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.
Daily Monitor Kelvin Lam (Senior China+ Economist)
- China’s loan prime rates were left unchanged in April after the PBoC’s earlier decision to hold the MLF.
- The PBoC has less room to cut rates in the near term as market bets on a delayed Fed cut rate increase.
- Early Korean export data show strong memory-chip demand; US shipments remain solid.
Kelvin Lam (Senior China+ Economist)China+
- Japan’s exports grew solidly in March, thanks to burgeoning Chinese demand and a weaker JPY.
- Demand from the US and EU slowed, car-related shipments fell sharply, but chip exports soared.
- The export recovery will be safeguarded by the ICT upturn, while capital goods demand should improve.
Kelvin Lam (Senior China+ Economist)China+
- China’s inflation data point to lacklustre domestic demand post-New Year, while supply rose.
- Core CPI dropped sharply to half its long-run average; industry is still facing deflationary pressure.
- The US economy is steaming ahead, giving the PBoC
a dilemma: lower rates or keep RMB stable.
Kelvin Lam (Senior China+ Economist)China+
- Japan’s Tankan for large manufacturers deteriorated for the first time in a year.
- The silver lining is optimism for the non-manufacturing sector, storming to its highest since 1991.
- Nothing in the survey will surprise the BoJ, and we expect interest rates to reach 0.20% by end-2024.
Kelvin Lam (Senior China+ Economist)China+
- China’s industrial profits soared, on the low base last year when the country emerged from zero-Covid.
- Capital equipment and consumption goods manufacturing make up most of the profit improvement.
- We expect a firmer recovery after the implementation of the action plans to upgrade consumption.
Kelvin Lam (Senior China+ Economist)China+
- The BoJ raised interest rates for the first time in 17 years, while ending YCC and risky asset purchases.
- At the press conference, Governor Ueda’s rhetoric on the future path of the policy rate was neutral.
- Japan’s monetary policy should stay accommodative unless significant inflationary pressures mount.
Kelvin Lam (Senior China+ Economist)China+
