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 BoK held fast on the policy rate yesterday but shifted the focus to rate cuts.
- Disinflation should continue in H2, despite the risks from higher import costs and the weak KRW.
- Chip exports will likely drive GDP growth enough for the BoK to delay its first rate cut until October.
Duncan WrigleyChina+
China’s producer deflation persistent, despite misleading improvement in headline
Duncan WrigleyChina+
Chinese Inflation is Cooling, Thanks to an Uneven Recovery
Duncan WrigleyChina+
- China’s consumer inflation remained soft in June, as the 618 e-commerce event proved a damp squib.
- Pork inflation is reviving, though most other food prices are still falling.
- Headline producer price deflation eased in June, but largely thanks to international commodity inflation.
Duncan WrigleyChina+
- Overall Japanese wage growth remained sluggish in May, though manufacturing pay rose faster.
- China’s foreign reserves were hit by currency- valuation effects and equity market outflows in June.
- The PBoC’s additional OMO flexibility is likely signalling upcoming government-bond sales.
Duncan WrigleyChina+
Japan's overall wage growth still sluggish
Improvement narrowly confined to full-time manufacturing workers
Duncan WrigleyChina+
Foreign reserves hit by currency valuation effects and equity market outflows
Duncan WrigleyChina+
- The PBoC announced last week it will borrow government bonds from primary dealers…
- ...The Bank is likely to short bonds to drive up 10-year yields to 2.5% in H2, supporting CNY.
- The Caixin service s PMI dipped in June, as tourism activity cooled during the off-season.
Duncan WrigleyChina+
- Japan’s Q2 Tankan reveals buoyant manufacturer profitability, despite testing market conditions...
- ...Largely explained by the weak JPY, spurring a surge in export value, while real exports are falling.
- Japan’s H2 outlook is clouded by the dip in the Juneservices PMI and the auto safety fiasco.
Duncan WrigleyChina+
China's Caixin services activity index slows during tourism off-season
Duncan WrigleyChina+
- Korea’s June headline manufacturing PMI rose to its highest level since April 2022.
- Exports continued to power ahead in June, thanks to semiconductor exports for AI applications.
- Rising import costs boost our conviction that the BoK will delay its first policy rate cut until Q4.
Duncan WrigleyChina+
- The Caixin manufacturing PMI continued to outpace the official index in June…
- …reflecting better performance among light industries and high-tech than heavy industries.
- The construction index was hit by extreme weather conditions, masking any stimulus impact.
Duncan WrigleyChina+
Mixed picture for China's manufacturers
Duncan WrigleyChina+
Mixed picture for China's manufacturers
Japanese and Korean firms hit by mounting import costs
Korean exports lifted by AI-chip demand
Duncan WrigleyChina+
Tokyo consumer inflation nudged up by the removal of energy subsidies
Duncan WrigleyChina+
- Tokyo consumer inflation rose a touch in June, due to the removal of energy subsidies…
- …But Japan plans to reinstate the subsidies, meaning little risk of a near-term inflation surge.
- Japan’s encouraging May export growth figure reflects price rises, while real exports fell slightly.
Duncan WrigleyChina+
Industrial profits hit by rising costs and dull demand
Duncan WrigleyChina+
- Xinhua yesterday announced the reform-focused Third Plenum will be held on July 15-to-17.
- We expect pro-business and-innovation reforms but no fundamental shift to consumption-based growth.
- Industrial profits hit a soft patch in May, hurt by rising operating costs, despite improved revenue growth.
Duncan WrigleyChina+
- Korea’s 20-day exports continued their uptrend in June, thanks to base effects and chip demand.
- Exports to the US are soaring, while shipments to China rose modestly; but the EU market is still weak.
- Export value growth is outpacing volume growth, thanks to rising semiconductor prices.
Duncan WrigleyChina+
Korean exports power ahead thanks to AI-chip shipments
Duncan WrigleyChina+
