area interest rates. In the US, the prospective Fed chair, labour market dat...
The Week Ahead - Whack-a-mole
30 Jan 2026
Contributed by Lukas
This week, we discuss the weaker US dollar, as well as the FOMC meeting and payrolls data ahead. Also in focus is the announcement of an historic Ind...
The Week Ahead - Ice, Ice Maybe: US Geopolitics Special
23 Jan 2026
Contributed by Lukas
In the aftermath of President Trump's Davos speech, we discuss his aims, the response from others and potential constraints. We also welcome guest sp...
The Week Ahead – It's One Battle After Another
16 Jan 2026
Contributed by Lukas
We preview US core PCE, UK CPI, and China GDP, and discuss the latest on geopolitics and the Fed. In Japan, the BOJ is on the spotlight amid JPY weakn...
The Week Ahead - Back with a Bang
09 Jan 2026
Contributed by Lukas
We discuss US geopolitical developments and their potential economic impact, as well as the latest employment and inflation data. The Bank of Korea is...
The Year Ahead – US and Canada
06 Jan 2026
Contributed by Lukas
In the final instalment of our 2026 Outlook episodes, our Economists discuss the outlook and key risks for the US and Canada for the year ahead. We d...
The Year Ahead – Europe & Türkiye
02 Jan 2026
Contributed by Lukas
In the third of our 2026 Outlook episodes, we discuss the focus on fiscal policy, disinflation pressures and the major risks to the region in the year...
The Year Ahead – Japan
26 Dec 2025
Contributed by Lukas
In the second of our 2026 Outlook episodes, we focus on the year ahead outlook for Japan, which we expect to remain on a recovery path in 2026. Joine...
The Year Ahead – Asia: Mind The Gap
19 Dec 2025
Contributed by Lukas
In the first of our 2026 Outlook episodes, our Economists in Asia discuss Nomura's key macro and market views for the region in the year ahead. In Ch...
The Week Ahead – Divided in December
12 Dec 2025
Contributed by Lukas
December seems to have been marked by dissents and divisions within and among central banks across the globe. We discuss the impact of the Fed's cut o...
The Week Ahead – Fed Center
05 Dec 2025
Contributed by Lukas
The Fed is firmly priced for a cut on 10 December. We preview the upcoming Fed meeting, risks, and discuss the board's potential composition in 2026. ...
The Week Ahead – Giving Thanks
28 Nov 2025
Contributed by Lukas
Equity markets and risk assets have had a couple of positive days this week, underwritten by the technology sector and by growing market expectations ...
The Week Ahead – Foggy and Frothy
21 Nov 2025
Contributed by Lukas
It's been a roller coaster ride in equity markets this week, coinciding with the release of the long-awaited US jobs report. We discuss why we see the...
The Week Ahead – Open For Business
14 Nov 2025
Contributed by Lukas
The news of the week is confirmation of the end of the US government shutdown. In the US, we examine the coming dataflow as the government reopens and...
The Week Ahead – Bubbles Bursting?
07 Nov 2025
Contributed by Lukas
With equity markets and tech stocks wobbling, we welcome guest speaker, Charlie McElligott, Cross-Asset Macro Strategist at Nomura, to discuss what is...
The Week Ahead – Fed Trick or Tariff Treat
31 Oct 2025
Contributed by Lukas
On the one hand, President Trump's trip to Asia resulted in some trade deals including with China, broadly in line with expectations but nonetheless w...
The Week Ahead – Locked and Loaded
24 Oct 2025
Contributed by Lukas
With the US government shutdown continuing, we've had only limited US data to look at over recent weeks, but that has only increased the focus on geop...
The Week Ahead – Raw Deal on Rare Earths
17 Oct 2025
Contributed by Lukas
US-China trade tensions have returned to the spotlight, and we discuss the economic impact from both perspectives as markets await the news on whethe...
The Week Ahead – More Political Shockwaves
10 Oct 2025
Contributed by Lukas
Politics continue to take centre stage, with the shocking LDP election result in Japan and the resignation of the French Prime Minister after less tha...
The Week Ahead – Shutdown!
03 Oct 2025
Contributed by Lukas
For financial markets and economists, the main near-term challenge of the US government shutdown is a lack of data. The longer the shutdown rumbles on...
The Week Ahead – Course Correction?
26 Sep 2025
Contributed by Lukas
In previous weeks, the Fed's easing expectations appear to have been driving all markets, sending equities higher, credit spreads tighter, and the USD...
The Week Ahead – Connecting The Dots
19 Sep 2025
Contributed by Lukas
Following the Fed's decision to cut by 25bp, we discuss why we now expect substantially more rate cuts in 2025-26, and the impact of the appointment o...
