Pantheon Publications
Below is a list of our Publications for the last 5 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)
- Korea’s 20-day export growth rebounded, likely supported by stockpiling as the US’s deadline nears.
- Shipments to the US, EU and Taiwan were the main drivers, while chip exports were strong in June.
- The trade-talk logjam continues; we expect the grace period to be extended, allowing more negotiating time.
Kelvin Lam (Senior China+ Economist)China+
- The BoJ left policy rates unchanged in June, while scaling back its tapering of bond-buying next year…
- …Likely due to bond-market volatility, the stalemate in trade negotiations and tensions in the Middle East.
- We expect the Bank to continue pausing its rate-hiking cycle in the near term as Japan’s economy weakens.
Kelvin Lam (Senior China+ Economist)China+
- Handshakes in London iron out implementation of the US-China deal struck in Geneva, subject to approval.
- The 90-day tariff reprieve revived China’s exports in May, temporarily, with trade diversion to the EU…
- …Uncertainty-induced front-loading demand puts a floor under monthly growth ahead of reprieve expiry.
Kelvin Lam (Senior China+ Economist)China+
- Both candidates in the presidential election have committed to a KRW30T fiscal plan to boost the economy.
- May’s export growth was not as weak as it appeared; WDA monthly and annual growth were positive.
- Still, tariff and trade-policy uncertainty will continue to weigh on Korea’s GDP growth in 2025.
Kelvin Lam (Senior China+ Economist)China+
- The Bank of Korea cut rates to 2.50% in May; board members’ decision was unanimous.
- Weaker growth and lingering uncertainty over trade were likely the factors driving this month’s cut.
- The stronger KRW gave the BoK a window to ease, and a July Fed cut would allow another 25bp cut this year.
Kelvin Lam (Senior China+ Economist)China+
- Japan’s composite PMI dipped below 50 in May, led by rapidly slowing services and a drop in manufacturing.
- That said, US importers rushed to order goods ahead of the tariff reprieve expiring, offsetting falls in output.
- The BoJ will hold rates as it assesses the outcome of negotiations and their impact on the economy.
Kelvin Lam (Senior China+ Economist)China+
- Korea saw improvements in early trade data for May, with exports falling at a slower pace.
- Japan’s export growth in April was hit by US tariffs on foreign cars and steel products.
- The BoK will resume easing to offset tariff impacts; the BoJ will pause rate hikes and assess negotiations.
Kelvin Lam (Senior China+ Economist)China+
- China’s broad credit growth rose in April, driven primarily by faster issuance of government bonds.
- The widening M2-M1 gap signifies persistent deflation pressure and subdued economic activity.
- Uncertainty over the outcome of talks will weigh on the economy, despite the recent US-China trade truce.
Kelvin Lam (Senior China+ Economist)China+
- China continues to suffer from deflation, amid falling commodity prices and trade disruption.
- Consumer core inflation remains subdued; producer prices for some export-related goods have fallen.
- The US–China tariff reprieve is growth-positive, but the outcome of negotiations remains highly uncertain.
Kelvin Lam (Senior China+ Economist)China+
- Industrial profitability improved further in Q1, on the back of strong manufacturing production.
- China’s industrial output was bolstered by stimulus demand and tariff front-loading activity.
- External uncertainty does not bode well for producers’ profit outlook, as overcapacity issues are worsening.
Kelvin Lam (Senior China+ Economist)China+
- China’s export growth bounced back in March, due to a pick-up in activity after the Lunar New Year holiday.
- The increase in shipments was particularly strong to traditional markets, the G7 and the EU.
- President Trump’s postponement of tariffs on electronic goods gives Chinese exports a breather.
Kelvin Lam (Senior China+ Economist)China+
- China is unlikely to back down openly because of Mr. Xi’s personality and the country’s historical context.
- The State Council published a white paper outlining the official stance on Sino-US trade frictions.
- China will need to worry about second-order retaliation from the US via Vietnam and Mexico.
Kelvin Lam (Senior China+ Economist)China+
- China appears to be prioritising RMB stability over rate cuts, after decent activity data at the start of the year.
- Industrial profits saw tangible improvements in the first two months, led by rising manufacturing demand.
- The stimulus-led profit growth recovery in China will face significant headwinds from rising trade tensions.
Kelvin Lam (Senior China+ Economist)China+
- The BoJ left rates unchanged at yesterday’s meeting, citing the evolving external situation as a new risk.
- The Bank considers developments in domestic wages and prices are in line with it achieving its policy target.
- We continue to expect two more hikes in 2025, taking rates to 1%, with the next rise in Q2.
Kelvin Lam (Senior China+ Economist)China+
- China’s CPI fell more than the market expected, dragged down by weak food and services inflation.
- PPI deflation eased slightly; NDRC announced a cut to steel production and measures to curb ‘Nei Juan’.
- Japan’s full-time regular base pay growth hit a 32-year high, giving the BoJ confidence to normalise rates.
Kelvin Lam (Senior China+ Economist)China+
- China has retaliated to US tariffs with its own tariffs on American agricultural products, and company bans.
- Korean WDA exports reversed trend and fell in February, due to weaker demand for semiconductors.
- Korea’s low-end chip production is facing intense competition from China, leading to falling unit prices.
Kelvin Lam (Senior China+ Economist)China+
- Japan’s Q4 GDP grew by more than the market had expected, driven primarily by stronger net exports.
- Domestic demand disappointed, though spending on durables was strong; business investment rebounded.
- US trade policy uncertainty is overshadowing certain industrial sectors, weighing on Japan’s future growth.
Kelvin Lam (Senior China+ Economist)China+
