Lackluster Quarter for Daiwa as Currency Turmoil Turns off Investors From Emerging-Markets Bonds
Daiwa Securities Group reported lackluster results for the July-September quarter, reflecting reduced sales of overseas bonds to retail investors amid volatile emerging-markets currencies, lower revenue from equity and debt underwriting, and a JPY 2.2 billion loss in private equity due to revaluation of an existing investment. On the positive side, asset-management profits were stable as usual and Daiwa was able to benefit from increased volatility in the Japanese government bond market when the...
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