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
- China’s early reporting data point to softening domestic demand in August.
- Officials are likely to blame poor activity readings on bad weather, but that’s only part of the story.
- Structural adjustment is dragging on demand, with piecemeal policy support only a partial offset.
Duncan WrigleyChina+
- China’s disappointing August core consumer inflation data point to persistently weak demand.
- Headline CPI was boosted by a short-term spike in fresh vegetable prices.
- A sharper drop in producer prices reflects excess industrial supply and the laggardly stimulus impact.
Duncan WrigleyChina+
The upcoming seasonal rebound in construction activity won’t decisively turn around falling producer prices
Duncan WrigleyChina+
China's slowing core consumer inflation indicates weak demand
Producer deflation steepens as construction activity splutters
Duncan WrigleyChina+
- A PBoC official on Thursday hinted that an RRR cut is imminent...
- ...even though the bond market’s performance in August indicates ample liquidity.
- A likely cut to existing-mortgage rates won’t move the needle on consumption.
Duncan WrigleyChina+
- Japan’s nominal wage growth held up well in July, thanks to both bonuses and regular pay rises.
- Headline wage growth is likely to fade in the coming months, but that won’t shift the BoJ.
- The timing of the BoJ’s next rate hike is dependent on its perception of market risk.
Duncan WrigleyChina+
Japan's wage surge largely propelled by bonuses, but regular pay also making gains
Duncan WrigleyChina+
- China’s August services PMIs indicate steady demand growth, but activity was hit by bad weather.
- Services firms cut prices, in response to fierce competition, despite rising costs.
- Consumers remain much more keen to spend on tourism rather than big-ticket items or housing.
Duncan WrigleyChina+
Severe competition drives services price cuts in China, despite resilient demand
Duncan WrigleyChina+
Caixin headline manufacturing index makes only minor revival, dragged by sinking new export orders
Duncan WrigleyChina+
Caixin manufacturing index still at low level, despite modest uptick
Korea's manufacturing index robust, but export orders slip
Duncan WrigleyChina+
- China’s controversial ‘housing pension’ scheme rollout highlights the cost of an aging housing stock.
- Homeowners worry they will have to foot more of the bill for maintaining housing; another reason to save.
- Q2 credit data suggest the game plan to hit “about 5%” GDP growth this year is running into obstacles.
Duncan WrigleyChina+
Producer deflation set for only modest improvement in H2
Duncan WrigleyChina+
China's consumer inflation buoyed by seasonal food inflation, rather than demand
Producer deflation extends decline amid oversupply
Duncan WrigleyChina+
- China’s headline consumer inflation rose in July, but this was due to weather-related food inflation.
- Domestic demand still looks sluggish, based on core consumer inflation.
- A jump in auto trade-in subsidy applications, despite overall falling sales, offers a ray of hope for H2.
Duncan WrigleyChina+
Japan's wages surge appears driven by bonuses
Duncan WrigleyChina+
- Japan’s June wage rise beat market expectations, in both nominal and real terms.
- The rise was largely driven by a spike in special cash payments, rather than regular pay.
- Governor Ueda will, however, cite the wage uptick as justifying last week’s BoJ’s policy rate hike.
Duncan WrigleyChina+
- China’s new urbanisation action plan, announced last week, has largely flown under the radar...
- ...But, if properly implemented, it should go a long way to rebalancing China’s economy...
- ...By unleashing the full domestic demand potential embedded in the unfinished urbanisation project.
Duncan WrigleyChina+
China's official PMIs point to stagnating manufacturing activity
Duncan WrigleyChina+
BoJ raises the policy rate ahead of market expectations
Duncan WrigleyChina+
