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.
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Duncan Wrigley
- Both of China’s manufacturing PMIs in November point to a near-term uptick in activity.
- But their price indices are a mixed bag, and China probably hasn’t escaped deflation just yet.
- The construction PMI disappointed, due to the continued drag from housing construction.
Duncan WrigleyChina+
PMI buoyed by rising near-term demand; but under the shadow of protectionism risks in 2025
Duncan WrigleyChina+
China Caixin and Korean manufacturing PMIs buoyed by rising near-term demand; but under the shadow of protectionism risks in 2025
Duncan WrigleyChina+
Tokyo headline inflation surges, but mainly thanks to higher energy and fresh food inflation
Duncan WrigleyChina+
Tokyo headline inflation surges, but mainly thanks to higher energy and fresh food inflation
Duncan WrigleyChina+
- Tokyo headline inflation leapt in November, mainly on the back of higher energy and fresh food inflation.
- Core inflation—excluding energy and fresh food—and services inflation only inched up.
- The BoJ is likely feeling boxed in by rising market bets on a December rate hike, implying 60% probability.
Duncan WrigleyChina+
BoK makes surprise rate cut to bolster Korean growth, amid looming trade protectionism risks
Duncan WrigleyChina+
BoK makes surprise rate cut to bolster Korean growth, amid looming trade protectionism risks
Duncan WrigleyChina+
- The BoK surprised the market yesterday by cutting the base rate by 25bp to 3.00%.
- Growth risks figured prominently, notably related to US protectionism and China’s competitiveness.
- The BoK should keep easing, as long as USDKRW weakens roughly in line with other major currencies.
Duncan WrigleyChina+
China's industrial profits extend their decline, hit by producer price deflation
Duncan WrigleyChina+
- China’s industrial profits extended their decline in October, though equipment-maker figures improved.
- Sinking property-construction demand and an epic coal-price correction are the key drags.
- Look out for supply-side reforms to rectify excess capacity at the Central Economic Work Conference.
Duncan WrigleyChina+
- Japan’s November flash PMIs show manufacturing activity is still struggling.
- The service sector flash index paints a rosier picture of activity and sentiment.
- The output price PMIs point to stubbornly elevated inflation pressure.
Duncan WrigleyChina+
China's MLF rate left on hold; more liquidity support needed to fund debt-swap bond issuance
Duncan WrigleyChina+
Japan’s headline consumer inflation slows only thanks to energy subsidies
Duncan WrigleyChina+
Flash manufacturing PMI was hit by falling output, despite an improvement in export orders
Duncan WrigleyChina+
Japan's headline inflation falls only thanks to energy subsidies
Flash manufacturing PMI weakens
Duncan WrigleyChina+
- Japan’s October headline CPI inflation fell only because energy subsidies pulled down energy prices.
- Core inflation excluding energy has been steady for three straight months.
- Don’t expect a knee-jerk BoJ reaction after the end of energy subsidies lifts November’s headline inflation.
Duncan WrigleyChina+
Korean export growth picks up a notch, as chip shipments roar
Duncan WrigleyChina+
Korean export growth picks up a notch, as chip shipments roar
Duncan WrigleyChina+
- Korean exports in the first 20 days of November maintained a respectable growth trend over October.
- Shipments to Taiwan and other key Asian economies were strong; they rose to the EU but fell to the US.
- Headline export growth was boosted by a one-off factor, a smaller drag from falling oil exports.
Duncan WrigleyChina+