The Week Ahead – Three From Seven
12 Sep 2025
Contributed by Lukas
We are tracking seven central bank meetings next week, and expect rate cuts from three. The Fed policy meeting next week is in full focus, against a h...
The Week Ahead – Politics Takes Centre Stage
05 Sep 2025
Contributed by Lukas
With the August labour market having been released in the US, we provide a reaction on the data, alongside next week's CPI and potential political pre...
The Week Ahead – Hiring and Firing
29 Aug 2025
Contributed by Lukas
It's another big week ahead with all eyes on the US jobs report and on-going headlines regarding the firing of Fed Governor Cook. In Europe, we discus...
The Week Ahead – Beyond Jackson Hole
22 Aug 2025
Contributed by Lukas
We discuss Fed Chair Powell's long-awaited speech at the annual central bank gathering in Jackson Hole. In Europe, our focus is on the ECB and Europea...
The Week Ahead – Fed Ahead
15 Aug 2025
Contributed by Lukas
This week, we explain the change in our Fed call following the latest inflation data, as well as the latest views on China, and the UK. We have brough...
The Week Ahead – Dual Mandate Pressure
08 Aug 2025
Contributed by Lukas
In the week ahead, all eyes will be on US CPI data which is likely to tick up. We preview the key data releases from the UK and Europe, as well as the...
The Week Ahead – Is Trump Winning?
01 Aug 2025
Contributed by Lukas
Following the 15% tariff announced for Europe, further tariff rate announcements for India and South Korea have followed. For global markets, our focu...
The Week Ahead – I'm Kind of a Big Deal…
25 Jul 2025
Contributed by Lukas
Following a number of trade deals announced in the last week, financial markets seem to be taking the news in a positive manner with equity markets co...
The Week Ahead – Signs of Tarifflation
18 Jul 2025
Contributed by Lukas
This week's key themes include US inflation and the Fed, the ECB decision and EU tariffs, and China's growth outlook. We discuss how tariffs are start...
The Week Ahead – Trump, Tariffs and the Fed
11 Jul 2025
Contributed by Lukas
Key global market themes remain centred around US tariff announcements, possible trade deals, and the Fed. This week we saw President Trump announce h...
The Week Ahead – Independence Trade
04 Jul 2025
Contributed by Lukas
The UK saw another round of combined sterling and gilt weakness, a pattern which is becoming worryingly familiar. Politics elsewhere seemed to have ru...
The Week Ahead - Some Semblance of Calm
27 Jun 2025
Contributed by Lukas
Tensions in the Middle East have eased but we enter the month of July with other flashpoints to watch. In the US, all eyes on labor market data, the F...
The Week Ahead – Tensions Rising
20 Jun 2025
Contributed by Lukas
Market dynamics in the last week have been dominated by developments in the Middle East, where the ongoing military action between Israel and Iran con...
The Week Ahead – Deal or No Deal?
13 Jun 2025
Contributed by Lukas
Ongoing trade deal developments remain the largest driver of global markets right now. Our focus next week will be on the G7 Summit in Canada, to see ...
The Week Ahead – Live from NIFA 2025
06 Jun 2025
Contributed by Lukas
In this episode, we discuss our high conviction views and the second half outlook presented at our flagship Nomura Investment Forum Asia (NIFA) which ...
The Week Ahead – Sell America?
30 May 2025
Contributed by Lukas
There has been a few surprises this week highlighting the unpredictable and unconventional nature of US policy making. For the week ahead, our focus w...
The Week Ahead – Big and Beautiful
23 May 2025
Contributed by Lukas
It has been another big week in markets. We discuss US fiscal developments and how the Fed might respond as well as preview US inflation data. In focu...
The Week Ahead – De-Escalation
16 May 2025
Contributed by Lukas
This week started with a bang after the sharp de-escalation of US and China tensions, with both sides agreeing to reduce tariffs in the next 90 days. ...
The Week Ahead – Highly Uncertain
09 May 2025
Contributed by Lukas
In the week to date, the major themes remain around tariffs, policy and uncertainty, and what central banks will make of it all. Weaker growth but hig...
The Week Ahead – Central Banks Stay The Course
02 May 2025
Contributed by Lukas
The focus this week turns to central banks. We discuss the Fed staying on-hold amid likely more pressures from Trump, and the uncertain outlook for US...
The Week Ahead – Bouncing Back
25 Apr 2025
Contributed by Lukas
As trade tensions show signs of softening and financial markets stabilise, we discuss the recent changes to our central bank views for both the Europe...
The Week Ahead – Uneasy
17 Apr 2025
Contributed by Lukas
We have seen some calm return this week, which has coincided with President Trump making some tariff concessions for tech companies and for auto parts...
The Week Ahead - Something's Gotta Give
11 Apr 2025
Contributed by Lukas
Global financial markets remain on edge after a rebound from the 90-day pause on US reciprocal tariffs for most countries except China. In this episod...
