Pantheon Publications
Below is a list of our Publications for the last 6 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep.
Please use the filters on the right to search for a specific date or topic.
Duncan Wrigley
- The BoJ is likely to persist with two more rate hikes this year, despite early warning signals about growth.
- Japanese business sentiment sank to its lowest since January 2021 in yesterday’s composite flash PMI.
- Broadening food inflation is likely to prop up consumer inflation, pointing towards the risk of stagflation.
Duncan WrigleyChina+
Korean exports regain their vim after the holiday, led by semiconductor shipments
Duncan WrigleyChina+
Japan’s consumer inflation slows as energy subsidies kick in
Duncan WrigleyChina+
Japan's inflation slows due to energy subsidies
Korea's 20-day WDA exports rebound led by chip exports, but the outlook is murky
Duncan WrigleyChina+
- The structural adjustment in China’s residential property market is inching towards a resolution.
- The government isn’t bailing out developers but is pushing to resolve excess home-supply issues.
- More policy support for residential demand is a likely response to trade-war escalation.
Duncan WrigleyChina+
- China’s key activity data for the first two months of 2025 beat market expectations on all fronts.
- Local governments have stepped up investment, while manufacturing is roaring ahead.
- But consumption spending is making only gradual progress; funding is key to the new plan.
Duncan WrigleyChina+
China's local governments get the memo on boosting domestic demand
Consumption makes modest improvements, as the trade storm looms
Duncan WrigleyChina+
Robust government bond issuance pushes up credit growth, despite lacklustre private sector credit demand
Duncan WrigleyChina+
- China’s broad credit growth rose in February, on the back of strong government-bond issuance.
- The budgeted expansion of fiscal stimulus this year should sustain vigorous government borrowing.
- Private-sector credit demand is likely to revive gradually, given the haz y property market outlook.
Duncan WrigleyChina+
- Japan’s Q4 growth was lifted by net exports, while domestic demand was insipid.
- People are curbing discretionary spending in the face of red-hot food inflation and weak real wage growth.
- Headline GDP growth should fall in Q1 as exports slow, despite robust inbound Chinese tourism.
Duncan WrigleyChina+
- The February CKGSB business conditions index surged to the highest since May 2023.
- Private firms are cheered by policy signals such as President Xi’s meeting and the Q4 stimulus impact.
- But they still expect deflation over the next six months; China’s reflation strategy is mainly to boost demand.
Duncan WrigleyChina+
China's steps up fiscal support in a measured fashion; room for further easing
Caixin services activity improves
Duncan WrigleyChina+
- Premier Li yesterday announced additional stimulus equivalent to 1.7% of GDP, to bolster growth.
- The disappointing funding amount for consumer subsidies can be boosted to offset slowing exports.
- Government land and property inventory purchases should moderately speed up the real estate recovery.
Duncan WrigleyChina+
Korean manufacturing sentiment dented by sagging US and European orders
Duncan WrigleyChina+
Manufacturing sentiment rebounds, despite the brewing trade war
Duncan WrigleyChina+
Caixin PMI shows manufacturing sentiment rebound, despite the brewing trade war
Duncan WrigleyChina+
- China’s February PMIs point to a post-holiday activity bounce, but also improved sentiment.
- Sentiment in the manufacturing sector revived, thanks to expectations of stronger demand.
- The construction PMI rose on the back of infrastructure project construction work.
Duncan WrigleyChina+
Post-holiday activity rebound, but firms still wary ahead of the Two Sessions and tariff hikes
Duncan WrigleyChina+
Construction activity rebound looks mainly seasonal; too soon to say if a real infrastructure push is coming
Duncan WrigleyChina+
Outlook still gloomy, after sifting through the holiday data distortions
Duncan WrigleyChina+