The Week Ahead - Tariff Turmoil
04 Apr 2025
Contributed by Lukas
It's been another tumultuous week in financial markets following President Trump's tariff announcements on 2nd April. Tariffs were broad and generally...
The Week Ahead - Tariff Time
28 Mar 2025
Contributed by Lukas
In the week to date, US bond yields are a little higher across the curve, and the USD has been a little stronger too, while equities really have had a...
The Week Ahead – In The Eye of The Storm
21 Mar 2025
Contributed by Lukas
Financial markets have been difficult to navigate, with equity markets bouncing from their recent lows but still seeing sizable intraday swings. Inter...
The Week Ahead – Grappling With Uncertainty
14 Mar 2025
Contributed by Lukas
Market participants continue to grapple with a very high degree of uncertainty which is starting to have real economic consequences. The week ahead sh...
The Week Ahead – Tariffs Kick In; Europe Kicks Off With Fiscal Easing
07 Mar 2025
Contributed by Lukas
Markets have seen sizable moves as the US administration ramped up tariffs and Germany announced a huge fiscal package. (02:30) With US tariffs hit...
The Week Ahead – China To The Rescue?
28 Feb 2025
Contributed by Lukas
It's a big week for China with all eyes on the National People's Congress (NPC), where fiscal measures could be announced. We outline our expectations...
The Week Ahead – Risk Sentiment Intact, For Now
21 Feb 2025
Contributed by Lukas
Market sentiment seems to be holding in pretty well as this week comes to a close. Equity markets are generally holding up at healthy levels, credit s...
The Week Ahead – Give Peace A Chance?
14 Feb 2025
Contributed by Lukas
Early signs of a potential Russia-Ukraine peace deal are boosting market optimism, with EUR/USD trading up towards its highest level since late-Januar...
The Week Ahead – Not Tariffic
07 Feb 2025
Contributed by Lukas
This past week began with the news that Mexico and Canada had secured a temporary reprieve from US tariffs. However, we see higher tariffs as highly ...
The Week Ahead – Snaky Ways
31 Jan 2025
Contributed by Lukas
It's been another big week, with the news on DeepSeek rattling global equity markets, led by the tech sector. The Fed's on-hold decision came and wen...
The Week Ahead – One Week In
24 Jan 2025
Contributed by Lukas
We are only a few days into President Trump's new term, but already there has been a lot of action. Over 25 executive orders have been signed, and we...
The Week Ahead – Inauguration Sensation
17 Jan 2025
Contributed by Lukas
We've had a very busy start to the year and the excitement is likely to continue with the focus on Donald Trump's inauguration on Monday 20th January....
The Week Ahead – CPI, China, and Currencies
10 Jan 2025
Contributed by Lukas
The week ahead promises to be another eventful one, with key CPI data in the US and the UK. We also have tier-1 data in China and a couple of central ...
The Week Ahead – Happy New Year?
03 Jan 2025
Contributed by Lukas
This year could be all about Trump, tariffs, and potentially turbulence. In this episode, we discuss our recently published annual outlooks and shine ...
The Week Ahead – Going Out with a Bang
13 Dec 2024
Contributed by Lukas
Year end is approaching fast, but we still have key central bank meetings and data to look out for next week. In the US, our focus will be on the Fed ...
The Week Ahead – Central Banks Take Center Stage
06 Dec 2024
Contributed by Lukas
Starting next week we have monetary policy decisions from the European Central Bank, Swiss National Bank and the Reserve Bank of Australia. These alon...
The Week Ahead - Give Thanks For
29 Nov 2024
Contributed by Lukas
Trump's tariff announcements have started to move markets. We discuss how to interpret the latest US political developments and provide a preview of t...
The Week Ahead - Back Towards Normal?
22 Nov 2024
Contributed by Lukas
Inflation and policy rates are returning towards normal in many countries. This week our focus turns back towards normal market drivers. We discuss co...
The Week Ahead - Global Aftershocks
15 Nov 2024
Contributed by Lukas
In last week's podcast we focused on the US and China following Donald Trump's win in the US presidential elections. This week we continue to discuss...
The Week Ahead – Trump 2.0
08 Nov 2024
Contributed by Lukas
Following Donald Trump's win in the US presidential elections, we outline the new policy outlook and what we think it means for the global economy and...
Week Ahead – Crunch Time
01 Nov 2024
Contributed by Lukas
It's been a busy past week with European Q3 GDP data and an expansionary UK budget, which led to a rise in European and UK bond yields. We also saw Ch...
The Week Ahead - Buckle Up
25 Oct 2024
Contributed by Lukas
This week we witnessed some pretty material moves in markets. There was a rate cut announcement from the Bank of Canada and the theme of growth excep...
The Week Ahead - Flash PMIs, UK Public Sector Borrowing and Tokyo CPI
18 Oct 2024
Contributed by Lukas
In this episode, we discuss the upcoming US elections, and how US economic sentiment has been holding up in the second half of the year. In Europe,...
The Week Ahead - More or Less?
11 Oct 2024
Contributed by Lukas
Central banks remain very much in focus over the coming week, with policy meetings in Europe and across Asia. We're expecting rate cuts from two of t...
The Week Ahead – The Rate Cut Cycle Is Heating Up
04 Oct 2024
Contributed by Lukas
What we have seen so far this week is markets buoyed by recent announcements regarding China policy stimulus but then troubled by developments in the...
The Week Ahead: US NFP, Euro Area Inflation and China PMIs
27 Sep 2024
Contributed by Lukas
As we celebrate our 200th episode, we have a big week coming up in the US with the labour market report. In Europe, the most important data next week...
Flash PMIs, SNB, Riksbank and RBA Rate Decisions
20 Sep 2024
Contributed by Lukas
It's been a busy week in the US, the Fed surprised many Economists by kicking off its cutting cycle with a 50bp cut. Is it a speedy descent for US rat...
Enter the Fed
13 Sep 2024
Contributed by Lukas
Coming up this week, in the US we expect the Fed to commence its easing campaign, with a 25bp move. Across Europe, the focus will be on the Bank of E...
Post Payrolls
06 Sep 2024
Contributed by Lukas
It's been another interesting week in global markets with equities and commodity prices having another serious wobble, and bond yields declining, sur...
US Core PCE Deflator, Euro Area Inflation and Tokyo CPI
23 Aug 2024
Contributed by Lukas
Hear from George Moran, Host & European Economist, Andrzej Szczepaniak, Senior European Economist and Ruchir Sharma, US Economist, as they review the...
Some Do, Some Don't, Some Will, Some Won't
16 Aug 2024
Contributed by Lukas
Hear from Andrew Ticehurst, Host & Australia Economist, George Buckley, Chief UK & Euro Area Economist, David Seif, Chief Economist for Developed Mar...
US CPI, UK GDP and CPI and Norges Bank Meeting
09 Aug 2024
Contributed by Lukas
Hear from George Moran, Host & European Economist, Jeremy Schwartz, Senior US Economist, and Dominic Bunning, Head of G10 FX Strategy, as they review...
Divergence
02 Aug 2024
Contributed by Lukas
Hear from Andrew Ticehurst, Host and Australia Economist, David Seif, Chief Economist for Developed Markets, and George Buckley, Chief UK & Euro Area...
Powell Probably Won't Excite, But Bailey Might
26 Jul 2024
Contributed by Lukas
Hear from George Moran, Host & European Economist, David Seif, Chief Economist for Developed Markets, Andrzej Szczepaniak, Senior European Economist, ...
A Staggered Start
19 Jul 2024
Contributed by Lukas
Hear from Andrew Ticehurst, Host and Australia Economist, Jeremy Schwartz, Senior US Economist, Andrzej Szczepaniak, Senior European Economist, and...
Crunch time in Europe
12 Jul 2024
Contributed by Lukas
Hear from George Moran, Host & European Economist, George Buckley, Chief UK & Euro Area Economist, and Hannah Liu, China Economist, as they discuss th...
Let's Get Political
05 Jul 2024
Contributed by Lukas
Hear from George Moran, Host & European Economist, David Seif, Chief Economist for Developed Markets, and George Buckley, Chief UK & Euro Area Econom...
Election Time
28 Jun 2024
Contributed by Lukas
Hear from Andrew Ticehurst, Host and Australia Economist, Ruchir Sharma, US Economist, and Andrzej Szczepaniak, Senior European Economist as they dis...
Inflation Moderation?
21 Jun 2024
Contributed by Lukas
Hear from Andrew Ticehurst, Host and Australia Economist, Kohei Okazaki, Senior Japan Economist, Andrzej Szczepaniak, Senior European Economist and H...
Decision Time in Europe and Asia
14 Jun 2024
Contributed by Lukas
Hear from George Moran, Host & European Economist and George Buckley, Chief UK and Euro Area Economist, as they discuss the key drivers for global ma...
The G7 Easing Cycle Begins
07 Jun 2024
Contributed by Lukas
Hear from Andrew Ticehurst, Host and Australia Economist, Jeremy Schwartz, Senior U.S. Economist, Andrzej Szczepaniak, Senior European Economist an...
US Labour Market Data Weaker For Longer?
31 May 2024
Contributed by Lukas
Hear from George Moran, Host & European Economist, Ruchir Sharma, US Economist and Andrzej Szczepaniak, Senior European Economist as they review th...